Short Interest in Signature Bank (NASDAQ:SBNY) Rises By 10.9%

Signature Bank (NASDAQ:SBNY) was the recipient of a significant increase in short interest in December. As of December 31st, there was short interest totalling 1,520,000 shares, an increase of 10.9% from the December 15th total of 1,370,000 shares. Based on an average daily volume of 343,600 shares, the short-interest ratio is currently 4.4 days. Approximately 2.8% of the company’s stock are short sold.

SBNY has been the topic of several research reports. ValuEngine raised shares of Signature Bank from a “strong sell” rating to a “sell” rating in a report on Monday, November 25th. Morgan Stanley boosted their price target on Signature Bank from $143.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday, December 12th. Wells Fargo & Co decreased their price objective on Signature Bank from $150.00 to $140.00 and set an “outperform” rating for the company in a research note on Wednesday, October 2nd. Hovde Group raised Signature Bank from a “market perform” rating to an “outperform” rating and set a $140.00 price objective on the stock in a research report on Wednesday, November 20th. Finally, BidaskClub upgraded Signature Bank from a “hold” rating to a “buy” rating in a research note on Friday, December 13th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $138.89.

Shares of NASDAQ SBNY traded up $1.77 during midday trading on Thursday, reaching $138.09. The company had a trading volume of 4,306 shares, compared to its average volume of 297,150. Signature Bank has a 1 year low of $109.27 and a 1 year high of $138.23. The business’s 50-day simple moving average is $132.96 and its 200 day simple moving average is $124.21. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.05. The stock has a market cap of $7.48 billion, a P/E ratio of 12.26, a P/E/G ratio of 1.14 and a beta of 1.38.

Signature Bank (NASDAQ:SBNY) last released its earnings results on Thursday, October 17th. The bank reported $2.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.70 by $0.05. Signature Bank had a return on equity of 13.09% and a net margin of 31.37%. The firm had revenue of $334.00 million for the quarter, compared to the consensus estimate of $339.14 million. During the same period in the prior year, the firm earned $2.84 EPS. Analysts predict that Signature Bank will post 10.82 earnings per share for the current year.

A number of institutional investors have recently bought and sold shares of SBNY. Pictet Asset Management Ltd. increased its holdings in Signature Bank by 8.8% in the 3rd quarter. Pictet Asset Management Ltd. now owns 26,037 shares of the bank’s stock worth $3,104,000 after buying an additional 2,100 shares during the period. Hussman Strategic Advisors Inc. acquired a new stake in Signature Bank during the 3rd quarter worth about $2,384,000. Mackenzie Financial Corp raised its stake in shares of Signature Bank by 7.5% during the 2nd quarter. Mackenzie Financial Corp now owns 502,749 shares of the bank’s stock valued at $60,752,000 after buying an additional 35,073 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Signature Bank by 0.4% in the 2nd quarter. BlackRock Inc. now owns 5,312,628 shares of the bank’s stock valued at $641,980,000 after buying an additional 20,404 shares during the period. Finally, Philadelphia Financial Management of San Francisco LLC purchased a new stake in shares of Signature Bank in the third quarter worth about $10,649,000. Institutional investors and hedge funds own 90.91% of the company’s stock.

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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