Signature Bank (NASDAQ:SBNY) Short Interest Update

Signature Bank (NASDAQ:SBNY) was the target of a significant increase in short interest during the month of January. As of January 31st, there was short interest totalling 1,650,000 shares, an increase of 8.6% from the January 15th total of 1,520,000 shares. Approximately 3.0% of the company’s shares are short sold. Based on an average trading volume of 368,500 shares, the short-interest ratio is currently 4.5 days.

A number of equities research analysts have weighed in on SBNY shares. Hovde Group cut shares of Signature Bank from an “outperform” rating to a “market perform” rating and set a $161.00 price target for the company. in a research report on Wednesday, January 29th. ValuEngine upgraded shares of Signature Bank from a “sell” rating to a “hold” rating in a report on Monday. BidaskClub cut shares of Signature Bank from a “buy” rating to a “hold” rating in a report on Thursday. Stephens lifted their price objective on shares of Signature Bank from $140.00 to $144.00 and gave the company an “overweight” rating in a report on Thursday, December 12th. Finally, Morgan Stanley lifted their price objective on shares of Signature Bank from $143.00 to $150.00 and gave the company an “overweight” rating in a report on Thursday, December 12th. Six research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $145.00.

Shares of SBNY stock traded down $0.04 during trading on Friday, reaching $144.36. The company’s stock had a trading volume of 184,702 shares, compared to its average volume of 397,600. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.98 and a quick ratio of 0.97. The company has a market capitalization of $7.83 billion, a price-to-earnings ratio of 13.24, a P/E/G ratio of 1.17 and a beta of 1.37. The stock’s 50-day moving average price is $140.64 and its 200 day moving average price is $126.98. Signature Bank has a 1-year low of $111.91 and a 1-year high of $148.64.

Signature Bank (NASDAQ:SBNY) last announced its quarterly earnings data on Tuesday, January 21st. The bank reported $2.78 earnings per share for the quarter, beating analysts’ consensus estimates of $2.69 by $0.09. The firm had revenue of $345.58 million during the quarter, compared to analysts’ expectations of $335.91 million. Signature Bank had a net margin of 30.36% and a return on equity of 12.57%. During the same quarter in the previous year, the business posted $2.94 earnings per share. On average, sell-side analysts anticipate that Signature Bank will post 11.46 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date is Thursday, January 30th. Signature Bank’s dividend payout ratio (DPR) is currently 20.63%.

Several hedge funds have recently made changes to their positions in SBNY. Pictet Asset Management Ltd. lifted its stake in Signature Bank by 8.8% in the third quarter. Pictet Asset Management Ltd. now owns 26,037 shares of the bank’s stock worth $3,104,000 after acquiring an additional 2,100 shares during the last quarter. Hussman Strategic Advisors Inc. purchased a new position in Signature Bank in the third quarter worth approximately $2,384,000. BlackRock Inc. lifted its stake in Signature Bank by 0.4% in the second quarter. BlackRock Inc. now owns 5,312,628 shares of the bank’s stock worth $641,980,000 after acquiring an additional 20,404 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new position in Signature Bank in the third quarter worth approximately $10,649,000. Finally, Monarch Partners Asset Management LLC purchased a new position in Signature Bank in the third quarter worth approximately $2,200,000. Hedge funds and other institutional investors own 90.93% of the company’s stock.

About Signature Bank

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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