Signature Bank (NASDAQ:SBNY) – Investment analysts at DA Davidson issued their Q3 2020 earnings estimates for Signature Bank in a note issued to investors on Monday, September 14th. DA Davidson analyst Keith. C forecasts that the bank will post earnings of $2.62 per share for the quarter. DA Davidson has a “Neutral” rating on the stock. DA Davidson also issued estimates for Signature Bank’s Q4 2020 earnings at $2.72 EPS, FY2020 earnings at $9.44 EPS, Q1 2021 earnings at $2.34 EPS, Q2 2021 earnings at $2.75 EPS, Q3 2021 earnings at $3.03 EPS, Q4 2021 earnings at $3.15 EPS and FY2021 earnings at $11.28 EPS.
Signature Bank (NASDAQ:SBNY) last posted its quarterly earnings results on Tuesday, July 21st. The bank reported $2.21 EPS for the quarter, missing the Zacks’ consensus estimate of $2.27 by ($0.06). Signature Bank had a return on equity of 10.74% and a net margin of 26.12%. The business had revenue of $399.80 million during the quarter, compared to analysts’ expectations of $387.76 million. During the same period in the prior year, the firm posted $2.83 earnings per share.
A number of other research analysts have also recently commented on SBNY. Maxim Group boosted their price target on Signature Bank from $130.00 to $155.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Morgan Stanley upped their price objective on Signature Bank from $133.00 to $140.00 and gave the stock an “overweight” rating in a report on Monday, June 8th. Wells Fargo & Company upped their price objective on Signature Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a report on Wednesday, July 22nd. Wedbush raised Signature Bank from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $110.00 to $127.00 in a report on Thursday, May 28th. Finally, BidaskClub cut Signature Bank from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 18th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $128.83.
NASDAQ SBNY opened at $90.25 on Thursday. The stock’s 50 day moving average is $100.42 and its 200 day moving average is $99.88. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.89. Signature Bank has a 12 month low of $68.98 and a 12 month high of $148.64. The stock has a market cap of $4.83 billion, a PE ratio of 9.38, a P/E/G ratio of 1.00 and a beta of 1.68.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SBNY. Nordea Investment Management AB increased its position in shares of Signature Bank by 166.9% during the 2nd quarter. Nordea Investment Management AB now owns 3,025,692 shares of the bank’s stock valued at $316,184,000 after purchasing an additional 1,892,236 shares during the last quarter. FMR LLC increased its position in shares of Signature Bank by 44.5% during the 2nd quarter. FMR LLC now owns 3,490,699 shares of the bank’s stock valued at $373,225,000 after purchasing an additional 1,075,297 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Signature Bank by 57.3% during the 1st quarter. JPMorgan Chase & Co. now owns 994,557 shares of the bank’s stock valued at $79,953,000 after purchasing an additional 362,268 shares during the last quarter. Alyeska Investment Group L.P. increased its position in shares of Signature Bank by 149.4% during the 1st quarter. Alyeska Investment Group L.P. now owns 335,728 shares of the bank’s stock valued at $26,989,000 after purchasing an additional 201,140 shares during the last quarter. Finally, Invesco Ltd. grew its position in Signature Bank by 32.7% in the 1st quarter. Invesco Ltd. now owns 685,880 shares of the bank’s stock valued at $55,136,000 after acquiring an additional 169,003 shares during the last quarter. 91.30% of the stock is currently owned by hedge funds and other institutional investors.
About Signature Bank
Signature Bank provides various business and personal banking products and services. It accepts various deposit products, including commercial checking accounts, money market accounts, escrow deposit accounts, cash concentration accounts, interest-bearing and non-interest-bearing checking accounts, certificates of deposit, time deposits, and other cash management products.
See Also: Gross Domestic Product (GDP)
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