Signature Bank (NASDAQ:SBNY – Get Rating) – Piper Sandler equity researchers raised their second quarter 2022 earnings per share estimates for Signature Bank shares in a note issued to investors on Monday, March 28. Piper Sandler analyst Fitzgibbon now expects the bank to post earnings per share of $4.65 for the quarter, up from its previous forecast of $4.58. Piper Sandler also released estimates for Signature Bank Q3 2022 earnings at $4.93 EPS, Q4 2022 earnings at $5.27 EPS, FY2022 earnings at $19.29 EPS, Q1 2023 earnings at $5.74 EPS and Q2 2023 earnings at $6.00 EPS.
A number of other research companies have also published reports on SBNY recently. Stephens raised his price target on Signature Bank shares from $380.00 to $415.00 and gave the company an “overweight” rating in a Wednesday, Jan. 19 research report. Wells Fargo & Company raised its price target on Signature Bank shares from $400.00 to $435.00 and gave the stock an “overweight” rating in a Wednesday, Jan. 19 research note. Wedbush raised its target price on Signature Bank from $375.00 to $415.00 in a Wednesday, January 19 report. Compass Point reissued a “buy” rating on Signature Bank shares in a Tuesday, January 18 report. Finally, Janney Montgomery Scott upgraded Signature Bank from a “neutral” rating to a “buy” rating in a Wednesday, January 19 research note. Fourteen equity research analysts gave the stock a buy rating and one gave the stock a high buy rating. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $379.62.
SBNY shares opened at $303.44 on Tuesday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt ratio of 0.41. The stock’s 50-day moving average is $319.51 and its two-hundred-day moving average is $313.63. Signature Bank has a 12-month low of $207.86 and a 12-month high of $374.76. The company has a market capitalization of $18.40 billion, a PE ratio of 20.19, a P/E/G ratio of 1.66 and a beta of 1.81. Signature Bank (NASDAQ:SBNY – Get Rating) last released its results on Tuesday, January 18. The bank reported earnings per share (EPS) of $4.34 for the quarter, beating the Zacks consensus estimate of $3.97 by $0.37. Signature Bank had a return on equity of 12.66% and a net margin of 39.74%. The company posted revenue of $569.38 million for the quarter, versus analyst estimates of $548.69 million. In the same quarter a year earlier, the company posted earnings per share of $3.26.
Several hedge funds and other institutional investors have recently changed their stock holdings. IFP Advisors Inc increased its position in Signature Bank by 920.0% in the third quarter. IFP Advisors Inc now owns 102 shares of the bank worth $28,000 after buying 92 additional shares during the period. Parkside Financial Bank & Trust increased its stake in Signature Bank shares by 63.5% in Q3. Parkside Financial Bank & Trust now owns 139 shares of the bank worth $38,000 after buying 54 more shares last quarter. Northwestern Mutual Wealth Management Co. increased its holdings of Signature Bank stock by 103.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 161 shares of the bank valued at $52,000 after buying 82 additional shares during the period. JTC Employer Solutions Trustee Ltd bought a new position in Signature Bank during the third quarter worth approximately $53,000. Finally, Trust Co. of Vermont acquired a new position in Signature Bank during the fourth quarter worth approximately $65,000. Institutional investors and hedge funds own 93.77% of the company’s shares.
The company also recently disclosed a quarterly dividend, which was paid on Friday, February 11. Investors of record on Friday, January 28 received a dividend of $0.56. The ex-dividend date was Thursday, January 27. This represents a dividend of $2.24 on an annualized basis and a dividend yield of 0.74%. Signature Bank’s dividend payout ratio (DPR) is currently 14.90%.
About Signature Bank (Get a rating)
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 offers various loan products including commercial and industrial loans, real estate loans and letters of credit.
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