DNB Asset Management AS acquired a new stake in Signature Bank (NASDAQ:SBNY) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 29,537 shares of the bank’s stock, valued at approximately $2,451,000. DNB Asset Management AS owned 0.06% of Signature Bank as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently made changes to their positions in SBNY. APG Asset Management N.V. boosted its stake in Signature Bank by 65.5% during the 1st quarter. APG Asset Management N.V. now owns 60,298 shares of the bank’s stock worth $4,847,000 after purchasing an additional 23,869 shares during the period. Resources Investment Advisors LLC. raised its position in Signature Bank by 17.4% during the 3rd quarter. Resources Investment Advisors LLC. now owns 52,789 shares of the bank’s stock worth $4,381,000 after buying an additional 7,831 shares during the last quarter. Principal Financial Group Inc. raised its position in Signature Bank by 1.1% during the 2nd quarter. Principal Financial Group Inc. now owns 172,848 shares of the bank’s stock worth $18,480,000 after buying an additional 1,842 shares during the last quarter. Bank of Montreal Can increased its holdings in shares of Signature Bank by 13.9% in the 2nd quarter. Bank of Montreal Can now owns 18,802 shares of the bank’s stock valued at $1,890,000 after purchasing an additional 2,297 shares in the last quarter. Finally, Man Group plc increased its holdings in shares of Signature Bank by 316.2% in the 2nd quarter. Man Group plc now owns 16,231 shares of the bank’s stock valued at $1,735,000 after purchasing an additional 12,331 shares in the last quarter. Institutional investors and hedge funds own 91.30% of the company’s stock.
SBNY opened at $86.79 on Friday. Signature Bank has a twelve month low of $68.98 and a twelve month high of $148.64. The firm’s 50-day simple moving average is $90.08 and its 200-day simple moving average is $97.74. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.97 and a current ratio of 0.98. The firm has a market cap of $4.65 billion, a price-to-earnings ratio of 9.02, a PEG ratio of 1.00 and a beta of 1.68.
Signature Bank (NASDAQ:SBNY) last issued its earnings results on Tuesday, July 21st. The bank reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.27 by ($0.06). The business had revenue of $399.80 million during the quarter, compared to the consensus estimate of $387.76 million. Signature Bank had a net margin of 26.12% and a return on equity of 10.74%. During the same period last year, the business posted $2.83 EPS. As a group, sell-side analysts anticipate that Signature Bank will post 9.77 EPS for the current fiscal year.
Several equities analysts have weighed in on the stock. Maxim Group raised their target price on shares of Signature Bank from $130.00 to $155.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Piper Sandler initiated coverage on shares of Signature Bank in a research report on Thursday, October 8th. They issued an “overweight” rating and a $120.00 target price on the stock. CSFB started coverage on shares of Signature Bank in a research report on Friday, October 9th. They issued an “outperform” rating and a $107.00 target price on the stock. Wells Fargo & Company reaffirmed a “buy” rating on shares of Signature Bank in a research report on Friday, October 9th. Finally, DA Davidson reiterated a “neutral” rating on shares of Signature Bank in a report on Monday, September 14th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Signature Bank has an average rating of “Buy” and an average price target of $125.33.
Signature Bank Profile
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.
See Also: Earnings Per Share
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