Scout Investments Inc. acquired a new position in Signature Bank (NASDAQ:SBNY) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 257,137 shares of the bank’s stock, valued at approximately $58,139,000. Signature Bank makes up 0.9% of Scout Investments Inc.’s holdings, making the stock its 20th largest holding.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. People s United Financial Inc. raised its stake in shares of Signature Bank by 0.8% in the 4th quarter. People s United Financial Inc. now owns 7,492 shares of the bank’s stock worth $1,014,000 after buying an additional 58 shares in the last quarter. Steward Partners Investment Advisory LLC grew its holdings in shares of Signature Bank by 10.4% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,072 shares of the bank’s stock worth $145,000 after acquiring an additional 101 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Signature Bank by 1.8% in the 1st quarter. Pacer Advisors Inc. now owns 6,084 shares of the bank’s stock worth $1,376,000 after acquiring an additional 106 shares during the last quarter. Teacher Retirement System of Texas grew its holdings in shares of Signature Bank by 1.8% in the 4th quarter. Teacher Retirement System of Texas now owns 10,427 shares of the bank’s stock worth $1,411,000 after acquiring an additional 189 shares during the last quarter. Finally, Hussman Strategic Advisors Inc. grew its holdings in shares of Signature Bank by 2.0% in the 4th quarter. Hussman Strategic Advisors Inc. now owns 10,200 shares of the bank’s stock worth $1,380,000 after acquiring an additional 200 shares during the last quarter. 92.31% of the stock is currently owned by institutional investors.
SBNY has been the topic of a number of recent research reports. Raymond James restated a “strong-buy” rating and issued a $290.00 target price (up from $255.00) on shares of Signature Bank in a report on Thursday, March 18th. JPMorgan Chase & Co. lifted their target price on Signature Bank from $180.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday, February 9th. UBS Group lifted their price target on Signature Bank from $190.00 to $275.00 and gave the company a “buy” rating in a report on Tuesday, March 9th. Wedbush lifted their price target on Signature Bank from $210.00 to $280.00 and gave the company an “outperform” rating in a report on Thursday, February 11th. Finally, Maxim Group lifted their price target on Signature Bank from $172.00 to $200.00 and gave the company a “buy” rating in a report on Friday, January 22nd. They noted that the move was a valuation call. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $196.88.
Signature Bank (NASDAQ:SBNY) last issued its earnings results on Wednesday, January 20th. The bank reported $3.26 EPS for the quarter, beating analysts’ consensus estimates of $2.89 by $0.37. Signature Bank had a return on equity of 10.39% and a net margin of 25.40%. The firm had revenue of $419.17 million for the quarter, compared to the consensus estimate of $419.44 million. On average, equities analysts anticipate that Signature Bank will post 9.6 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, February 12th. Shareholders of record on Monday, February 1st were given a $0.56 dividend. The ex-dividend date of this dividend was Friday, January 29th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 0.98%. Signature Bank’s dividend payout ratio is currently 20.63%.
About Signature Bank
Signature Bank commercial 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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