Piper Jaffray Companies upgraded shares of Signature Bank (NASDAQ:SBNY) from a neutral rating to an overweight rating in a research report released on Wednesday, MarketBeat.com reports. Piper Jaffray Companies currently has $116.68 price objective on the bank’s stock, down from their previous price objective of $161.92.
Several other research firms also recently weighed in on SBNY. BMO Capital Markets reduced their target price on shares of Signature Bank from $192.00 to $171.00 and set an outperform rating for the company in a research note on Friday, April 20th. BidaskClub downgraded shares of Signature Bank from a hold rating to a sell rating in a research note on Saturday, April 7th. Keefe, Bruyette & Woods reiterated a buy rating and issued a $181.00 target price on shares of Signature Bank in a research note on Tuesday, February 27th. Wells Fargo & Co upgraded shares of Signature Bank from a market perform rating to an outperform rating in a research note on Friday, April 20th. Finally, ValuEngine downgraded shares of Signature Bank from a sell rating to a strong sell rating in a research note on Monday, June 11th. Two analysts have rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $156.25.
Signature Bank opened at $126.29 on Wednesday, according to MarketBeat.com. Signature Bank has a 52-week low of $116.68 and a 52-week high of $161.92. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a market cap of $6.93 billion, a P/E ratio of 14.17, a P/E/G ratio of 1.04 and a beta of 1.12.
Several hedge funds have recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC lifted its position in Signature Bank by 102.1% during the first quarter. Lord Abbett & CO. LLC now owns 880,623 shares of the bank’s stock valued at $125,005,000 after purchasing an additional 444,826 shares during the last quarter. Millennium Management LLC bought a new stake in Signature Bank during the fourth quarter valued at approximately $48,178,000. Fort Washington Investment Advisors Inc. OH lifted its position in Signature Bank by 47.4% during the first quarter. Fort Washington Investment Advisors Inc. OH now owns 450,861 shares of the bank’s stock valued at $64,000,000 after purchasing an additional 145,083 shares during the last quarter. Handelsbanken Fonder AB lifted its position in Signature Bank by 26.4% during the fourth quarter. Handelsbanken Fonder AB now owns 597,613 shares of the bank’s stock valued at $82,028,000 after purchasing an additional 125,000 shares during the last quarter. Finally, Epoch Investment Partners Inc. lifted its position in Signature Bank by 13.3% during the first quarter. Epoch Investment Partners Inc. now owns 1,011,913 shares of the bank’s stock valued at $143,641,000 after purchasing an additional 118,792 shares during the last quarter. Institutional investors own 95.80% of the company’s stock.
About Signature Bank
Signature Bank provides various business and personal banking products and services. It accepts various deposit products, including commercial checking accounts, money market accounts, escrow deposit accounts, cash concentration accounts, interest-bearing and non-interest-bearing checking accounts, certificates of deposit, time deposits, and other cash management products.
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