Virginia Retirement Systems ET AL sells 3,700 shares of Signature Bank (NASDAQ:SBNY)
Virginia Retirement Systems ET AL reduced its position in shares of Signature Bank (NASDAQ: SBNY – Get a rating) by 50.7% in the first quarter, HoldingsChannel reports. The fund held 3,600 shares of the bank after selling 3,700 shares during the period. Virginia Retirement Systems ET AL’s holdings in Signature Bank were worth $1,057,000 when it was last filed with the Securities & Exchange Commission.
Other institutional investors have also recently bought and sold shares of the company. CWM LLC increased its position in Signature Bank shares by 59.4% in the first quarter. CWM LLC now owns 357 shares of the bank valued at $105,000 after acquiring 133 additional shares during the period. Boston Trust Walden Corp increased its stake in Signature Bank by 1.7% in the first quarter. Boston Trust Walden Corp now owns 164,773 shares of the bank valued at $48,359,000 after purchasing an additional 2,740 shares during the period. Polianta Ltd acquired a new position in shares of Signature Bank during Q1 worth approximately $939,000. Retirement Systems of Alabama increased its holdings of Signature Bank shares by 6.4% in the first quarter. Retirement Systems of Alabama now owns 20,786 shares of the bank worth $6,100,000 after purchasing an additional 1,242 shares during the period. Finally, HMS Capital Management LLC purchased a new position in Signature Bank stock during the first quarter worth approximately $1,012,000. 96.17% of the shares are currently held by institutional investors.
A number of stock analysts have commented on SBNY shares. Piper Sandler lowered her price target on Signature Bank from $375.00 to $325.00 and set an “overweight” rating on the stock in a Friday, May 20 research note. Raymond James lowered its price target on Signature Bank from $350.00 to $305.00 and set a “Strong Buy” rating on the stock in a Monday, June 27 research report. Morgan Stanley cut 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. Wells Fargo & Company cut its price target on Signature Bank shares from $435.00 to $408.00 and set an “overweight” rating on the stock in a Wednesday, April 20 report. Finally, Stephens reduced his target price on Signature Bank to $325.00 in a Friday, May 27 research note. One equity research analyst gave the stock a hold rating, thirteen gave the stock a buy rating and one gave the stock a strong buy rating. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $331.54.
NASDAQ: SBNY opened at $193.30 on Friday. Signature Bank has a one-year low of $165.36 and a one-year high of $374.76. The company has a debt ratio of 0.37, a current ratio of 0.85 and a quick ratio of 0.84. The company has a market capitalization of $11.72 billion, a PE ratio of 11.31, a P/E/G ratio of 0.90 and a beta of 1.80. The company’s 50-day simple moving average is $201.65 and its 200-day simple moving average is $274.46.
Signature Bank (NASDAQ: SBNY – Get a rating) last released its quarterly earnings data 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. The company posted revenue of $607.96 million in the quarter, versus a consensus estimate of $608.85 million. Signature Bank had a return on equity of 13.97% and a net margin of 43.29%. In the same period a year earlier, the company posted earnings of $3.24 per share. Equity research analysts expect Signature Bank to post EPS of 22.23 for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 13. Investors 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 dividend yield of 1.16%. The ex-dividend date was Thursday, April 28. Signature Bank’s dividend payout ratio is currently 13.11%.
Corporate Profile 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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