Commonwealth Equity Services LLC Reduces Equity Holdings in Signature Bank (NASDAQ:SBNY)
Commonwealth Equity Services LLC reduced its position in Signature Bank (NASDAQ: SBNY – Get a rating) by 16.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor held 1,266 shares of the bank after selling 243 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Signature Bank were worth $371,000 at the end of the last quarter.
A number of other hedge funds also changed their positions in the company. Envestnet Asset Management Inc. increased its position in Signature Bank by 20.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 70,646 shares of the bank worth $20,734,000 after buying an additional 12,193 shares in the last quarter. abrdn plc increased its position in Signature Bank by 9.9% during the first quarter. abrdn plc now owns 15,032 shares in the bank worth $4,546,000 after buying an additional 1,360 shares in the last quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. acquired a new stake in Signature Bank during Q1 worth approximately $29,000. Arizona State Retirement System increased its position in Signature Bank by 2.2% in the first quarter. Arizona State Retirement System now owns 16,879 shares of the bank worth $4,954,000 after buying 369 more shares last quarter. Finally, Metis Global Partners LLC acquired a new stake in Signature Bank during Q1 valued at approximately $282,000. Hedge funds and other institutional investors hold 96.17% of the company’s shares.
Performance of Signature Bank shares
Signature Bank Stocks opened at $185.37 on Tuesday. The stock’s 50-day moving average price is $186.97 and its 200-day moving average price is $241.73. The company has a market capitalization of $11.24 billion, a PE ratio of 9.87, a growth price-earnings ratio of 0.92 and a beta of 1.74. The company has a debt ratio of 0.27, a quick ratio of 0.82 and a current ratio of 0.83. Signature Bank has a one-year low of $165.36 and a one-year 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 return on equity of 15.02% and a net margin of 43.86%. During the same quarter last year, the company posted EPS of $3.57. As a group, sell-side analysts expect Signature Bank to post EPS of 21.77 for the current fiscal year.
Signature Bank Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, August 12. Investors of record on Friday, July 29 received a dividend of $0.56 per share. This represents an annualized dividend of $2.24 and a yield of 1.21%. The ex-dividend date was Thursday, July 28. Signature Bank’s dividend payout ratio (DPR) is currently 11.93%.
A Wall Street analyst gives his opinion
SBNY has been the subject of a number of research analyst reports. Compass Point cut its price target on Signature Bank from $350.00 to $300.00 and set a “buy” rating on the stock in a research note on Friday, June 10. StockNews.com upgraded Signature Bank from a “sell” rating to a “hold” rating in a research note on Monday, August 15. Jefferies Financial Group reduced its price target on Signature Bank from $352.00 to $267.00 in a Monday, July 11 research note. TheStreet downgraded Signature Bank from a ‘b’ rating to a ‘c+’ rating in a Wednesday July 13 research note. Finally, Wells Fargo & Company lowered its price target on Signature Bank to $280.00 in a Friday, July 22 research note. One investment analyst has assigned the stock a hold rating, thirteen have issued a buy rating and one has assigned the company a strong buy rating. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $298.69.
Signature banking profile
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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