National Asset Management Inc. cut its holdings in shares of Signature Bank (NASDAQ:SBNY – Get Rating) by 24.4% during the first quarter, Holdings Channel reports. The firm owned 891 shares of the bank’s stock after selling 288 shares during the quarter. National Asset Management Inc.’s holdings in Signature Bank were worth $262,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently bought and sold shares of SBNY. Capital International Investors purchased a new stake in Signature Bank during the fourth quarter worth about $599,227,000. State Street Corp increased its stake in Signature Bank by 53.1% during the fourth quarter. State Street Corp now owns 3,034,921 shares of the bank’s stock worth $981,706,000 after purchasing an additional 1,052,338 shares during the period. Norges Bank purchased a new stake in Signature Bank during the fourth quarter worth about $185,605,000. Bank of America Corp DE increased its stake in Signature Bank by 86.3% during the fourth quarter. Bank of America Corp DE now owns 913,508 shares of the bank’s stock worth $295,492,000 after purchasing an additional 423,228 shares during the period. Finally, Geode Capital Management LLC increased its stake in Signature Bank by 50.3% during the fourth quarter. Geode Capital Management LLC now owns 1,164,486 shares of the bank’s stock worth $375,710,000 after purchasing an additional 389,849 shares during the period. 96.17% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
SBNY has been the topic of a number of recent research reports. Compass Point cut their target price on shares of Signature Bank from $350.00 to $300.00 and set a “buy” rating on the stock in a research note on Friday, June 10th. Piper Sandler cut their target price on shares of Signature Bank from $375.00 to $325.00 and set an “overweight” rating on the stock in a research note on Friday, May 20th. Stephens lowered their price target on Signature Bank to $240.00 in a report on Friday, July 22nd. Jefferies Financial Group lowered their price target on Signature Bank from $352.00 to $267.00 in a report on Monday, July 11th. Finally, Maxim Group lowered their price target on Signature Bank from $450.00 to $425.00 and set a “buy” rating for the company in a report on Wednesday, July 20th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $298.69.
Signature Bank Trading Up 0.1 %
NASDAQ:SBNY opened at $185.57 on Friday. The stock has a fifty day moving average price of $191.77 and a two-hundred day moving average price of $258.04. The stock has a market capitalization of $11.25 billion, a price-to-earnings ratio of 9.88, a PEG ratio of 0.87 and a beta of 1.80. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.82 and a current ratio of 0.83. Signature Bank has a 1 year low of $165.36 and a 1 year high of $374.76.
Signature Bank (NASDAQ:SBNY – Get Rating) last released its quarterly earnings data on Tuesday, July 19th. The bank reported $5.26 earnings per share (EPS) for the quarter, topping 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%. During the same period in the previous year, the business earned $3.57 earnings per share. As a group, sell-side analysts anticipate that Signature Bank will post 22.03 earnings per share for the current fiscal year.
Signature Bank Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 12th. Shareholders of record on Friday, July 29th will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend is Thursday, July 28th. Signature Bank’s payout ratio is 11.93%.
Signature Bank Profile
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 provides various lending products comprising commercial and industrial loans, real estate loans, and letters of credit.
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