Pinebridge Investments L.P. acquired a new stake in shares of Signature Bank (NASDAQ:SBNY – Get Rating) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 896 shares of the bank’s stock, valued at approximately $263,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Asahi Life Asset Management CO. LTD. bought a new position in shares of Signature Bank during the first quarter valued at $323,000. Picton Mahoney Asset Management raised its holdings in shares of Signature Bank by 10.9% in the first quarter. Picton Mahoney Asset Management now owns 48,715 shares of the bank’s stock valued at $14,298,000 after buying an additional 4,785 shares during the last quarter. US Bancorp DE raised its holdings in shares of Signature Bank by 45.9% in the first quarter. US Bancorp DE now owns 10,330 shares of the bank’s stock valued at $3,031,000 after buying an additional 3,251 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Signature Bank by 10.6% in the first quarter. American Century Companies Inc. now owns 6,541 shares of the bank’s stock valued at $1,920,000 after buying an additional 626 shares during the last quarter. Finally, Seven Eight Capital LP raised its holdings in shares of Signature Bank by 492.9% in the first quarter. Seven Eight Capital LP now owns 8,051 shares of the bank’s stock valued at $2,363,000 after buying an additional 6,693 shares during the last quarter. 98.62% of the stock is owned by institutional investors.
Signature Bank Price Performance
Signature Bank stock opened at $176.57 on Wednesday. The firm has a market capitalization of $10.71 billion, a P/E ratio of 9.40, a PEG ratio of 0.86 and a beta of 1.73. Signature Bank has a 1 year low of $165.36 and a 1 year high of $374.76. The business has a 50-day moving average of $188.05 and a 200-day moving average of $235.97. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.27.
Signature Bank (NASDAQ:SBNY – Get Rating) last posted its earnings results on Tuesday, July 19th. The bank reported $5.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.05 by $0.21. Signature Bank had a return on equity of 15.02% and a net margin of 43.86%. During the same quarter last year, the company posted $3.57 earnings per share. On average, equities analysts anticipate that Signature Bank will post 21.77 EPS for the current year.
Signature Bank Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 12th. Stockholders of record on Friday, July 29th were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 1.27%. The ex-dividend date was Thursday, July 28th. Signature Bank’s dividend payout ratio (DPR) is presently 11.93%.
Wall Street Analysts Forecast Growth
A number of research firms recently issued reports on SBNY. Stephens cut their price target on Signature Bank to $240.00 in a report on Friday, July 22nd. Jefferies Financial Group cut their price target on Signature Bank from $352.00 to $267.00 in a report on Monday, July 11th. The Goldman Sachs Group cut their price target on Signature Bank from $377.00 to $265.00 and set a “buy” rating for the company in a report on Tuesday, May 31st. StockNews.com raised Signature Bank from a “sell” rating to a “hold” rating in a report on Monday, August 15th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Signature Bank in a research report on Wednesday, July 20th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $298.69.
About Signature Bank
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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