Geode Capital Management LLC raised its position in shares of Signature Bank (NASDAQ:SBNY) by 2.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 737,535 shares of the bank’s stock after buying an additional 16,812 shares during the period. Geode Capital Management LLC’s holdings in Signature Bank were worth $181,175,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in SBNY. Russell Investments Group Ltd. boosted its position in Signature Bank by 11.8% during the 1st quarter. Russell Investments Group Ltd. now owns 16,022 shares of the bank’s stock valued at $3,621,000 after buying an additional 1,692 shares during the period. Panagora Asset Management Inc. boosted its position in Signature Bank by 31.9% during the 1st quarter. Panagora Asset Management Inc. now owns 2,202 shares of the bank’s stock valued at $498,000 after buying an additional 532 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in Signature Bank during the 1st quarter valued at $232,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Signature Bank by 6.4% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 19,039 shares of the bank’s stock valued at $4,305,000 after buying an additional 1,150 shares during the period. Finally, Northern Trust Corp boosted its position in Signature Bank by 13.8% during the 1st quarter. Northern Trust Corp now owns 469,315 shares of the bank’s stock valued at $106,113,000 after buying an additional 56,751 shares during the period.
Several equities research analysts have weighed in on SBNY shares. Morgan Stanley increased their price target on shares of Signature Bank from $330.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday, August 2nd. Maxim Group reaffirmed a “buy” rating on shares of Signature Bank in a research report on Friday, August 6th. Raymond James raised their target price on shares of Signature Bank from $315.00 to $337.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 11th. Wells Fargo & Company raised their target price on shares of Signature Bank from $345.00 to $390.00 and gave the stock an “overweight” rating in a research report on Thursday, October 7th. Finally, UBS Group reaffirmed a “buy” rating on shares of Signature Bank in a research report on Friday, July 9th. Fourteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $291.00.
Signature Bank (NASDAQ:SBNY) last released its quarterly earnings data on Monday, July 19th. The bank reported $3.57 earnings per share for the quarter, beating analysts’ consensus estimates of $3.13 by $0.44. Signature Bank had a net margin of 34.08% and a return on equity of 11.80%. The business had revenue of $480.59 million during the quarter, compared to analyst estimates of $467.43 million. During the same period last year, the business earned $2.21 EPS. On average, equities research analysts predict that Signature Bank will post 14.21 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 13th. Stockholders of record on Friday, July 30th were paid a $0.56 dividend. The ex-dividend date was Thursday, July 29th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 0.75%. Signature Bank’s dividend payout ratio is presently 22.49%.
About Signature Bank
Signature Bank engages in the provision of commercial banking services. It operates through the Commercial Banking and Specialty Finance segments. The Commercial Banking segment comprises of commercial real estate lending, commercial and industrial lending, and commercial deposit gathering activities.
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