Wedbush Weighs in on Signature Bank’s FY2022 Earnings (NASDAQ:SBNY)

Signature Bank (NASDAQ:SBNYGet Rating) – Stock analysts at Wedbush increased their FY2022 EPS estimates for Signature Bank in a research note issued to investors on Wednesday, April 20th. Wedbush analyst D. Chiaverini now forecasts that the bank will post earnings of $21.80 per share for the year, up from their prior forecast of $20.45. Wedbush has a “Buy” rating and a $375.00 price objective on the stock.

Signature Bank (NASDAQ:SBNYGet Rating) last posted its quarterly earnings data on Tuesday, April 19th. The bank reported $4.63 EPS for the quarter, beating analysts’ consensus estimates of $4.31 by $0.32. Signature Bank had a net margin of 39.74% and a return on equity of 12.66%. During the same quarter last year, the firm earned $3.24 earnings per share.

SBNY has been the topic of a number of other research reports. Compass Point reiterated a “buy” rating on shares of Signature Bank in a report on Tuesday, January 18th. Raymond James lowered their price target on Signature Bank from $430.00 to $400.00 and set a “strong-buy” rating on the stock in a report on Wednesday. StockNews.com began coverage on Signature Bank in a research report on Thursday, March 31st. They issued a “hold” rating for the company. JPMorgan Chase & Co. raised their target price on Signature Bank from $440.00 to $460.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Wells Fargo & Company reduced their target price on Signature Bank from $435.00 to $408.00 and set an “overweight” rating for the company in a research report on Wednesday. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $373.69.

SBNY stock opened at $259.49 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.41. Signature Bank has a one year low of $223.96 and a one year high of $374.76. The firm has a market capitalization of $15.73 billion, a PE ratio of 17.36, a P/E/G ratio of 1.37 and a beta of 1.77. The firm has a 50-day moving average of $304.42 and a two-hundred day moving average of $314.66.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 13th. Investors of record on Friday, April 29th will be given a $0.56 dividend. The ex-dividend date of this dividend is Thursday, April 28th. This represents a $2.24 dividend on an annualized basis and a yield of 0.86%. Signature Bank’s payout ratio is 14.90%.

Hedge funds have recently made changes to their positions in the stock. Allworth Financial LP boosted its holdings in Signature Bank by 28.7% during the first quarter. Allworth Financial LP now owns 193 shares of the bank’s stock worth $57,000 after buying an additional 43 shares during the last quarter. Louisiana State Employees Retirement System boosted its holdings in Signature Bank by 5.3% during the first quarter. Louisiana State Employees Retirement System now owns 4,000 shares of the bank’s stock worth $1,148,000 after buying an additional 200 shares during the last quarter. Gateway Advisory LLC bought a new position in Signature Bank during the first quarter worth about $345,000. Chicago Capital LLC bought a new position in Signature Bank during the first quarter worth about $9,281,000. Finally, Inspire Investing LLC bought a new position in Signature Bank during the first quarter worth about $2,629,000. Hedge funds and other institutional investors own 93.77% of the company’s stock.

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.

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

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