UBS Asset Management Americas Inc. reduced its stake in Signature Bank (NASDAQ:SBNY – Get Rating) by 1.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 167,395 shares of the bank’s stock after selling 3,276 shares during the period. UBS Asset Management Americas Inc.’s holdings in Signature Bank were worth $29,999,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also added to or reduced their stakes in the stock. Frontier Capital Management Co. LLC bought a new position in shares of Signature Bank in the second quarter worth $9,616,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Signature Bank by 9.6% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,941 shares of the bank’s stock valued at $2,624,000 after buying an additional 784 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in shares of Signature Bank by 17.1% during the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 35,956 shares of the bank’s stock worth $6,444,000 after acquiring an additional 5,248 shares in the last quarter. Oppenheimer Asset Management Inc. increased its stake in Signature Bank by 16.8% in the second quarter. Oppenheimer Asset Management Inc. now owns 17,520 shares of the bank’s stock valued at $3,140,000 after acquiring an additional 2,523 shares during the last quarter. Finally, US Bancorp DE raised its position in Signature Bank by 11.1% during the second quarter. US Bancorp DE now owns 11,477 shares of the bank’s stock valued at $2,057,000 after purchasing an additional 1,147 shares in the last quarter. Institutional investors and hedge funds own 98.62% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on SBNY shares. Wells Fargo & Company reduced their target price on Signature Bank from $280.00 to $250.00 and set an “overweight” rating on the stock in a report on Thursday, October 6th. Compass Point reduced their price objective on Signature Bank to $180.00 in a research note on Thursday, October 20th. Keefe, Bruyette & Woods downgraded Signature Bank from an “outperform” rating to a “market perform” rating and set a $185.00 target price for the company. in a research note on Wednesday, October 19th. Stephens reduced their price target on shares of Signature Bank to $175.00 in a research note on Wednesday, November 16th. Finally, Piper Sandler lowered their price objective on shares of Signature Bank to $220.00 in a research report on Wednesday, October 5th. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $215.29.
Signature Bank Stock Performance
Shares of Signature Bank stock opened at $118.56 on Friday. The stock has a market cap of $7.46 billion, a price-to-earnings ratio of 5.79, a P/E/G ratio of 0.58 and a beta of 1.62. Signature Bank has a twelve month low of $113.45 and a twelve month high of $374.76. The company’s fifty day moving average is $143.59 and its 200 day moving average is $171.18. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.26.
Signature Bank (NASDAQ:SBNY – Get Rating) last released its quarterly earnings results on Tuesday, October 18th. The bank reported $5.57 EPS for the quarter, beating analysts’ consensus estimates of $5.42 by $0.15. Signature Bank had a return on equity of 16.49% and a net margin of 41.55%. The firm had revenue of $717.74 million for the quarter, compared to analyst estimates of $737.63 million. During the same quarter in the previous year, the company posted $3.88 EPS. Sell-side analysts forecast that Signature Bank will post 21.39 EPS for the current year.
Signature Bank Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, November 10th. Shareholders of record on Friday, October 28th were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Thursday, October 27th. This represents a $2.24 dividend on an annualized basis and a yield of 1.89%. Signature Bank’s dividend payout ratio (DPR) is currently 10.94%.
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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