Morgan Stanley Lowers Signature Bank (SBNY) to Equal Weight
Morgan Stanley cut shares of Signature Bank (NASDAQ:SBNY) from an overweight rating to an equal weight rating in a research report report published on Monday, Marketbeat Ratings reports. The firm currently has $150.00 price target on the bank’s stock.
Several other research analysts have also recently issued reports on SBNY. Keefe, Bruyette & Woods reiterated a buy rating and set a $158.00 target price on shares of Signature Bank in a report on Friday, July 14th. BidaskClub cut shares of Signature Bank from a sell rating to a strong sell rating in a report on Friday, August 18th. Barclays PLC restated an overweight rating and issued a $170.00 price target (down from $175.00) on shares of Signature Bank in a report on Wednesday, July 12th. FIG Partners restated an outperform rating and issued a $150.00 price target on shares of Signature Bank in a report on Monday, October 2nd. Finally, Wedbush cut shares of Signature Bank from an outperform rating to a neutral rating and lowered their price target for the company from $157.00 to $126.00 in a report on Wednesday, September 20th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $154.80.
Shares of Signature Bank (SBNY) traded up $0.57 during trading on Monday, reaching $124.94. 166,740 shares of the company’s stock traded hands, compared to its average volume of 486,030. 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 one year low of $116.68 and a one year high of $164.23. The company has a market cap of $6,678.70, a PE ratio of 14.20, a price-to-earnings-growth ratio of 1.60 and a beta of 1.01.
Signature Bank (NASDAQ:SBNY) last issued its earnings results on Thursday, October 19th. The bank reported $2.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate 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 for the quarter, compared to analysts’ expectations of $322.22 million. During the same period in the prior year, the business earned $2.11 EPS. research analysts predict that Signature Bank will post 7.25 earnings per share for the current year.
Several institutional investors have recently made changes to their positions in SBNY. Teachers Advisors LLC raised its position in shares of Signature Bank by 48.3% in the 1st quarter. Teachers Advisors LLC now owns 83,925 shares of the bank’s stock valued at $12,454,000 after purchasing an additional 27,334 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Signature Bank by 8.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,628 shares of the bank’s stock worth $390,000 after buying an additional 208 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Signature Bank by 1.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 267,027 shares of the bank’s stock worth $39,626,000 after buying an additional 5,077 shares during the last quarter. KCG Holdings Inc. raised its position in Signature Bank by 22.4% during the 1st quarter. KCG Holdings Inc. now owns 2,215 shares of the bank’s stock worth $329,000 after buying an additional 406 shares during the last quarter. Finally, Paloma Partners Management Co raised its position in Signature Bank by 85.9% during the 1st quarter. Paloma Partners Management Co now owns 6,418 shares of the bank’s stock worth $952,000 after buying an additional 2,966 shares during the last quarter. 96.25% of the stock is owned by hedge funds and other institutional investors.
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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