Prudential Financial Inc. increased its stake in Signature Bank (NASDAQ:SBNY) by 81.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 241,927 shares of the bank’s stock after purchasing an additional 108,561 shares during the quarter. Prudential Financial Inc. owned approximately 0.45% of Signature Bank worth $34,724,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also added to or reduced their stakes in the company. Tudor Investment Corp ET AL lifted its holdings in Signature Bank by 0.6% in the 1st quarter. Tudor Investment Corp ET AL now owns 2,418 shares of the bank’s stock worth $359,000 after purchasing an additional 14 shares during the last quarter. Cadence Capital Management LLC lifted its holdings in Signature Bank by 1.1% in the 2nd quarter. Cadence Capital Management LLC now owns 2,118 shares of the bank’s stock worth $304,000 after purchasing an additional 23 shares during the last quarter. Boston Private Wealth LLC lifted its holdings in Signature Bank by 0.3% in the 2nd quarter. Boston Private Wealth LLC now owns 7,568 shares of the bank’s stock worth $1,086,000 after purchasing an additional 25 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in Signature Bank by 0.7% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 6,120 shares of the bank’s stock worth $909,000 after purchasing an additional 40 shares during the last quarter. Finally, IFP Advisors Inc lifted its holdings in shares of Signature Bank by 1.5% during the second quarter. IFP Advisors Inc now owns 3,128 shares of the bank’s stock worth $449,000 after buying an additional 45 shares during the last quarter. 95.80% of the stock is currently owned by institutional investors.
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A number of research firms have recently issued reports on SBNY. BidaskClub cut Signature Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, June 20th. Jefferies Group LLC restated a “buy” rating and set a $145.00 target price (down previously from $169.00) on shares of Signature Bank in a report on Thursday, September 7th. Wedbush restated an “outperform” rating and set a $165.00 target price on shares of Signature Bank in a report on Tuesday, June 27th. Morgan Stanley reaffirmed an “overweight” rating and set a $166.00 price target (down previously from $170.00) on shares of Signature Bank in a research note on Friday, July 7th. Finally, ValuEngine lowered Signature Bank from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $162.43.
Signature Bank (NASDAQ:SBNY) opened at 118.92 on Friday. Signature Bank has a 1-year low of $113.53 and a 1-year high of $164.23. The firm has a 50-day moving average price of $129.78 and a 200-day moving average price of $140.44. The company has a market capitalization of $6.43 billion, a P/E ratio of 19.05 and a beta of 0.97.
Signature Bank (NASDAQ:SBNY) last announced its quarterly earnings data on Wednesday, July 19th. The bank reported $2.21 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.22 by ($0.01). Signature Bank had a net margin of 23.62% and a return on equity of 12.61%. The company had revenue of $316.79 million for the quarter, compared to the consensus estimate of $324.44 million. During the same period last year, the business posted $1.90 earnings per share. On average, analysts forecast that Signature Bank will post $7.22 EPS for the current fiscal year.
Signature Bank Company Profile
Signature Bank is a full-service commercial bank. The Bank operates over 30 private client offices throughout the New York metropolitan area. Its segments include Commercial Banking and Specialty Finance. It offers a range of business and personal banking products and services. Its specialty finance subsidiary, Signature Financial LLC (Signature Financial), provides equipment finance and leasing services.
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