Signature Bank’s (SBNY) “Buy” Rating Reiterated at Maxim Group
Maxim Group restated their buy rating on shares of Signature Bank (NASDAQ:SBNY) in a research report report published on Thursday morning. Maxim Group currently has a $190.00 target price on the bank’s stock.
“SBNY reported 3Q18 EPS of $2.84, versus consensus of $2.83. It was a strong quarter, in our view, with linked-quarter loan growth of 2.3% and deposit growth of 3.1%. Very importantly, the core net interest margin (NIM) was down 4bps, within (and toward the favorable end of) management’s NIM guidance range of down 3bps to down 6bps. Management maintained the same NIM guidance range for 4Q18. For 2019, management guided to: 1) a higher NIM if the Fed has two rate hikes; 2) a stable NIM if the Fed has three hikes; and 3) a lower NIM if the Fed has four rate hikes.”,” Maxim Group’s analyst wrote.
Several other brokerages have also recently issued reports on SBNY. BidaskClub cut shares of Signature Bank from a sell rating to a strong sell rating in a report on Friday, July 27th. Wells Fargo & Co cut their price target on shares of Signature Bank from $150.00 to $130.00 and set an outperform rating on the stock in a report on Tuesday, October 2nd. Wedbush cut their price target on shares of Signature Bank from $144.00 to $131.00 and set a neutral rating on the stock in a report on Friday, July 20th. Keefe, Bruyette & Woods reiterated a buy rating and issued a $150.00 price target on shares of Signature Bank in a report on Friday, July 20th. Finally, Morgan Stanley cut their price target on shares of Signature Bank from $155.00 to $145.00 and set an equal weight rating on the stock in a report on Tuesday, July 24th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $145.00.
Signature Bank (NASDAQ:SBNY) last issued its earnings results on Thursday, October 18th. The bank reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.01. Signature Bank had a net margin of 27.66% and a return on equity of 14.34%. The firm had revenue of $329.34 million for the quarter, compared to analysts’ expectations of $331.77 million. During the same quarter last year, the business earned $2.29 earnings per share. The business’s revenue was up 3.9% on a year-over-year basis. As a group, equities research analysts forecast that Signature Bank will post 11.18 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Thursday, November 1st will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend is Wednesday, October 31st. Signature Bank’s dividend payout ratio is currently 25.14%.
Institutional investors have recently made changes to their positions in the business. Endurance Wealth Management Inc. purchased a new position in Signature Bank during the second quarter valued at $128,000. Qube Research & Technologies Ltd purchased a new position in shares of Signature Bank in the 2nd quarter worth about $132,000. Zions Bancorporation purchased a new position in shares of Signature Bank in the 2nd quarter worth about $160,000. Cerebellum GP LLC raised its position in shares of Signature Bank by 1,408.6% in the 3rd quarter. Cerebellum GP LLC now owns 1,584 shares of the bank’s stock worth $182,000 after purchasing an additional 1,479 shares during the last quarter. Finally, Vident Investment Advisory LLC purchased a new position in shares of Signature Bank in the 2nd quarter worth about $287,000. 95.73% of the stock is owned by institutional investors and hedge funds.
About Signature Bank
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.
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