Signature Bank (NASDAQ:SBNY) sees significant growth in short-term interest
Signature Bank (NASDAQ: SBNY- Get a rating) was the target of significant short-term interest growth in May. As of May 31, there was short interest totaling 2,570,000 shares, up 62.7% from the May 15 total of 1,580,000 shares. Based on an average daily trading volume of 1,030,000 shares, the short interest ratio is currently 2.5 days.
Several research companies have weighed in on SBNY. Wedbush cut 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 report. Raymond James lowered its price target on Signature Bank shares from $400.00 to $350.00 in a Monday, May 16 research report. JPMorgan Chase & Co. raised its price target on Signature Bank shares from $440.00 to $460.00 and gave the stock an “overweight” rating in a Wednesday, April 20 research report. Morgan Stanley lowered its price target on Signature Bank shares from $508.00 to $428.00 and set an “overweight” rating for the company in a Monday, March 28 research report. Finally, Compass Point lowered its target price on Signature Bank shares from $350.00 to $300.00 and set a “buy” rating for the company in a research report on Friday. One financial analyst gave the stock a sell rating, thirteen gave the company a buy rating and one gave the company a high buy rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $347.31.
A number of institutional investors and hedge funds have recently changed their positions in the stock. Bank of America Corp DE increased its position in Signature Bank by 72.7% in the first quarter. Bank of America Corp DE now owns 1,577,263 shares of the bank worth $462,910,000 after acquiring an additional 663,755 shares last quarter. Rehmann Capital Advisory Group increased its holdings of Signature Bank shares by 4.5% in the first quarter. Rehmann Capital Advisory Group now owns 4,109 shares of the bank worth $1,206,000 after purchasing an additional 176 shares during the period. EverSource Wealth Advisors LLC purchased a new stake in Signature Bank stock during the first quarter worth approximately $78,000. The Manufacturers Life Insurance Company increased its stake in Signature Bank by 22.6% in the first quarter. The Manufacturers Life Insurance Company now owns 47,907 shares of the bank worth $14,060,000 after buying 8,834 more shares last quarter. Finally, Resources Management Corp CT ADV increased its stake in Signature Bank by 9.9% in the first quarter. Resources Management Corp CT ADV now owns 4,883 shares of the bank worth $1,433,000 after buying 441 more shares last quarter. 96.17% of the shares are held by institutional investors.
SBNY shares traded at $3.31 on Tuesday, hitting $177.36. The stock recorded trading volume of 3,112 shares, compared to an average trading volume of 1,048,784 shares. The stock has a market cap of $10.75 billion, a price-to-earnings ratio of 10.18, a growth price-to-earnings ratio of 0.96 and a beta of 1.78. The company has a 50-day moving average of $232.46 and a 200-day moving average of $290.03. The company has a debt ratio of 0.37, a current ratio of 0.85 and a quick ratio of 0.84. Signature Bank has a 12-month low of $170.76 and a 12-month high of $374.76.
Signature Bank (NASDAQ: SBNY- Get a rating) last reported results on Tuesday, April 19. The bank reported earnings per share of $5.30 for the quarter, beating consensus analyst estimates of $4.31 by $0.99. Signature Bank had a net margin of 43.29% and a return on equity of 13.97%. The company posted revenue of $607.96 million for the quarter, versus $608.85 million expected by analysts. In the same period a year earlier, the company earned earnings per share of $3.24. As a group, research analysts expect Signature Bank to post earnings per share of 22.15 for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, May 13. Shareholders of record on Friday, April 29 received a dividend of $0.56. This represents a dividend of $2.24 on an annualized basis and a yield of 1.26%. The ex-dividend date was Thursday, April 28. Signature Bank’s dividend payout ratio is currently 13.11%.
About Signature Bank (Get a rating)
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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