Maxim Group Reiterates Buy Rating for Signature Bank (SBNY)

Maxim Group reissued their buy rating on shares of Signature Bank (NASDAQ:SBNY) in a report released on Wednesday, July 19th. The brokerage currently has a $175.00 price target on the bank’s stock.

A number of other analysts also recently weighed in on the company. Deutsche Bank AG dropped their target price on Signature Bank from $181.00 to $178.00 and set a buy rating for the company in a research report on Friday, March 24th. Bank of America Corporation restated a buy rating and issued a $175.00 target price on shares of Signature Bank in a research report on Thursday, May 25th. ValuEngine raised Signature Bank from a hold rating to a buy rating in a research note on Thursday, May 11th. FBR & Co reaffirmed an outperform rating and issued a $170.00 price target (down from $180.00) on shares of Signature Bank in a research note on Saturday, April 22nd. Finally, BidaskClub cut Signature Bank from a sell rating to a strong sell rating in a research note on Monday, June 26th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $167.85.

Shares of Signature Bank (SBNY) opened at 131.40 on Wednesday. Signature Bank has a 52-week low of $113.53 and a 52-week high of $164.23. The firm’s 50-day moving average is $137.79 and its 200-day moving average is $145.31. The firm has a market cap of $7.11 billion, a P/E ratio of 21.05 and a beta of 0.95.

Signature Bank (NASDAQ:SBNY) last released its earnings results on Wednesday, July 19th. The bank reported $2.21 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.22 by $0.01. The firm had revenue of $316.79 million during the quarter, compared to the consensus estimate of $324.44 million. Signature Bank had a return on equity of 12.61% and a net margin of 23.62%. During the same quarter in the previous year, the firm earned $1.90 EPS. Analysts anticipate that Signature Bank will post $7.23 earnings per share for the current year.

Several institutional investors have recently bought and sold shares of the stock. Hermes Investment Management Ltd. boosted its position in Signature Bank by 23.0% in the first quarter. Hermes Investment Management Ltd. now owns 248,468 shares of the bank’s stock valued at $36,870,000 after buying an additional 46,434 shares during the period. Quantitative Systematic Strategies LLC boosted its position in Signature Bank by 9.6% in the first quarter. Quantitative Systematic Strategies LLC now owns 4,428 shares of the bank’s stock valued at $656,000 after buying an additional 387 shares during the period. Louisiana State Employees Retirement System boosted its position in Signature Bank by 2.3% in the first quarter. Louisiana State Employees Retirement System now owns 13,600 shares of the bank’s stock valued at $2,018,000 after buying an additional 300 shares during the period. Fox Run Management L.L.C. acquired a new position in Signature Bank during the first quarter valued at about $386,000. Finally, Atria Investments LLC boosted its position in Signature Bank by 0.3% in the first quarter. Atria Investments LLC now owns 2,623 shares of the bank’s stock valued at $389,000 after buying an additional 8 shares during the period. 94.22% of the stock is currently owned by hedge funds and other institutional investors.

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.