Signature Bank (SBNY) Lowered to “Equal Weight” at Morgan Stanley

Signature Bank (NASDAQ:SBNY) was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued on Monday, November 6th, Marketbeat.com reports. They presently have a $150.00 target price on the bank’s stock. Morgan Stanley’s price objective would suggest a potential upside of 15.46% from the company’s current price.

A number of other research firms have also recently weighed in on SBNY. Barclays PLC reiterated an “overweight” rating and set a $170.00 price objective (down previously from $175.00) on shares of Signature Bank in a research report on Wednesday, July 12th. BidaskClub cut shares of Signature Bank from a “hold” rating to a “sell” rating in a research report on Thursday, July 13th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $158.00 price target on shares of Signature Bank in a report on Friday, July 14th. Maxim Group restated a “buy” rating and issued a $175.00 price target on shares of Signature Bank in a report on Wednesday, July 19th. Finally, BMO Capital Markets restated a “hold” rating and issued a $157.00 price target on shares of Signature Bank in a report on Thursday, July 20th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $154.80.

Shares of Signature Bank (NASDAQ SBNY) traded up $0.13 on Monday, reaching $129.92. 358,767 shares of the company traded hands, compared to its average volume of 511,870. Signature Bank has a 12 month low of $116.68 and a 12 month high of $164.23. The company has a market capitalization of $6,974.50, a PE ratio of 14.83, a PEG ratio of 1.67 and a beta of 1.01. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.92 and a quick ratio of 0.91.

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

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Several hedge funds have recently added to or reduced their stakes in the business. Tudor Investment Corp ET AL lifted its position in shares of Signature Bank by 0.6% during the first quarter. Tudor Investment Corp ET AL now owns 2,418 shares of the bank’s stock valued at $359,000 after buying an additional 14 shares during the last quarter. Bronfman E.L. Rothschild L.P. lifted its position in shares of Signature Bank by 1.5% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,406 shares of the bank’s stock valued at $202,000 after buying an additional 21 shares during the last quarter. Cadence Capital Management LLC lifted its position in shares of Signature Bank by 1.1% during the second quarter. Cadence Capital Management LLC now owns 2,118 shares of the bank’s stock valued at $304,000 after buying an additional 23 shares during the last quarter. Boston Private Wealth LLC lifted its position in shares of Signature Bank by 0.3% during the second quarter. Boston Private Wealth LLC now owns 7,568 shares of the bank’s stock valued at $1,086,000 after buying an additional 25 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its position in shares of Signature Bank by 0.7% during the first quarter. Nomura Asset Management Co. Ltd. now owns 6,120 shares of the bank’s stock valued at $909,000 after buying an additional 40 shares during the last quarter. 97.93% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Signature Bank (NASDAQ:SBNY)

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