Retirement Systems of Alabama increased its holdings in Signature Bank (NASDAQ:SBNY) by 1.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 143,168 shares of the bank’s stock after acquiring an additional 1,725 shares during the period. Retirement Systems of Alabama owned approximately 0.27% of Signature Bank worth $18,331,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Parnassus Investments CA purchased a new position in shares of Signature Bank during the third quarter worth $167,732,000. Nordea Investment Management AB boosted its position in shares of Signature Bank by 265.2% during the second quarter. Nordea Investment Management AB now owns 982,154 shares of the bank’s stock worth $140,969,000 after buying an additional 713,190 shares during the period. Wedge Capital Management L L P NC boosted its position in shares of Signature Bank by 204.4% during the third quarter. Wedge Capital Management L L P NC now owns 791,794 shares of the bank’s stock worth $101,381,000 after buying an additional 531,709 shares during the period. Koch Industries Inc. boosted its position in shares of Signature Bank by 34,799.2% during the second quarter. Koch Industries Inc. now owns 480,562 shares of the bank’s stock worth $477,000 after buying an additional 479,185 shares during the period. Finally, TimesSquare Capital Management LLC boosted its position in shares of Signature Bank by 59.1% during the second quarter. TimesSquare Capital Management LLC now owns 983,300 shares of the bank’s stock worth $141,133,000 after buying an additional 365,400 shares during the period. Institutional investors own 97.93% of the company’s stock.
SBNY has been the subject of several research analyst reports. Morgan Stanley lowered their price target on Signature Bank from $164.00 to $150.00 and set an “overweight” rating for the company in a research report on Friday, September 15th. Jefferies Group LLC restated a “buy” rating and set a $155.00 price target on shares of Signature Bank in a research report on Tuesday, October 24th. Hovde Group upgraded Signature Bank from an “underperform” rating to a “market perform” rating and set a $132.00 price target for the company in a research report on Monday, September 11th. TheStreet lowered Signature Bank from a “b” rating to a “c+” rating in a research report on Wednesday, July 19th. Finally, Deutsche Bank AG lowered their price target on Signature Bank from $178.00 to $162.00 and set a “buy” rating for the company in a research report on Thursday, July 20th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Signature Bank has a consensus rating of “Buy” and an average price target of $154.80.
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Signature Bank (NASDAQ:SBNY) last posted its quarterly earnings results on Thursday, October 19th. The bank reported $2.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.19 by $0.10. Signature Bank had a return on equity of 12.58% and a net margin of 26.40%. The company had revenue of $316.94 million for the quarter, compared to analysts’ expectations of $322.22 million. During the same period last year, the firm earned $2.11 earnings per share. equities analysts anticipate that Signature Bank will post 7.25 earnings per share for the current fiscal year.
Signature Bank Company Profile
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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