Meeder Asset Management Inc. reduced its stake in shares of Signature Bank (NASDAQ: SBNY – Get a rating) by 95.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund held 99 shares of the bank after selling 2,031 shares during the quarter. Meeder Asset Management Inc.’s holdings in Signature Bank were worth $29,000 when it was last filed with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also bought and sold stocks. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Signature Bank by 1.1% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 3,893 shares in the bank worth $1,143,000 after acquiring 43 more shares in the last quarter. Allworth Financial LP increased its position in Signature Bank shares by 28.7% in the first quarter. Allworth Financial LP now owns 193 shares in the bank worth $57,000 after buying 43 more shares in the last quarter. M&T Bank Corp increased its position in Signature Bank shares by 3.0% in the fourth quarter. M&T Bank Corp now owns 1,603 shares in the bank worth $518,000 after buying 47 more shares in the last quarter. The Alaska State Department of Revenue increased its position in Signature Bank shares by 0.6% in Q1. The Alaska State Department of Revenue now owns 8,827 shares of the bank worth $2,590,000 after buying 50 more shares in the last quarter. Finally, Atria Investments LLC increased its position in Signature Bank shares by 1.0% in the 1st quarter. Atria Investments LLC now owns 5,111 shares of the bank worth $1,500,000 after buying 51 additional shares in the last quarter. 96.17% of the shares are currently held by institutional investors.
Performance of Signature Bank shares
Shares of SBNY opened at $186.87 on Thursday. The company has a debt ratio of 0.27, a current ratio of 0.83 and a quick ratio of 0.82. Signature Bank has a one-year low of $165.36 and a one-year high of $374.76. The company has a market capitalization of $11.33 billion, a P/E ratio of 9.95, a PEG ratio of 0.90 and a beta of 1.73. The company has a fifty-day moving average of $187.25 and a 200-day moving average of $240.96.
Signature Bank (NASDAQ: SBNY – Get a rating) last released its quarterly earnings data 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 period last year, the company earned earnings per share of $3.57. As a group, sell-side analysts expect Signature Bank to post year-to-date EPS of 21.77.
Signature Bank announces dividend
The company also recently declared a quarterly dividend, which was paid on Friday, August 12. Shareholders 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 1.20%. The ex-dividend date was Thursday, July 28. Signature Bank’s dividend payout ratio is currently 11.93%.
Analyst upgrades and downgrades
A number of equity research analysts have weighed in on the company recently. Compass Point cut its price target on Signature Bank from $350.00 to $300.00 and placed a “buy” rating on the stock in a research report on Friday, June 10. Morgan Stanley cut its price target on Signature Bank from $262.00 to $247.00 and set an “overweight” rating on the stock in a Wednesday July 20 research report. UBS Group lowered its target price on Signature Bank from $309.00 to $288.00 and set a “buy” rating for the company in a Wednesday July 27 research note. Goldman Sachs Group lowered its price target on Signature Bank from $377.00 to $265.00 and set a “buy” rating for the company in a Tuesday, May 31 research note. Finally, Raymond James lowered his target price on Signature Bank from $305.00 to $286.00 in a Wednesday July 20 research note. One financial analyst gave the stock a hold rating, thirteen gave the company a buy rating and one gave the company’s stock a strong buy rating. According to MarketBeat.com, Signature Bank has a consensus buy rating and a consensus target price 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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