Jefferies Financial Group analysts cut earnings estimates for Signature Bank (NASDAQ:SBNY)
Signature Bank (NASDAQ: SBNY- Get a rating) – Analysts at Jefferies Financial Group dropped their third-quarter 2022 earnings per share (EPS) estimates for Signature Bank shares in a research note released to investors on Wednesday, July 20. Jefferies Financial Group analyst C. Haire now expects the bank to post earnings of $5.90 per share for the quarter, down from its previous forecast of $6.07. The consensus estimate of Signature Bank’s current annual earnings is $22.05 per share. Jefferies Financial Group also released estimates for Signature Bank Q4 2022 earnings at $6.02 EPS, FY2022 earnings at $22.50 EPS, Q1 2023 earnings at $5.73 EPS, Q2 2023 earnings at $5.75 EPS and Q3 2023 earnings at $5.95 EPS.
Several other analysts have also recently commented on the company. StockNews.com upgraded Signature Bank from a “hold” rating to a “sell” rating in a research report on Wednesday. TheStreet upgraded Signature Bank’s shares from a “b” to a “c+” rating in a Wednesday July 13 research note. JPMorgan Chase & Co. cut its price target on Signature Bank shares from $460.00 to $300.00 and set an “overweight” rating for the company in a Friday, July 1 research report. Wedbush lowered its price target on Signature Bank shares from $415.00 to $375.00 and set a “buy” rating on the stock in a Wednesday, April 20 research report. Finally, Maxim Group lowered its price target on Signature Bank shares from $450.00 to $425.00 and set a “buy” rating for the company in a report on Wednesday. One analyst rated the security with a sell rating, thirteen issued a buy rating and one gave the security a strong buy rating. According to MarketBeat.com, the stock has an average rating of “moderate buy” and an average target price of $314.79.
Signature Bank Price Performance
NASDAQ:SBNY shares opened at $187.63 on Thursday. The company’s 50-day moving average is $193.34 and its two-hundred-day moving average is $266.23. The company has a market capitalization of $11.38 billion, a P/E ratio of 10.98, a PEG ratio of 0.94 and a beta of 1.80. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt ratio of 0.37. Signature Bank has a 52-week low of $165.36 and a 52-week high of $374.76.
Signature Bank (NASDAQ: SBNY- Get a rating) last released its quarterly results on Tuesday, July 19. The bank reported EPS of $5.26 for the quarter, beating the consensus estimate of $5.05 by $0.21. Signature Bank had a net margin of 43.29% and a return on equity of 13.97%. In the same quarter last year, the company earned earnings per share of $3.57.
Signature Bank announces dividend
The company also recently announced a dividend, which will be paid on Friday, August 12. Shareholders of record on Friday, July 29 will receive a dividend of $0.56 per share. This represents a dividend yield of 1.19%. The ex-date of this dividend is Thursday, July 28. Signature Bank’s dividend payout ratio is 13.11%.
Hedge funds weigh on Signature Bank
A number of institutional investors have been buying and selling stocks recently. Vanguard Group Inc. increased its holdings of Signature Bank shares by 6.5% in the first quarter. Vanguard Group Inc. now owns 6,161,104 shares of the bank worth $1,808,223,000 after purchasing an additional 378,308 shares during the period. BlackRock Inc. increased its stake in Signature Bank by 7.1% in Q1. BlackRock Inc. now owns 4,682,876 shares of the bank worth $1,374,378,000 after purchasing an additional 310,514 shares during the period. Capital International Investors increased its position in Signature Bank by 72.7% during the first quarter. Capital International Investors now owns 3,198,719 shares of the bank worth $939,240,000 after buying an additional 1,346,224 shares last quarter. State Street Corp increased its stake in Signature Bank by 1.8% in the first quarter. State Street Corp now owns 3,090,146 shares of the bank valued at $906,927,000 after purchasing an additional 55,225 shares during the period. Finally, Bank of America Corp DE increased its holdings of Signature Bank shares by 72.7% in the first 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 last quarter. Hedge funds and other institutional investors hold 96.17% of the company’s shares.
Corporate Profile 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 offers various loan products including commercial and industrial loans, real estate loans and letters of credit.
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