ValuEngine downgraded shares of Signature Bank (NASDAQ:SBNY) from a sell rating to a strong sell rating in a report published on Monday morning.
SBNY has been the subject of a number of other reports. BMO Capital Markets cut shares of Signature Bank from an outperform rating to a market perform rating and set a $171.00 price objective for the company. in a report on Friday, July 20th. BidaskClub cut shares of Signature Bank from a sell rating to a strong sell rating in a report on Friday, July 27th. Keefe, Bruyette & Woods reiterated a buy rating and set a $150.00 price objective on shares of Signature Bank in a report on Friday, July 20th. Wedbush reduced their price objective on shares of Signature Bank from $144.00 to $131.00 and set a neutral rating for the company in a report on Friday, July 20th. Finally, JPMorgan Chase & Co. cut shares of Signature Bank from an overweight rating to a neutral rating and reduced their price objective for the company from $150.00 to $130.00 in a report on Friday, July 20th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $151.36.
SBNY opened at $112.55 on Monday. Signature Bank has a 1-year low of $108.89 and a 1-year high of $161.92. The company has a quick ratio of 0.96, a current ratio of 0.98 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $6.34 billion, a price-to-earnings ratio of 11.27, a P/E/G ratio of 0.96 and a beta of 1.03.
Signature Bank (NASDAQ:SBNY) last posted its quarterly earnings results on Thursday, July 19th. The bank reported $2.83 earnings per share for the quarter, beating the consensus estimate of $2.80 by $0.03. The firm had revenue of $326.63 million during the quarter, compared to the consensus estimate of $334.00 million. Signature Bank had a net margin of 26.76% and a return on equity of 13.84%. During the same period in the previous year, the firm posted $2.21 earnings per share. equities analysts predict that Signature Bank will post 11.18 earnings per share for the current year.
Institutional investors have recently added to or reduced their stakes in the stock. Endurance Wealth Management Inc. purchased a new position in Signature Bank during the second quarter worth about $128,000. Qube Research & Technologies Ltd purchased a new position in Signature Bank during the second quarter worth about $132,000. Schroder Investment Management Group purchased a new position in Signature Bank during the first quarter worth about $150,000. Zions Bancorporation purchased a new position in Signature Bank during the second quarter worth about $160,000. Finally, Vident Investment Advisory LLC purchased a new position in Signature Bank during the second quarter worth about $287,000. Institutional investors and hedge funds own 95.70% of the company’s stock.
Signature Bank Company Profile
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.
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