Ameriprise Financial Inc. Decreases Stake in Signature Bank (SBNY)
Ameriprise Financial Inc. reduced its holdings in Signature Bank (NASDAQ:SBNY) by 44.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 173,121 shares of the bank’s stock after selling 139,743 shares during the period. Ameriprise Financial Inc. owned approximately 0.32% of Signature Bank worth $22,168,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also bought and sold shares of SBNY. YorkBridge Wealth Partners LLC raised its stake in Signature Bank by 6.3% during the second quarter. YorkBridge Wealth Partners LLC now owns 688 shares of the bank’s stock worth $100,000 after purchasing an additional 41 shares during the period. Pacad Investment Ltd. purchased a new position in Signature Bank during the second quarter worth about $100,000. Commonwealth Bank of Australia raised its stake in Signature Bank by 5.1% during the second quarter. Commonwealth Bank of Australia now owns 1,233 shares of the bank’s stock worth $176,000 after purchasing an additional 60 shares during the period. Rockefeller Financial Services Inc. purchased a new position in Signature Bank during the third quarter worth about $192,000. Finally, Bronfman E.L. Rothschild L.P. raised its stake in Signature Bank by 1.5% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,406 shares of the bank’s stock worth $202,000 after purchasing an additional 21 shares during the period. 96.33% of the stock is currently owned by hedge funds and other institutional investors.
Signature Bank (NASDAQ SBNY) opened at $137.57 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.71. The firm has a market cap of $7,385.17, a P/E ratio of 15.70, a P/E/G ratio of 1.76 and a beta of 1.02. Signature Bank has a twelve month low of $116.68 and a twelve month high of $164.23.
Signature Bank (NASDAQ:SBNY) last announced its quarterly earnings data on Thursday, October 19th. The bank reported $2.29 earnings per share for the quarter, beating analysts’ consensus estimates of $2.19 by $0.10. The firm had revenue of $316.94 million during the quarter, compared to analysts’ expectations of $322.22 million. Signature Bank had a net margin of 26.40% and a return on equity of 12.58%. During the same quarter in the previous year, the business posted $2.11 earnings per share. research analysts expect that Signature Bank will post 7.25 EPS for the current fiscal year.
SBNY has been the topic of a number of analyst reports. Morgan Stanley reduced their target price on shares of Signature Bank from $164.00 to $150.00 and set an “overweight” rating on the stock in a research note on Friday, September 15th. Hovde Group upgraded shares of Signature Bank from an “underperform” rating to a “market perform” rating and set a $132.00 price target for the company in a research report on Monday, September 11th. BidaskClub cut shares of Signature Bank from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $142.00 price target on shares of Signature Bank in a research report on Tuesday, October 3rd. Finally, Bank of America reiterated a “buy” rating and set a $165.00 price target (down from $175.00) on shares of Signature Bank in a research report on Wednesday, September 20th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company. Signature Bank has a consensus rating of “Buy” and an average price target of $155.13.
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Signature Bank Company Profile
Signature Bank is a full-service commercial bank. The Bank operates over 30 private client offices throughout the New York metropolitan area. Its segments include Commercial Banking and Specialty Finance. It offers a range of business and personal banking products and services. Its specialty finance subsidiary, Signature Financial LLC (Signature Financial), provides equipment finance and leasing services.
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