Investors Buy Signature Bank (SBNY) on Weakness

Investors bought shares of Signature Bank (NASDAQ:SBNY) on weakness during trading on Monday. $37.54 million flowed into the stock on the tick-up and $13.70 million flowed out of the stock on the tick-down, for a money net flow of $23.84 million into the stock. Of all stocks tracked, Signature Bank had the 28th highest net in-flow for the day. Signature Bank traded down ($1.18) for the day and closed at $136.39

A number of research analysts recently issued reports on the stock. TheStreet upgraded shares of Signature Bank from a “c+” rating to a “b” rating in a research report on Wednesday, November 29th. JMP Securities began coverage on shares of Signature Bank in a report on Monday, November 20th. They set an “outperform” rating and a $160.00 price objective on the stock. Morgan Stanley downgraded shares of Signature Bank from an “overweight” rating to an “equal weight” rating and set a $150.00 price objective on the stock. in a report on Monday, November 6th. Jefferies Group restated a “buy” rating and set a $155.00 price objective on shares of Signature Bank in a report on Tuesday, October 24th. Finally, Barclays set a $140.00 price objective on shares of Signature Bank and gave the stock a “buy” rating in a report on Friday, October 20th. One analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $155.13.

The company has a market cap of $7,385.17, a price-to-earnings ratio of 15.70, a P/E/G ratio of 1.76 and a beta of 1.02. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.91 and a current ratio of 0.92.

Signature Bank (NASDAQ:SBNY) last announced its earnings results on Thursday, October 19th. The bank reported $2.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.19 by $0.10. The company had revenue of $316.94 million during the quarter, compared to the consensus estimate of $322.22 million. Signature Bank had a net margin of 26.40% and a return on equity of 12.58%. During the same quarter in the prior year, the company posted $2.11 earnings per share. equities research analysts anticipate that Signature Bank will post 7.25 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of SBNY. Aperio Group LLC grew its position in Signature Bank by 9.0% during the second quarter. Aperio Group LLC now owns 8,143 shares of the bank’s stock valued at $1,169,000 after buying an additional 669 shares during the period. Russell Investments Group Ltd. grew its position in Signature Bank by 83.8% during the second quarter. Russell Investments Group Ltd. now owns 59,458 shares of the bank’s stock valued at $8,535,000 after buying an additional 27,114 shares during the period. IFP Advisors Inc grew its position in Signature Bank by 1.5% during the second quarter. IFP Advisors Inc now owns 3,128 shares of the bank’s stock valued at $449,000 after buying an additional 45 shares during the period. Canada Pension Plan Investment Board grew its position in Signature Bank by 21.8% during the second quarter. Canada Pension Plan Investment Board now owns 6,700 shares of the bank’s stock valued at $962,000 after buying an additional 1,200 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its position in Signature Bank by 6.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 176,965 shares of the bank’s stock valued at $25,400,000 after buying an additional 10,693 shares during the period. Institutional investors own 96.33% of the company’s stock.

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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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