Signature Bank (NASDAQ:SBNY – Get Rating) – Equity analysts Wedbush dropped their third quarter 2022 earnings per share estimates for Signature Bank shares in a research note released Tuesday, July 19. Wedbush analyst D. Chiaverini now expects the bank to earn $5.40 per share for the quarter, down from its previous estimate of $5.50. Wedbush has a “Buy” rating and a price target of $375.00 on the stock. The consensus estimate of Signature Bank’s current annual earnings is $22.05 per share. Wedbush also released estimates for Signature Bank’s fourth quarter 2022 earnings at $6.02 EPS, full year 2022 earnings at $22.00 EPS, Q2 2023 earnings at $6.44 EPS, Q3 2023 earnings at $6.57 EPS and Q4 2023 earnings at $6.56 EPS.
Signature Bank (NASDAQ:SBNY – Get Rating) last announced its results on Tuesday, July 19. The bank reported earnings per share of $5.26 for the quarter, beating consensus analyst estimates of $5.05 by $0.21. Signature Bank had a net margin of 43.86% and a return on equity of 15.02%. In the same quarter last year, the company posted earnings per share of $3.57.
SBNY has been the subject of a number of other reports. JPMorgan Chase & Co. cut its target price on Signature Bank shares from $460.00 to $300.00 and set an “overweight” rating for the company in a Friday, July 1 research note. Compass Point reduced its target price on Signature Bank shares from $350.00 to $300.00 and set a “buy” rating for the company in a research note on Friday, June 10. TheStreet downgraded Signature Bank from a ‘b’ rating to a ‘c+’ rating in a Wednesday July 13 research note. Piper Sandler cut her price target on Signature Bank from $375.00 to $325.00 and set an “overweight” rating for the company in a Friday, May 20 research note. Finally, Keefe, Bruyette & Woods cut their price target on Signature Bank from $300.00 to $285.00 in a research note on Tuesday. One equity research analyst gave the stock a sell rating, thirteen issued a buy rating and one issued a strong buy rating for the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $314.79.
Signature Bank Price Performance
SBNY shares opened at $181.57 on Thursday. The company has a market capitalization of $11.01 billion, a PE ratio of 9.67, a P/E/G ratio of 0.89 and a beta of 1.80. The company has a current ratio of 0.83, a quick ratio of 0.84 and a debt ratio of 0.27. The company has a fifty-day simple moving average of $193.19 and a two-hundred-day simple moving average of $265.22. Signature Bank has a 1-year minimum of $165.36 and a 1-year maximum of $374.76.
Institutional investors weigh in on Signature Bank
Institutional investors have recently bought and sold shares of the company. AE Wealth Management LLC bought a new position in Signature Bank stock during Q4 valued at approximately $257,000. Nordea Investment Management AB bought a new position in Signature Bank shares during Q4, valued at approximately $997,000. Kestra Advisory Services LLC increased its holdings of Signature Bank shares by 5.4% during the 4th quarter. Kestra Advisory Services LLC now owns 1,173 shares of the bank valued at $379,000 after buying 60 additional shares in the last quarter. Russell Investments Group Ltd. increased its holdings of Signature Bank shares by 27.7% during the 4th quarter. Russell Investments Group Ltd. now owns 38,808 shares of the bank valued at $12,550,000 after purchasing an additional 8,426 shares in the last quarter. Finally, Trust Co. of Vermont bought a new position in Signature Bank stock during Q4 valued at around $65,000. Hedge funds and other institutional investors hold 96.17% of the company’s shares.
Signature Bank Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, August 12. Shareholders of record on Friday, July 29 will receive a dividend of $0.56. The ex-dividend date is Thursday July 28. This represents a dividend of $2.24 on an annualized basis and a yield of 1.23%. Signature Bank’s payout ratio is currently 11.93%.
About Signature Bank
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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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