PNC Financial Services Group Inc. Grows Holdings in Signature Bank (SBNY)
PNC Financial Services Group Inc. raised its stake in Signature Bank (NASDAQ:SBNY) by 25.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,306 shares of the bank’s stock after purchasing an additional 678 shares during the period. PNC Financial Services Group Inc.’s holdings in Signature Bank were worth $474,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in SBNY. Pacad Investment Ltd. bought a new stake in shares of Signature Bank in the second quarter valued at about $100,000. Commonwealth Bank of Australia boosted its position in shares of Signature Bank by 5.1% in the second 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 during the period. Bronfman E.L. Rothschild L.P. boosted its position in shares of Signature Bank by 1.5% in the second 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 during the period. Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of Signature Bank in the first quarter valued at about $219,000. Finally, Commerce Bank bought a new stake in shares of Signature Bank in the second quarter valued at about $219,000. Hedge funds and other institutional investors own 95.77% of the company’s stock.
Signature Bank (NASDAQ SBNY) opened at 124.74 on Tuesday. The stock has a 50 day moving average of $124.91 and a 200-day moving average of $135.95. The company has a market cap of $6.75 billion, a PE ratio of 19.98 and a beta of 0.96. Signature Bank has a 12-month low of $113.53 and a 12-month high of $164.23.
Signature Bank (NASDAQ:SBNY) last issued its quarterly earnings results on Wednesday, July 19th. The bank reported $2.21 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.22 by ($0.01). The business had revenue of $316.79 million for the quarter, compared to the consensus estimate of $324.44 million. Signature Bank had a net margin of 23.62% and a return on equity of 12.61%. During the same quarter last year, the business posted $1.90 EPS. On average, equities research analysts anticipate that Signature Bank will post $7.17 earnings per share for the current fiscal year.
A number of equities research analysts have recently issued reports on SBNY shares. Jefferies Group LLC reissued a “buy” rating and issued a $145.00 target price (down previously from $169.00) on shares of Signature Bank in a research report on Thursday, September 7th. BidaskClub cut shares of Signature Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, June 20th. Barclays PLC set a $145.00 target price on shares of Signature Bank and gave the company a “buy” rating in a research report on Wednesday, October 11th. Wedbush reissued an “outperform” rating and issued a $165.00 target price on shares of Signature Bank in a research report on Tuesday, June 27th. Finally, Morgan Stanley reduced their target price on shares of Signature Bank from $164.00 to $150.00 and set an “overweight” rating for the company in a research report on Friday, September 15th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $154.47.
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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