Signature Bank (NASDAQ:SBNY) rating downgraded to sell on StockNews.com

Signature Bank (NASDAQ: SBNY- Get a rating) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a report released on Tuesday.

SBNY has been the subject of several other research reports. Morgan Stanley cut its price target on Signature Bank shares from $508.00 to $428.00 and set an “overweight” rating on the stock in a Monday, March 28 research report. Stephens cut his price target on Signature Bank shares to $325.00 in a Friday, May 27 report. Wells Fargo & Company cut its price target on Signature Bank shares from $435.00 to $408.00 and set an “overweight” rating on the stock in a Wednesday, April 20 report. UBS Group lowered its price target on Signature Bank shares from $472.00 to $309.00 and set a “buy” rating for the company in a research note on Monday. Finally, Wedbush lowered its price target on Signature Bank shares from $415.00 to $375.00 and set a “buy” rating for the company in a Wednesday, April 20 research report. One equity research analyst gave the stock a sell rating, thirteen gave the stock a buy rating and one gave the stock a strong buy rating. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $351.25.

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The NASDAQ SBNY traded at $2.57 during trading hours on Tuesday, hitting $225.92. 862,125 shares of the company were traded, compared to its average volume of 995,869. The company has a market capitalization of $13.70 billion, a PE ratio of 13.22, a PEG ratio of 1.03 and a beta of 1.78. The company has a debt ratio of 0.37, a current ratio of 0.85 and a quick ratio of 0.84. Signature Bank has a 52-week low of $179.05 and a 52-week high of $374.76. The company has a 50-day simple moving average of $239.76 and a 200-day simple moving average of $294.01.

Signature Bank (NASDAQ: SBNY- Get a rating) last announced its quarterly results on Tuesday, April 19. The bank reported EPS of $5.30 for the quarter, beating analyst consensus estimates of $4.31 by $0.99. Signature Bank had a net margin of 43.29% and a return on equity of 13.97%. The company posted revenue of $607.96 million in the quarter, versus analyst estimates of $608.85 million. In the same period a year earlier, the company posted earnings per share of $3.24. Sell-side analysts expect Signature Bank to post EPS of 22.21 for the current fiscal year.

Several institutional investors have recently increased or reduced their stake in the company. Capital International Investors acquired a new position in Signature Bank stock in Q4 worth approximately $599,227,000. State Street Corp increased its position in Signature Bank shares by 53.1% during the fourth quarter. State Street Corp now owns 3,034,921 shares of the bank valued at $981,706,000 after purchasing an additional 1,052,338 shares during the period. Bank of America Corp DE increased its position in Signature Bank shares by 72.7% during the 1st quarter. Bank of America Corp DE now owns 1,577,263 shares of the bank valued at $462,910,000 after purchasing an additional 663,755 shares during the period. Norges Bank acquired a new position in Signature Bank shares in Q4 worth $185,605,000. Finally, Brown Brothers Harriman & Co. increased its holdings of Signature Bank shares by 3,956,857.1% in Q1. Brown Brothers Harriman & Co. now owns 553,974 shares of the bank worth $162,586,000 after acquiring an additional 553,960 shares in the last quarter. Institutional investors hold 96.17% of the company’s shares.

Corporate Profile Signature Bank (Get a rating)

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 offers various loan products including commercial and industrial loans, real estate loans and letters of credit.

See also

Analyst Recommendations for Signature Bank (NASDAQ:SBNY)

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