Analysts Expect Signature Bank (NASDAQ:SBNY) Will Post Quarterly Sales of $507.90 Million

Equities research analysts expect that Signature Bank (NASDAQ:SBNY) will report sales of $507.90 million for the current fiscal quarter, according to Zacks. Sixteen analysts have provided estimates for Signature Bank’s earnings. The highest sales estimate is $541.95 million and the lowest is $480.89 million. Signature Bank posted sales of $412.93 million in the same quarter last year, which would indicate a positive year over year growth rate of 23%. The firm is expected to announce its next earnings report on Tuesday, October 19th.

According to Zacks, analysts expect that Signature Bank will report full-year sales of $1.95 billion for the current year, with estimates ranging from $1.82 billion to $2.01 billion. For the next fiscal year, analysts expect that the business will report sales of $2.33 billion, with estimates ranging from $2.15 billion to $2.48 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Signature Bank.

Signature Bank (NASDAQ:SBNY) last released its quarterly earnings data on Monday, July 19th. The bank reported $3.57 earnings per share for the quarter, beating analysts’ consensus estimates of $3.13 by $0.44. Signature Bank had a net margin of 34.08% and a return on equity of 11.80%. The business had revenue of $480.59 million during the quarter, compared to analyst estimates of $467.43 million. During the same period in the previous year, the business earned $2.21 EPS.

A number of research analysts recently weighed in on SBNY shares. Jefferies Financial Group started coverage on shares of Signature Bank in a research note on Friday, September 10th. They issued a “buy” rating and a $305.00 price objective for the company. JPMorgan Chase & Co. boosted their price target on shares of Signature Bank from $350.00 to $375.00 and gave the company an “overweight” rating in a research report on Friday, June 11th. Wedbush boosted their price target on shares of Signature Bank from $305.00 to $320.00 and gave the company an “outperform” rating in a research report on Thursday, June 17th. Raymond James boosted their price target on shares of Signature Bank from $315.00 to $337.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 11th. Finally, Stephens boosted their price target on shares of Signature Bank from $280.00 to $310.00 and gave the company an “overweight” rating in a research report on Thursday, June 17th. Fifteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $273.88.

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of Signature Bank by 6.3% in the second quarter. Vanguard Group Inc. now owns 5,285,318 shares of the bank’s stock valued at $1,298,339,000 after acquiring an additional 315,375 shares during the period. BlackRock Inc. increased its position in shares of Signature Bank by 15.5% in the first quarter. BlackRock Inc. now owns 5,162,093 shares of the bank’s stock valued at $1,167,149,000 after acquiring an additional 691,739 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Signature Bank by 0.9% in the second quarter. Price T Rowe Associates Inc. MD now owns 4,844,962 shares of the bank’s stock valued at $1,190,165,000 after acquiring an additional 41,884 shares during the period. Fred Alger Management LLC increased its position in shares of Signature Bank by 123.0% in the first quarter. Fred Alger Management LLC now owns 1,494,565 shares of the bank’s stock valued at $337,921,000 after acquiring an additional 824,418 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Signature Bank by 2.3% in the second quarter. Geode Capital Management LLC now owns 737,535 shares of the bank’s stock valued at $181,175,000 after acquiring an additional 16,812 shares during the period.

Signature Bank stock traded up $12.78 during mid-day trading on Friday, reaching $273.57. The company’s stock had a trading volume of 7,897 shares, compared to its average volume of 618,211. Signature Bank has a 12-month low of $71.44 and a 12-month high of $272.54. The company has a market capitalization of $14.65 billion, a P/E ratio of 20.55, a PEG ratio of 1.95 and a beta of 2.02. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 0.92. The firm’s fifty day moving average price is $250.29 and its two-hundred day moving average price is $244.30.

The firm also recently declared a quarterly dividend, which was paid on Friday, August 13th. Shareholders of record on Friday, July 30th were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 0.82%. The ex-dividend date was Thursday, July 29th. Signature Bank’s dividend payout ratio is presently 22.49%.

About Signature Bank

Signature Bank engages in the provision of commercial banking services. It operates through the Commercial Banking and Specialty Finance segments. The Commercial Banking segment comprises of commercial real estate lending, commercial and industrial lending, and commercial deposit gathering activities.

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