Signature Bank (NASDAQ:SBNY) Given New $340.00 Price Target at Wedbush

Signature Bank (NASDAQ:SBNY) had its price objective boosted by Wedbush from $320.00 to $340.00 in a research report released on Wednesday, The Fly reports. Wedbush currently has an outperform rating on the bank’s stock.

SBNY has been the subject of several other research reports. Raymond James raised their target price on shares of Signature Bank from $337.00 to $360.00 and gave the stock a strong-buy rating in a report on Wednesday. Piper Sandler raised their target price on shares of Signature Bank from $270.00 to $313.00 and gave the stock an overweight rating in a report on Friday, June 25th. Wells Fargo & Company raised their target price on shares of Signature Bank from $345.00 to $390.00 and gave the stock an overweight rating in a report on Thursday, October 7th. Jefferies Financial Group assumed coverage on shares of Signature Bank in a report on Friday, September 10th. They set a buy rating and a $305.00 price objective for the company. Finally, UBS Group reiterated a buy rating on shares of Signature Bank in a report on Friday, July 9th. Fourteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Signature Bank has a consensus rating of Buy and an average price target of $296.87.

Signature Bank stock opened at $309.79 on Wednesday. The firm has a 50-day moving average price of $268.02 and a 200-day moving average price of $251.25. The firm has a market capitalization of $16.59 billion, a PE ratio of 24.41, a price-to-earnings-growth ratio of 1.95 and a beta of 2.02. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. Signature Bank has a 12-month low of $71.44 and a 12-month high of $313.00.

Signature Bank (NASDAQ:SBNY) last released its earnings results on Monday, October 18th. The bank reported $3.88 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.72 by $0.16. Signature Bank had a net margin of 34.08% and a return on equity of 11.80%. During the same period last year, the firm posted $2.62 earnings per share. As a group, sell-side analysts predict that Signature Bank will post 14.21 earnings per share for the current fiscal year.

The firm also recently announced a dividend, which will be paid on Friday, November 12th. Shareholders of record on Friday, October 29th will be given a dividend of $0.56 per share. This represents a yield of 0.73%. The ex-dividend date is Thursday, October 28th. Signature Bank’s dividend payout ratio (DPR) is 22.49%.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Kestra Advisory Services LLC increased its position in Signature Bank by 17.2% during the 3rd quarter. Kestra Advisory Services LLC now owns 1,113 shares of the bank’s stock valued at $303,000 after purchasing an additional 163 shares during the period. New Mexico Educational Retirement Board increased its position in Signature Bank by 5.9% during the 3rd quarter. New Mexico Educational Retirement Board now owns 12,500 shares of the bank’s stock valued at $3,404,000 after purchasing an additional 700 shares during the period. Raymond James Trust N.A. increased its position in Signature Bank by 52.9% during the 3rd quarter. Raymond James Trust N.A. now owns 1,454 shares of the bank’s stock valued at $396,000 after purchasing an additional 503 shares during the period. Exchange Traded Concepts LLC increased its position in Signature Bank by 46.1% during the 3rd quarter. Exchange Traded Concepts LLC now owns 5,511 shares of the bank’s stock valued at $1,501,000 after purchasing an additional 1,739 shares during the period. Finally, Symmetry Partners LLC increased its position in Signature Bank by 12.1% during the 3rd quarter. Symmetry Partners LLC now owns 3,232 shares of the bank’s stock valued at $935,000 after purchasing an additional 349 shares during the period.

About Signature Bank

Signature Bank engages in the provision of commercial banking services. It operates through the Commercial Banking and Specialty Finance segments. The Commercial Banking segment comprises of commercial real estate lending, commercial and industrial lending, and commercial deposit gathering activities.

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