Millennium Management LLC boosted its position in shares of Signature Bank (NASDAQ:SBNY) by 300.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 843,815 shares of the bank’s stock after acquiring an additional 632,944 shares during the period. Millennium Management LLC owned 1.53% of Signature Bank worth $107,907,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Waddell & Reed Financial Inc. raised its position in shares of Signature Bank by 1.0% during the second quarter. Waddell & Reed Financial Inc. now owns 521,552 shares of the bank’s stock valued at $66,696,000 after buying an additional 5,065 shares during the last quarter. Resources Investment Advisors Inc. raised its position in shares of Signature Bank by 21.9% during the second quarter. Resources Investment Advisors Inc. now owns 19,738 shares of the bank’s stock valued at $2,524,000 after buying an additional 3,549 shares during the last quarter. Algebris UK Ltd bought a new stake in shares of Signature Bank during the second quarter valued at approximately $3,312,000. Vident Investment Advisory LLC bought a new stake in shares of Signature Bank during the second quarter valued at approximately $287,000. Finally, Macquarie Group Ltd. raised its position in shares of Signature Bank by 49.0% during the second quarter. Macquarie Group Ltd. now owns 9,386 shares of the bank’s stock valued at $1,201,000 after buying an additional 3,085 shares during the last quarter. Institutional investors own 95.71% of the company’s stock.
SBNY stock opened at $119.66 on Friday. Signature Bank has a fifty-two week low of $108.89 and a fifty-two week high of $161.92. The company has a quick ratio of 0.96, a current ratio of 0.98 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $6.44 billion, a P/E ratio of 11.44, a price-to-earnings-growth ratio of 0.97 and a beta of 1.03.
Signature Bank (NASDAQ:SBNY) last posted its earnings results on Thursday, July 19th. The bank reported $2.83 earnings per share for the quarter, beating analysts’ consensus estimates of $2.80 by $0.03. Signature Bank had a net margin of 26.76% and a return on equity of 13.84%. The firm had revenue of $326.63 million during the quarter, compared to analyst estimates of $334.00 million. During the same period last year, the firm posted $2.21 earnings per share. analysts predict that Signature Bank will post 11.18 earnings per share for the current year.
Several equities research analysts have recently issued reports on SBNY shares. ValuEngine cut shares of Signature Bank from a “sell” rating to a “strong sell” rating in a research report on Monday, June 11th. Piper Jaffray Companies upgraded shares of Signature Bank from a “neutral” rating to an “overweight” rating and reduced their price objective for the company from $161.92 to $116.68 in a research report on Wednesday, June 13th. BidaskClub raised shares of Signature Bank from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 20th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $150.00 target price on shares of Signature Bank in a report on Friday, July 20th. Finally, JPMorgan Chase & Co. lowered shares of Signature Bank from an “overweight” rating to a “neutral” rating and cut their target price for the company from $150.00 to $130.00 in a report on Friday, July 20th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the company. Signature Bank currently has an average rating of “Buy” and an average price target of $152.40.
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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