Signature Bank (SBNY) Given “Hold” Rating at Piper Jaffray Companies
Several other analysts also recently weighed in on the company. Morgan Stanley lowered their target price on Signature Bank from $164.00 to $150.00 and set an overweight rating for the company in a research note on Friday, September 15th. Hovde Group upgraded Signature Bank from an underperform rating to a market perform rating and set a $132.00 target price for the company in a research note on Monday, September 11th. Keefe, Bruyette & Woods restated a buy rating and set a $142.00 target price on shares of Signature Bank in a research note on Tuesday, October 3rd. Bank of America restated a buy rating and set a $165.00 target price (down from $175.00) on shares of Signature Bank in a research note on Wednesday, September 20th. Finally, Barclays set a $140.00 target price on Signature Bank and gave the company a buy rating in a research note on Friday, October 20th. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $155.19.
Shares of Signature Bank (NASDAQ SBNY) opened at $148.03 on Tuesday. Signature Bank has a twelve month low of $116.68 and a twelve month high of $164.23. The stock has a market capitalization of $7,919.32, a price-to-earnings ratio of 16.84, a P/E/G ratio of 1.33 and a beta of 1.02. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.92 and a quick ratio of 0.91.
Several hedge funds have recently modified their holdings of SBNY. Schwab Charles Investment Management Inc. lifted its position in shares of Signature Bank by 6.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 176,965 shares of the bank’s stock worth $25,400,000 after purchasing an additional 10,693 shares during the last quarter. Commerce Bank bought a new position in shares of Signature Bank during the second quarter worth about $219,000. Pacad Investment Ltd. bought a new position in shares of Signature Bank during the second quarter worth about $100,000. Commonwealth Bank of Australia lifted its position in shares of Signature Bank by 5.1% during the second quarter. Commonwealth Bank of Australia now owns 1,233 shares of the bank’s stock worth $176,000 after purchasing an additional 60 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its position in shares of Signature Bank by 17.2% during the second quarter. Wells Fargo & Company MN now owns 167,124 shares of the bank’s stock worth $23,987,000 after purchasing an additional 24,489 shares during the last quarter. 96.30% of the stock is currently owned by institutional investors and hedge funds.
Signature Bank Company Profile
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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