Kayne Anderson Rudnick Investment Management LLC Grows Holdings in Signature Bank (SBNY)
Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Signature Bank (NASDAQ:SBNY) by 3.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 373,751 shares of the bank’s stock after purchasing an additional 13,892 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned about 0.70% of Signature Bank worth $47,855,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Pacad Investment Ltd. bought a new position in Signature Bank during the 2nd quarter worth about $100,000. YorkBridge Wealth Partners LLC grew its holdings in shares of Signature Bank by 6.3% in the 2nd quarter. YorkBridge Wealth Partners LLC now owns 688 shares of the bank’s stock valued at $100,000 after acquiring an additional 41 shares in the last quarter. Commonwealth Bank of Australia grew its holdings in shares of Signature Bank by 5.1% in the 2nd quarter. Commonwealth Bank of Australia now owns 1,233 shares of the bank’s stock valued at $176,000 after acquiring an additional 60 shares in the last quarter. Rockefeller Financial Services Inc. bought a new position in shares of Signature Bank in the 3rd quarter valued at about $192,000. Finally, Bronfman E.L. Rothschild L.P. grew its holdings in shares of Signature Bank by 1.5% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,406 shares of the bank’s stock valued at $202,000 after acquiring an additional 21 shares in the last quarter. Hedge funds and other institutional investors own 97.93% of the company’s stock.
Several equities analysts have recently weighed in on SBNY shares. Bank of America Corporation restated a “buy” rating and issued a $165.00 price objective (down previously from $175.00) on shares of Signature Bank in a report on Wednesday, September 20th. Jefferies Group LLC restated a “buy” rating and issued a $145.00 price objective (down previously from $169.00) on shares of Signature Bank in a report on Thursday, September 7th. Deutsche Bank AG reduced their price target on Signature Bank from $178.00 to $162.00 and set a “buy” rating for the company in a report on Thursday, July 20th. Maxim Group reiterated a “buy” rating and set a $175.00 price target on shares of Signature Bank in a report on Wednesday, July 19th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and set a $142.00 price target on shares of Signature Bank in a report on Tuesday, October 3rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have given a buy rating to the company’s stock. Signature Bank has a consensus rating of “Buy” and a consensus price target of $154.80.
Signature Bank (NASDAQ SBNY) traded up $0.72 during midday trading on Thursday, hitting $131.07. 65,235 shares of the stock were exchanged, compared to its average volume of 488,663. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.71. Signature Bank has a 52 week low of $116.68 and a 52 week high of $164.23. The firm has a market capitalization of $7,033.55, a P/E ratio of 14.96, a price-to-earnings-growth ratio of 1.68 and a beta of 1.01.
Signature Bank (NASDAQ:SBNY) last released its quarterly earnings results 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. Signature Bank had a net margin of 26.40% and a return on equity of 12.58%. The company had revenue of $316.94 million during the quarter, compared to the consensus estimate of $322.22 million. During the same period in the previous year, the business earned $2.11 earnings per share. research analysts predict that Signature Bank will post 7.25 earnings per share for the current 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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