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.
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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