Tocqueville Asset Management L.P. Has $15 Million Stake in Signature Bank (SBNY)

Tocqueville Asset Management L.P. decreased its position in Signature Bank (NASDAQ:SBNY) by 50.0% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 104,526 shares of the bank’s stock after selling 104,591 shares during the period. Tocqueville Asset Management L.P. owned 0.19% of Signature Bank worth $15,003,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of SBNY. BlackRock Inc. raised its position in shares of Signature Bank by 6,271.9% in the first quarter. BlackRock Inc. now owns 4,730,210 shares of the bank’s stock worth $701,915,000 after buying an additional 4,655,975 shares during the period. Alecta Pensionsforsakring Omsesidigt raised its position in shares of Signature Bank by 14.9% in the first quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,172,428 shares of the bank’s stock worth $322,367,000 after buying an additional 281,228 shares during the period. Wedge Capital Management L L P NC acquired a new position in shares of Signature Bank during the second quarter worth about $37,330,000. Nordea Investment Management AB raised its position in shares of Signature Bank by 1,668.6% in the first quarter. Nordea Investment Management AB now owns 268,964 shares of the bank’s stock worth $39,912,000 after buying an additional 253,756 shares during the period. Finally, Clearbridge Investments LLC raised its position in shares of Signature Bank by 42.3% in the first quarter. Clearbridge Investments LLC now owns 834,302 shares of the bank’s stock worth $123,802,000 after buying an additional 248,022 shares during the period. 94.22% of the stock is currently owned by institutional investors and hedge funds.

Signature Bank (NASDAQ SBNY) opened at 128.53 on Tuesday. The stock’s 50 day moving average price is $136.09 and its 200 day moving average price is $144.30. Signature Bank has a 12-month low of $113.53 and a 12-month high of $164.23. The stock has a market cap of $6.95 billion, a price-to-earnings ratio of 20.59 and a beta of 0.95.

Signature Bank (NASDAQ:SBNY) last issued its quarterly earnings data on Wednesday, July 19th. The bank reported $2.21 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.22 by $0.01. Signature Bank had a net margin of 23.62% and a return on equity of 12.61%. The company had revenue of $316.79 million during the quarter, compared to analysts’ expectations of $324.44 million. During the same quarter in the prior year, the company earned $1.90 earnings per share. Analysts forecast that Signature Bank will post $7.23 EPS for the current fiscal year.

SBNY has been the topic of a number of recent analyst reports. BidaskClub lowered Signature Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, June 20th. Wedbush reiterated an “outperform” rating and set a $165.00 target price on shares of Signature Bank in a research report on Tuesday, June 27th. Morgan Stanley reiterated an “overweight” rating and set a $166.00 target price (down previously from $170.00) on shares of Signature Bank in a research report on Friday, July 7th. Bank of America Corporation reiterated a “buy” rating and set a $175.00 target price on shares of Signature Bank in a research report on Thursday, May 25th. Finally, Keefe, Bruyette & Woods set a $164.00 target price on Signature Bank and gave the company a “buy” rating in a research report on Monday, June 5th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $167.85.

About Signature Bank

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.