Great West Life Assurance Co. Can Purchases New Stake in Signature Bank (NASDAQ:SBNY)

Great West Life Assurance Co. Can purchased a new stake in shares of Signature Bank (NASDAQ:SBNYGet Rating) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 34,525 shares of the bank’s stock, valued at approximately $5,207,000.

Several other large investors have also recently bought and sold shares of SBNY. Vanguard Group Inc. grew its stake in Signature Bank by 6.5% in the first quarter. Vanguard Group Inc. now owns 6,161,104 shares of the bank’s stock valued at $1,808,223,000 after purchasing an additional 378,308 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Signature Bank by 56.8% in the second quarter. Price T Rowe Associates Inc. MD now owns 5,244,799 shares of the bank’s stock valued at $939,920,000 after purchasing an additional 1,900,674 shares in the last quarter. State Street Corp grew its stake in Signature Bank by 1.8% in the first quarter. State Street Corp now owns 3,090,146 shares of the bank’s stock valued at $906,927,000 after purchasing an additional 55,225 shares in the last quarter. Parnassus Investments LLC grew its stake in Signature Bank by 47.8% in the second quarter. Parnassus Investments LLC now owns 1,007,985 shares of the bank’s stock valued at $180,641,000 after purchasing an additional 325,936 shares in the last quarter. Finally, Brown Brothers Harriman & Co. grew its stake in Signature Bank by 66.9% in the second quarter. Brown Brothers Harriman & Co. now owns 924,774 shares of the bank’s stock valued at $165,729,000 after purchasing an additional 370,800 shares in the last quarter. 93.62% of the stock is owned by institutional investors and hedge funds.

Signature Bank Price Performance

Shares of NASDAQ:SBNY opened at $127.79 on Friday. The business has a 50 day moving average price of $123.10 and a 200 day moving average price of $154.58. Signature Bank has a twelve month low of $106.81 and a twelve month high of $355.51. The company has a market cap of $8.04 billion, a price-to-earnings ratio of 6.15, a PEG ratio of 0.81 and a beta of 1.65. The company has a quick ratio of 0.82, a current ratio of 0.90 and a debt-to-equity ratio of 1.48.

Signature Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 10th. Shareholders of record on Friday, January 27th will be issued a $0.70 dividend. This is a boost from Signature Bank’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Thursday, January 26th. This represents a $2.80 annualized dividend and a yield of 2.19%. Signature Bank’s dividend payout ratio is 10.78%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SBNY shares. Jefferies Financial Group downgraded Signature Bank from a “buy” rating to a “hold” rating in a research note on Monday, January 9th. Stephens downgraded Signature Bank from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $150.00 to $145.00 in a research note on Wednesday. Maxim Group decreased their price target on Signature Bank from $250.00 to $200.00 in a research note on Wednesday. Raymond James downgraded Signature Bank from a “strong-buy” rating to a “market perform” rating in a research note on Wednesday, December 7th. Finally, JPMorgan Chase & Co. decreased their price target on Signature Bank from $200.00 to $135.00 and set an “overweight” rating for the company in a research note on Tuesday, December 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $186.29.

Signature Bank Profile

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Signature Bank provides commercial banking products and services. It accepts various deposit products, including checking accounts, money market accounts, escrow deposit accounts, cash concentration accounts, certificates of deposit, and other cash management products. The company provides various lending products comprising commercial and industrial loans, real estate loans, and letters of credit.

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Institutional Ownership by Quarter for Signature Bank (NASDAQ:SBNY)

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