Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Signature Bank (NASDAQ:SBNY) by 10.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 55,577 shares of the bank’s stock after buying an additional 5,109 shares during the quarter. Northwestern Mutual Wealth Management Co. owned about 0.10% of Signature Bank worth $7,977,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of the business. Pacad Investment Ltd. bought a new position in Signature Bank during the second quarter worth about $100,000. Quantbot Technologies LP bought a new position in Signature Bank during the first quarter worth about $127,000. Israel Discount Bank of New York bought a new position in Signature Bank during the first quarter worth about $148,000. Commonwealth Bank of Australia lifted its stake in Signature Bank by 5.1% during the second quarter. Commonwealth Bank of Australia now owns 1,233 shares of the bank’s stock worth $176,000 after purchasing an additional 60 shares during the period. Finally, Bronfman E.L. Rothschild L.P. lifted its stake in Signature Bank by 1.5% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,406 shares of the bank’s stock worth $202,000 after purchasing an additional 21 shares during the period. 95.80% of the stock is currently owned by hedge funds and other institutional investors.
Signature Bank (SBNY) traded down 0.79% during mid-day trading on Friday, reaching $118.92. 1,723,013 shares of the company’s stock were exchanged. The stock has a market cap of $6.43 billion, a price-to-earnings ratio of 19.05 and a beta of 0.97. The company has a 50-day moving average of $129.78 and a 200-day moving average of $140.44. Signature Bank has a 52-week low of $113.53 and a 52-week high of $164.23.
Signature Bank (NASDAQ:SBNY) last posted its earnings results on Wednesday, July 19th. The bank reported $2.21 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.22 by ($0.01). The company had revenue of $316.79 million for the quarter, compared to the consensus estimate of $324.44 million. Signature Bank had a net margin of 23.62% and a return on equity of 12.61%. During the same quarter in the prior year, the company posted $1.90 EPS. Equities research analysts anticipate that Signature Bank will post $7.22 earnings per share for the current year.
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Several analysts have recently weighed in on SBNY shares. Jefferies Group LLC reaffirmed a “buy” rating and set a $169.00 price objective on shares of Signature Bank in a report on Wednesday, June 28th. Bank of America Corporation reaffirmed a “buy” rating and set a $175.00 price objective on shares of Signature Bank in a report on Thursday, May 25th. Keefe, Bruyette & Woods set a $164.00 price target on shares of Signature Bank and gave the company a “buy” rating in a report on Monday, June 5th. Maxim Group reissued a “buy” rating and issued a $175.00 price target on shares of Signature Bank in a report on Wednesday, July 19th. Finally, Deutsche Bank AG lowered their price target on shares of Signature Bank from $178.00 to $162.00 and set a “buy” rating for the company in a report on Thursday, July 20th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Signature Bank currently has a consensus rating of “Buy” and a consensus price target of $162.43.
About Signature Bank
Signature Bank is a full-service commercial bank. The Bank operates over 30 private client offices throughout the New York metropolitan area. Its segments include Commercial Banking and Specialty Finance. It offers a range of business and personal banking products and services. Its specialty finance subsidiary, Signature Financial LLC (Signature Financial), provides equipment finance and leasing services.
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