Comerica Bank increased its stake in Signature Bank (NASDAQ:SBNY) by 73.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 78,998 shares of the bank’s stock after purchasing an additional 33,465 shares during the quarter. Comerica Bank owned about 0.15% of Signature Bank worth $10,309,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp raised its position in Signature Bank by 5.5% in the third quarter. Bank of New York Mellon Corp now owns 685,415 shares of the bank’s stock worth $87,760,000 after acquiring an additional 35,463 shares in the last quarter. DekaBank Deutsche Girozentrale raised its position in Signature Bank by 9.6% in the third quarter. DekaBank Deutsche Girozentrale now owns 15,352 shares of the bank’s stock worth $2,050,000 after acquiring an additional 1,350 shares in the last quarter. CI Global Investments Inc. raised its position in Signature Bank by 3.9% in the third quarter. CI Global Investments Inc. now owns 332,500 shares of the bank’s stock worth $42,573,000 after acquiring an additional 12,500 shares in the last quarter. Rhumbline Advisers raised its position in Signature Bank by 10.8% in the third quarter. Rhumbline Advisers now owns 112,501 shares of the bank’s stock worth $14,405,000 after acquiring an additional 10,964 shares in the last quarter. Finally, Advisor Group Inc. raised its position in Signature Bank by 23.2% in the third quarter. Advisor Group Inc. now owns 3,467 shares of the bank’s stock worth $444,000 after acquiring an additional 654 shares in the last quarter. 97.93% of the stock is owned by institutional investors and hedge funds.
Several research firms have issued reports on SBNY. Deutsche Bank AG cut their price objective on Signature Bank from $178.00 to $162.00 and set a “buy” rating on the stock in a report on Thursday, July 20th. Morgan Stanley cut their price objective on Signature Bank from $164.00 to $150.00 and set an “overweight” rating on the stock in a report on Friday, September 15th. Hovde Group upgraded Signature Bank from an “underperform” rating to a “market perform” rating and set a $132.00 price objective on the stock in a report on Monday, September 11th. BidaskClub downgraded Signature Bank from a “sell” rating to a “strong sell” rating in a report on Friday, August 18th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and set a $142.00 price objective on shares of Signature Bank in a report on Tuesday, October 3rd. 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’s stock. Signature Bank presently has an average rating of “Buy” and an average target price of $154.80.
Shares of Signature Bank (NASDAQ SBNY) traded down $0.56 during trading on Friday, reaching $129.79. The company’s stock had a trading volume of 237,500 shares, compared to its average volume of 487,532. The company has a market capitalization of $7,050.00, a PE ratio of 14.88, a P/E/G ratio of 1.67 and a beta of 1.01. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.71. Signature Bank has a 52-week low of $116.68 and a 52-week high of $164.23.
Signature Bank (NASDAQ:SBNY) last announced its earnings results on Thursday, October 19th. The bank reported $2.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.19 by $0.10. The firm 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 quarter in the prior year, the business earned $2.11 earnings per share. analysts expect that Signature Bank will post 7.25 EPS for the current year.
Signature Bank 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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