Signature Bank to Post FY2022 Earnings of $21.90 Per Share, Wedbush Forecasts (NASDAQ:SBNY)

Signature Bank (NASDAQ:SBNYGet Rating) – Wedbush decreased their FY2022 EPS estimates for shares of Signature Bank in a report issued on Tuesday, September 6th. Wedbush analyst D. Chiaverini now expects that the bank will post earnings of $21.90 per share for the year, down from their prior estimate of $22.00. Wedbush currently has a “Outperform” rating and a $225.00 target price on the stock. The consensus estimate for Signature Bank’s current full-year earnings is $21.77 per share.

A number of other equities research analysts have also weighed in on the stock. Jefferies Financial Group cut their target price on shares of Signature Bank from $248.00 to $205.00 and set a “buy” rating on the stock in a research note on Thursday. StockNews.com raised shares of Signature Bank from a “sell” rating to a “hold” rating in a research note on Monday, August 15th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Signature Bank in a research note on Wednesday, July 20th. The Goldman Sachs Group dropped their price objective on shares of Signature Bank from $377.00 to $265.00 and set a “buy” rating on the stock in a research note on Tuesday, May 31st. Finally, Wells Fargo & Company dropped their price objective on shares of Signature Bank to $280.00 in a research note on Friday, July 22nd. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $282.38.

Signature Bank Trading Up 3.3 %

Shares of SBNY opened at $181.08 on Friday. The firm’s 50-day moving average price is $186.46 and its 200-day moving average price is $228.64. The firm has a market capitalization of $10.98 billion, a price-to-earnings ratio of 9.64, a PEG ratio of 0.85 and a beta of 1.72. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.27. Signature Bank has a 1-year low of $165.36 and a 1-year high of $374.76.

Signature Bank (NASDAQ:SBNYGet Rating) last announced its earnings results on Tuesday, July 19th. The bank reported $5.26 earnings per share for the quarter, beating analysts’ consensus estimates of $5.05 by $0.21. Signature Bank had a net margin of 43.86% and a return on equity of 15.02%. During the same quarter last year, the business posted $3.57 EPS.

Signature Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 12th. Stockholders of record on Friday, July 29th were issued a dividend of $0.56 per share. The ex-dividend date of this dividend was Thursday, July 28th. This represents a $2.24 annualized dividend and a dividend yield of 1.24%. Signature Bank’s payout ratio is 11.93%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SBNY. Price T Rowe Associates Inc. MD raised its holdings in shares of Signature Bank by 56.8% during the second quarter. Price T Rowe Associates Inc. MD now owns 5,244,799 shares of the bank’s stock valued at $939,920,000 after purchasing an additional 1,900,674 shares during the last quarter. Capital International Investors purchased a new position in shares of Signature Bank during the fourth quarter valued at approximately $599,227,000. State Street Corp raised its holdings in shares of Signature Bank by 53.1% during the fourth quarter. State Street Corp now owns 3,034,921 shares of the bank’s stock valued at $981,706,000 after purchasing an additional 1,052,338 shares during the last quarter. Bank of America Corp DE grew its position in Signature Bank by 72.7% during the first quarter. Bank of America Corp DE now owns 1,577,263 shares of the bank’s stock valued at $462,910,000 after buying an additional 663,755 shares during the period. Finally, Norges Bank bought a new stake in Signature Bank during the fourth quarter valued at approximately $185,605,000. 98.62% of the stock is owned by hedge funds and other institutional investors.

About Signature Bank

(Get 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 provides various lending products comprising commercial and industrial loans, real estate loans, and letters of credit.

See Also

Earnings History and Estimates for Signature Bank (NASDAQ:SBNY)

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