Signature Bank (NASDAQ:SBNY) saw a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 1,520,000 shares, an increase of 10.9% from the December 15th total of 1,370,000 shares. Based on an average trading volume of 343,600 shares, the days-to-cover ratio is presently 4.4 days. Currently, 2.8% of the company’s shares are short sold.
Shares of SBNY traded up $1.77 during midday trading on Thursday, reaching $138.09. 4,306 shares of the company were exchanged, compared to its average volume of 297,150. The stock has a 50-day moving average price of $132.96 and a 200-day moving average price of $124.21. The company has a market cap of $7.48 billion, a price-to-earnings ratio of 12.26, a P/E/G ratio of 1.14 and a beta of 1.38. Signature Bank has a 1-year low of $109.27 and a 1-year high of $138.23. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.05.
Signature Bank (NASDAQ:SBNY) last posted its earnings results on Thursday, October 17th. The bank reported $2.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.70 by $0.05. The business had revenue of $334.00 million during the quarter, compared to analyst estimates of $339.14 million. Signature Bank had a return on equity of 13.09% and a net margin of 31.37%. During the same quarter last year, the firm earned $2.84 earnings per share. Equities research analysts anticipate that Signature Bank will post 10.82 earnings per share for the current year.
Several large investors have recently made changes to their positions in SBNY. Pinebridge Investments L.P. acquired a new position in Signature Bank in the 2nd quarter worth $73,000. Commonwealth Bank of Australia raised its position in shares of Signature Bank by 21.9% in the 2nd quarter. Commonwealth Bank of Australia now owns 728 shares of the bank’s stock valued at $87,000 after purchasing an additional 131 shares in the last quarter. Meeder Asset Management Inc. boosted its stake in shares of Signature Bank by 174.1% during the 3rd quarter. Meeder Asset Management Inc. now owns 1,313 shares of the bank’s stock valued at $157,000 after buying an additional 834 shares during the last quarter. Ingalls & Snyder LLC purchased a new position in shares of Signature Bank during the 4th quarter valued at approximately $201,000. Finally, MML Investors Services LLC grew its position in shares of Signature Bank by 12.9% during the second quarter. MML Investors Services LLC now owns 1,771 shares of the bank’s stock worth $214,000 after buying an additional 202 shares in the last quarter. Institutional investors and hedge funds own 90.91% of the company’s stock.
Several brokerages have recently weighed in on SBNY. Stephens increased their price objective on shares of Signature Bank from $140.00 to $144.00 and gave the stock an “overweight” rating in a report on Thursday, December 12th. Wells Fargo & Co cut their price target on shares of Signature Bank from $150.00 to $140.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 2nd. ValuEngine upgraded shares of Signature Bank from a “strong sell” rating to a “sell” rating in a report on Monday, November 25th. BidaskClub upgraded Signature Bank from a “hold” rating to a “buy” rating in a report on Friday, December 13th. Finally, Hovde Group raised Signature Bank from a “market perform” rating to an “outperform” rating and set a $140.00 target price on the stock in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $138.89.
Signature Bank Company Profile
Signature Bank provides various business and personal banking products and services. It accepts various deposit products, including commercial checking accounts, money market accounts, escrow deposit accounts, cash concentration accounts, interest-bearing and non-interest-bearing checking accounts, certificates of deposit, time deposits, and other cash management products.
Further Reading: Price to Earnings Ratio (PE) Basics
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