Signature Bank (NASDAQ:SBNY) Price target reduced to $288.00

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Signature Bank (NASDAQ: SBNY – Get an appraisal) had its target price lowered by equity analysts at UBS Group from $309.00 to $288.00 in a research report released Wednesday, MarketBeat reports. The brokerage currently has a “buy” rating on the bank’s shares. UBS Group’s target price would indicate an upside potential of 55.29% from the company’s current price.

A number of other brokerages have also weighed in on SBNY recently. Stephens lowered his price target on Signature Bank shares to $240.00 in a Friday, July 22 research report. Maxim Group lowered its price target on Signature Bank from $450.00 to $425.00 and set a “buy” rating on the stock in a Wednesday July 20 research note. Keefe, Bruyette & Woods reiterated an “outperform” rating on Signature Bank shares in a Wednesday, July 20 research report. Raymond James lowered his target price on Signature Bank from $305.00 to $286.00 in a Wednesday July 20 research report. Finally, Wedbush cut its price target on Signature Bank shares from $415.00 to $375.00 and set a “buy” rating for the company in a Wednesday, April 20 research report. One research analyst gave the stock a hold rating, thirteen gave the company a buy rating and one gave the company’s stock a strong buy rating. According to MarketBeat.com, Signature Bank has an average rating of “Buy” and an average price target of $298.69.

Signature Bank Stock up 2.7%

Signature Bank shares opened at $185.46 on Wednesday. Signature Bank has a 12-month low of $165.36 and a 12-month high of $374.76. The stock has a fifty-day simple moving average of $191.95 and a two-hundred-day simple moving average of $260.42. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt ratio of 0.27. The company has a market capitalization of $11.24 billion, a price-earnings ratio of 9.76, a PEG ratio of 0.87 and a beta of 1.80.

Signature Bank (NASDAQ:SBNY – Get Rating) last released quarterly earnings data on Tuesday, July 19. The bank reported EPS of $5.26 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%. In the same quarter of the previous year, the company achieved EPS of $3.57. Equity analysts predict Signature Bank will post an EPS of 22.03 for the current fiscal year.

Signature Bank Institutional Trading

A number of hedge funds and other institutional investors have recently shifted their holdings in SBNY. Capital International Investors bought a new position in Signature Bank in Q4 worth $599,227,000. State Street Corp increased its position in Signature Bank shares by 53.1% in the fourth quarter. State Street Corp now owns 3,034,921 shares of the bank valued at $981,706,000 after acquiring an additional 1,052,338 shares last quarter. Bank of America Corp DE increased its position in Signature Bank shares by 72.7% in the first quarter. Bank of America Corp DE now owns 1,577,263 shares of the bank valued at $462,910,000 after acquiring an additional 663,755 shares last quarter. Norges Bank bought a new position in Signature Bank stock in the fourth quarter worth approximately $185,605,000. Finally, Brown Brothers Harriman & Co. increased its position in Signature Bank shares by 3,956,857.1% during the first quarter. Brown Brothers Harriman & Co. now owns 553,974 shares of the bank worth $162,586,000 after buying an additional 553,960 shares last quarter. 96.17% of the shares are held by hedge funds and other institutional investors.

Corporate Profile 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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