Signature Bank (NASDAQ:SBNY) Shares Up 6.5%

Signature Bank (NASDAQ:SBNYGet Rating)’s share price was up 6.5% on Friday . The stock traded as high as $127.11 and last traded at $126.62. Approximately 30,490 shares were traded during trading, a decline of 98% from the average daily volume of 1,540,008 shares. The stock had previously closed at $118.91.

Analyst Upgrades and Downgrades

SBNY has been the subject of several analyst reports. Jefferies Financial Group lowered Signature Bank from a “buy” rating to a “hold” rating in a research note on Monday, January 9th. JPMorgan Chase & Co. decreased their price objective on Signature Bank from $200.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 13th. Maxim Group cut their price objective on Signature Bank from $250.00 to $200.00 in a research note on Wednesday. Compass Point decreased their target price on shares of Signature Bank to $180.00 in a research note on Thursday, October 20th. Finally, StockNews.com lowered shares of Signature Bank from a “hold” rating to a “sell” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Signature Bank currently has a consensus rating of “Moderate Buy” and an average target price of $186.29.

Signature Bank Price Performance

The firm has a market cap of $8.04 billion, a P/E ratio of 6.24, a P/E/G ratio of 0.71 and a beta of 1.65. The firm’s fifty day simple moving average is $123.10 and its 200 day simple moving average is $154.58. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.82 and a current ratio of 0.82.

Signature Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 10th. Shareholders of record on Friday, January 27th will be paid a $0.70 dividend. This is an increase 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 dividend on an annualized basis and a yield of 2.19%. Signature Bank’s payout ratio is presently 10.94%.

Hedge Funds Weigh In On Signature Bank

Several institutional investors have recently bought and sold shares of SBNY. Hennessy Advisors Inc. purchased a new stake in shares of Signature Bank during the 4th quarter valued at about $1,786,000. Veriti Management LLC purchased a new position in shares of Signature Bank in the 4th quarter worth approximately $219,000. Crossmark Global Holdings Inc. increased its position in shares of Signature Bank by 29.1% during the 4th quarter. Crossmark Global Holdings Inc. now owns 3,081 shares of the bank’s stock valued at $355,000 after purchasing an additional 695 shares during the last quarter. KG&L Capital Management LLC purchased a new stake in Signature Bank during the 4th quarter valued at $378,000. Finally, Reinhart Partners Inc. lifted its position in Signature Bank by 29.2% in the fourth quarter. Reinhart Partners Inc. now owns 128,255 shares of the bank’s stock worth $14,778,000 after buying an additional 29,004 shares during the last quarter. Institutional investors own 93.62% of the company’s stock.

Signature Bank Company Profile

(Get Rating)

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.

Further Reading

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