Comerica Bank Buys 6,889 Shares of Signature Bank (SBNY)
Comerica Bank boosted its stake in Signature Bank (NASDAQ:SBNY) by 8.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 85,887 shares of the bank’s stock after buying an additional 6,889 shares during the period. Comerica Bank’s holdings in Signature Bank were worth $13,312,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Steward Partners Investment Advisory LLC acquired a new stake in Signature Bank in the third quarter valued at $115,000. Zions Bancorporation acquired a new stake in Signature Bank in the third quarter valued at $152,000. Rockefeller Financial Services Inc. acquired a new stake in Signature Bank in the third quarter valued at $192,000. BB&T Investment Services Inc. acquired a new stake in Signature Bank in the second quarter valued at $226,000. Finally, Fox Run Management L.L.C. acquired a new stake in Signature Bank in the fourth quarter valued at $223,000. Institutional investors and hedge funds own 96.40% of the company’s stock.
SBNY has been the subject of a number of recent research reports. TheStreet upgraded Signature Bank from a “c+” rating to a “b” rating in a report on Wednesday, November 29th. Stephens restated a “buy” rating on shares of Signature Bank in a report on Friday, January 19th. Jefferies Group restated a “buy” rating and issued a $155.00 price objective on shares of Signature Bank in a report on Tuesday, October 24th. Barclays set a $140.00 price target on Signature Bank and gave the stock a “buy” rating in a report on Friday, October 20th. Finally, BMO Capital Markets reiterated a “buy” rating and set a $163.00 price target on shares of Signature Bank in a report on Wednesday, December 20th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $158.56.
Signature Bank (NASDAQ:SBNY) last released its quarterly earnings data on Thursday, January 18th. The bank reported $2.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.23 by $0.20. The company had revenue of $328.27 million for the quarter, compared to analysts’ expectations of $321.86 million. Signature Bank had a net margin of 25.71% and a return on equity of 12.72%. During the same quarter in the prior year, the firm earned $2.11 EPS. research analysts forecast that Signature Bank will post 11.13 earnings per share for the current fiscal year.
About Signature Bank
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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