Signature Bank (NASDAQ:SBNY – Get Rating)’s stock price reached a new 52-week low during mid-day trading on Thursday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $205.00 to $137.00. The company traded as low as $111.85 and last traded at $111.86, with a volume of 496 shares changing hands. The stock had previously closed at $115.24.
A number of other research analysts have also issued reports on the stock. Maxim Group reduced their target price on shares of Signature Bank from $350.00 to $250.00 in a research note on Friday, December 9th. Wells Fargo & Company decreased their price objective on Signature Bank from $250.00 to $185.00 and set an “overweight” rating for the company in a report on Thursday, December 15th. Keefe, Bruyette & Woods downgraded Signature Bank from an “outperform” rating to a “market perform” rating and set a $185.00 target price on the stock. in a research note on Wednesday, October 19th. The Goldman Sachs Group reduced their price target on Signature Bank from $216.00 to $176.00 and set a “buy” rating for the company in a research report on Friday, September 30th. Finally, JPMorgan Chase & Co. lowered their price target on Signature Bank from $200.00 to $135.00 and set an “overweight” rating on the stock in a report on Tuesday, December 13th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $190.79.
Institutional Investors Weigh In On Signature Bank
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Parkside Financial Bank & Trust grew its stake in shares of Signature Bank by 236.4% in the 2nd quarter. Parkside Financial Bank & Trust now owns 148 shares of the bank’s stock worth $27,000 after purchasing an additional 104 shares during the last quarter. Blume Capital Management Inc. bought a new stake in Signature Bank during the first quarter worth approximately $29,000. Quent Capital LLC grew its position in Signature Bank by 152.5% in the first quarter. Quent Capital LLC now owns 101 shares of the bank’s stock worth $30,000 after buying an additional 61 shares during the last quarter. Private Trust Co. NA bought a new position in shares of Signature Bank in the second quarter valued at $32,000. Finally, Cambridge Trust Co. lifted its position in shares of Signature Bank by 1,018.2% during the 1st quarter. Cambridge Trust Co. now owns 123 shares of the bank’s stock valued at $36,000 after acquiring an additional 112 shares during the last quarter. 93.62% of the stock is owned by institutional investors and hedge funds.
Signature Bank Price Performance
The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.26. The company has a market cap of $7.00 billion, a price-to-earnings ratio of 5.63, a P/E/G ratio of 0.56 and a beta of 1.62. The business has a 50-day moving average price of $137.39 and a 200 day moving average price of $165.73.
Signature Bank (NASDAQ:SBNY – Get Rating) last announced its earnings results on Tuesday, October 18th. The bank reported $5.57 EPS for the quarter, beating the consensus estimate of $5.42 by $0.15. Signature Bank had a return on equity of 16.49% and a net margin of 41.55%. The business had revenue of $717.74 million during the quarter, compared to the consensus estimate of $737.63 million. During the same period in the prior year, the business posted $3.88 earnings per share. As a group, research analysts expect that Signature Bank will post 21.3 earnings per share for the current fiscal year.
Signature Bank Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, November 10th. Shareholders of record on Friday, October 28th were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend was Thursday, October 27th. Signature Bank’s payout ratio is 10.94%.
Signature Bank Company 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.