Summit Creek Advisors LLC decreased its position in shares of Signature Bank (NASDAQ:SBNY – Get Rating) by 26.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,458 shares of the bank’s stock after selling 878 shares during the quarter. Summit Creek Advisors LLC’s holdings in Signature Bank were worth $721,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of SBNY. Capital International Investors acquired a new position in Signature Bank in the fourth quarter valued at approximately $599,227,000. State Street Corp lifted its holdings in Signature Bank by 53.1% in the fourth quarter. State Street Corp now owns 3,034,921 shares of the bank’s stock valued at $981,706,000 after acquiring an additional 1,052,338 shares during the period. Norges Bank acquired a new position in Signature Bank in the fourth quarter valued at approximately $185,605,000. Bank of America Corp DE lifted its holdings in Signature Bank by 86.3% in the fourth quarter. Bank of America Corp DE now owns 913,508 shares of the bank’s stock valued at $295,492,000 after acquiring an additional 423,228 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Signature Bank by 50.3% in the fourth quarter. Geode Capital Management LLC now owns 1,164,486 shares of the bank’s stock valued at $375,710,000 after acquiring an additional 389,849 shares during the period. 96.17% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on SBNY shares. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Signature Bank in a report on Wednesday, July 20th. Stephens cut their price objective on Signature Bank to $240.00 in a research report on Friday, July 22nd. JPMorgan Chase & Co. cut their price objective on Signature Bank from $460.00 to $300.00 and set an “overweight” rating for the company in a research report on Friday, July 1st. Piper Sandler cut their price objective on Signature Bank from $375.00 to $325.00 and set an “overweight” rating for the company in a research report on Friday, May 20th. Finally, The Goldman Sachs Group cut their price objective on Signature Bank from $377.00 to $265.00 and set a “buy” rating for the company in a research report on Tuesday, May 31st. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $298.69.
Signature Bank Trading Up 0.5 %
Signature Bank (NASDAQ:SBNY – Get Rating) last issued its earnings results on Tuesday, July 19th. The bank reported $5.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.05 by $0.21. Signature Bank had a return on equity of 15.02% and a net margin of 43.86%. During the same period in the previous year, the company posted $3.57 earnings per share. Sell-side analysts expect that Signature Bank will post 21.81 earnings per share for the current year.
Signature Bank Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, August 12th. Shareholders of record on Friday, July 29th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend is Thursday, July 28th. Signature Bank’s payout ratio is currently 11.93%.
Signature Bank Profile
Signature Bank provides commercial banking products and services. It accepts various deposit products, including checking accounts, money market accounts, escrow deposit accounts, cash concentration accounts, certificates of deposit, and other cash management products. The company provides various lending products comprising commercial and industrial loans, real estate loans, and letters of credit.
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