Signature Bank (SBNY) Short Interest Up 30.1% in April
Signature Bank (NASDAQ:SBNY) was the recipient of a large increase in short interest during the month of April. As of April 30th, there was short interest totalling 1,288,754 shares, an increase of 30.1% from the April 15th total of 990,224 shares. Approximately 2.3% of the shares of the stock are short sold. Based on an average daily volume of 625,969 shares, the days-to-cover ratio is presently 2.1 days.
Shares of NASDAQ:SBNY opened at $118.03 on Friday. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a market cap of $6.49 billion, a P/E ratio of 10.46, a price-to-earnings-growth ratio of 1.00 and a beta of 1.36. Signature Bank has a 12-month low of $98.54 and a 12-month high of $137.93.
Signature Bank (NASDAQ:SBNY) last issued its quarterly earnings data on Wednesday, April 17th. The bank reported $2.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.76 by ($0.11). The business had revenue of $325.08 million for the quarter, compared to analyst estimates of $332.35 million. Signature Bank had a return on equity of 14.15% and a net margin of 34.17%. During the same period in the previous year, the business posted $2.69 earnings per share. On average, sell-side analysts forecast that Signature Bank will post 11.06 EPS for the current year.
Several large investors have recently modified their holdings of SBNY. Cerebellum GP LLC boosted its stake in shares of Signature Bank by 5.7% in the 1st quarter. Cerebellum GP LLC now owns 2,477 shares of the bank’s stock valued at $317,000 after buying an additional 133 shares during the period. Metropolitan Life Insurance Co NY boosted its stake in shares of Signature Bank by 1.6% in the 1st quarter. Metropolitan Life Insurance Co NY now owns 17,354 shares of the bank’s stock valued at $2,222,000 after buying an additional 275 shares during the period. FMR LLC boosted its stake in shares of Signature Bank by 8.1% in the 1st quarter. FMR LLC now owns 2,662,132 shares of the bank’s stock valued at $340,939,000 after buying an additional 198,908 shares during the period. M&T Bank Corp boosted its stake in shares of Signature Bank by 78.7% in the 1st quarter. M&T Bank Corp now owns 4,411 shares of the bank’s stock valued at $565,000 after buying an additional 1,942 shares during the period. Finally, Macquarie Group Ltd. purchased a new position in shares of Signature Bank in the 1st quarter valued at about $5,324,000. 96.35% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently commented on SBNY shares. TheStreet raised Signature Bank from a “c” rating to a “b-” rating in a research note on Monday, January 28th. Raymond James cut their target price on Signature Bank from $146.00 to $142.00 and set an “outperform” rating for the company in a research note on Thursday, April 18th. FIG Partners downgraded Signature Bank from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 18th. ValuEngine raised Signature Bank from a “sell” rating to a “hold” rating in a research note on Tuesday, April 16th. Finally, Wells Fargo & Co reaffirmed a “buy” rating on shares of Signature Bank in a research note on Thursday, March 14th. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $144.00.
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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.
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