Investors Buy Shares of Signature Bank (SBNY) on Weakness

Investors purchased shares of Signature Bank (NASDAQ:SBNY) on weakness during trading on Monday. $37.54 million flowed into the stock on the tick-up and $13.70 million flowed out of the stock on the tick-down, for a money net flow of $23.84 million into the stock. Of all equities tracked, Signature Bank had the 28th highest net in-flow for the day. Signature Bank traded down ($1.18) for the day and closed at $136.39

SBNY has been the topic of a number of recent analyst reports. Morgan Stanley reduced their target price on Signature Bank from $164.00 to $150.00 and set an “overweight” rating on the stock 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 price target on the stock in a research note on Monday, September 11th. BidaskClub downgraded Signature Bank from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $142.00 price objective on shares of Signature Bank in a research report on Tuesday, October 3rd. Finally, Bank of America reaffirmed a “buy” rating and set a $165.00 price objective (down previously from $175.00) on shares of Signature Bank in a research report on Wednesday, September 20th. One equities 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 stock presently has a consensus rating of “Buy” and an average target price of $155.13.

The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.91 and a current ratio of 0.92. The stock has a market cap of $7,321.83, a PE ratio of 15.57, a price-to-earnings-growth ratio of 1.75 and a beta of 1.02.

Signature Bank (NASDAQ:SBNY) last posted its quarterly earnings data on Thursday, October 19th. The bank reported $2.29 EPS for the quarter, beating the Zacks’ consensus estimate of $2.19 by $0.10. The business had revenue of $316.94 million during the quarter, compared to analysts’ expectations of $322.22 million. Signature Bank had a return on equity of 12.58% and a net margin of 26.40%. During the same period in the previous year, the business earned $2.11 earnings per share. equities analysts anticipate that Signature Bank will post 7.25 earnings per share for the current fiscal year.

Several large investors have recently modified their holdings of SBNY. Aperio Group LLC boosted its stake in Signature Bank by 9.0% during the second quarter. Aperio Group LLC now owns 8,143 shares of the bank’s stock worth $1,169,000 after buying an additional 669 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Signature Bank by 83.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 59,458 shares of the bank’s stock valued at $8,535,000 after purchasing an additional 27,114 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in shares of Signature Bank by 21.8% in the 2nd quarter. Canada Pension Plan Investment Board now owns 6,700 shares of the bank’s stock valued at $962,000 after purchasing an additional 1,200 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in shares of Signature Bank by 6.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 176,965 shares of the bank’s stock valued at $25,400,000 after purchasing an additional 10,693 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in shares of Signature Bank by 30.6% in the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 12,423 shares of the bank’s stock valued at $1,783,000 after purchasing an additional 2,914 shares during the last quarter. 96.33% of the stock is currently owned by hedge funds and other institutional investors.

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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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