People s United Financial Inc. Boosts Position in Signature Bank (SBNY)
People s United Financial Inc. increased its position in shares of Signature Bank (NASDAQ:SBNY) by 2.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,544 shares of the bank’s stock after buying an additional 166 shares during the quarter. People s United Financial Inc.’s holdings in Signature Bank were worth $1,083,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of SBNY. HighVista Strategies LLC acquired a new position in Signature Bank during the second quarter worth $330,000. Stifel Financial Corp raised its holdings in shares of Signature Bank by 18.7% in the 2nd quarter. Stifel Financial Corp now owns 32,321 shares of the bank’s stock worth $4,623,000 after acquiring an additional 5,098 shares during the last quarter. Voya Investment Management LLC raised its holdings in shares of Signature Bank by 1.0% in the 2nd quarter. Voya Investment Management LLC now owns 78,735 shares of the bank’s stock worth $11,301,000 after acquiring an additional 813 shares during the last quarter. Epoch Investment Partners Inc. raised its holdings in shares of Signature Bank by 135.7% in the 2nd quarter. Epoch Investment Partners Inc. now owns 61,661 shares of the bank’s stock worth $8,850,000 after acquiring an additional 35,500 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Signature Bank by 5.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 281,845 shares of the bank’s stock worth $40,455,000 after acquiring an additional 14,818 shares during the last quarter. 95.78% of the stock is currently owned by institutional investors and hedge funds.
Shares of Signature Bank (NASDAQ:SBNY) traded down 0.32% on Tuesday, reaching $128.83. 12,846 shares of the company’s stock traded hands. The stock has a 50-day moving average of $126.15 and a 200 day moving average of $137.36. Signature Bank has a 12-month low of $113.53 and a 12-month high of $164.23. The firm has a market cap of $6.97 billion, a P/E ratio of 20.64 and a beta of 0.96.
Signature Bank (NASDAQ:SBNY) last issued its earnings results on Wednesday, July 19th. The bank reported $2.21 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.22 by ($0.01). Signature Bank had a return on equity of 12.61% and a net margin of 23.62%. The firm had revenue of $316.79 million during the quarter, compared to analysts’ expectations of $324.44 million. During the same quarter in the prior year, the company posted $1.90 earnings per share. On average, equities research analysts expect that Signature Bank will post $7.20 earnings per share for the current year.
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Several analysts have recently commented on the company. Jefferies Group LLC reissued a “buy” rating and issued a $169.00 price objective on shares of Signature Bank in a research note on Wednesday, June 28th. Keefe, Bruyette & Woods set a $164.00 price target on Signature Bank and gave the stock a “buy” rating in a report on Monday, June 5th. Maxim Group reissued a “buy” rating and issued a $175.00 price target on shares of Signature Bank in a research report on Wednesday, July 19th. Deutsche Bank AG reduced their target price on shares of Signature Bank from $178.00 to $162.00 and set a “buy” rating for the company in a research note on Thursday, July 20th. Finally, Bank of America Corporation reiterated a “buy” rating and issued a $165.00 target price (down previously from $175.00) on shares of Signature Bank in a report on Wednesday, September 20th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $158.33.
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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