Westpac Banking Corp increased its stake in Signature Bank (NASDAQ:SBNY) by 37.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,413 shares of the company’s stock after buying an additional 662 shares during the period. Westpac Banking Corp’s holdings in Signature Bank were worth $301,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the company. Fox Run Management L.L.C. acquired a new position in Signature Bank during the second quarter valued at $212,000. Quantitative Systematic Strategies LLC acquired a new position in Signature Bank during the second quarter valued at $222,000. World Asset Management Inc boosted its position in Signature Bank by 1.1% in the second quarter. World Asset Management Inc now owns 2,647 shares of the company’s stock valued at $331,000 after buying an additional 28 shares in the last quarter. First Citizens Bank & Trust Co. boosted its position in Signature Bank by 7.0% in the second quarter. First Citizens Bank & Trust Co. now owns 2,818 shares of the company’s stock valued at $352,000 after buying an additional 184 shares in the last quarter. Finally, Pacad Investment Ltd. acquired a new position in Signature Bank during the first quarter valued at $354,000. Institutional investors and hedge funds own 92.92% of the company’s stock.
Signature Bank (NASDAQ:SBNY) opened at 123.32 on Friday. Signature Bank has a 52 week low of $114.01 and a 52 week high of $163.15. The firm has a 50-day moving average price of $118.38 and a 200-day moving average price of $127.34. The company has a market capitalization of $6.62 billion, a price-to-earnings ratio of 15.96 and a beta of 0.91.
Signature Bank (NASDAQ:SBNY) last posted its earnings results on Wednesday, July 20th. The company reported $1.90 EPS for the quarter, missing the Zacks’ consensus estimate of $1.97 by $0.07. Signature Bank had a return on equity of 12.89% and a net margin of 32.08%. During the same period in the prior year, the business posted $1.77 earnings per share. Analysts anticipate that Signature Bank will post $8.01 EPS for the current fiscal year.
Several research firms have weighed in on SBNY. Jefferies Group cut their price objective on Signature Bank from $150.00 to $149.00 and set a “buy” rating on the stock in a research report on Friday, September 9th. Morgan Stanley reissued an “overweight” rating on shares of Signature Bank in a research report on Wednesday, June 29th. FBR & Co cut their price objective on Signature Bank from $167.00 to $155.00 and set an “outperform” rating on the stock in a research report on Thursday, July 21st. Zacks Investment Research raised Signature Bank from a “sell” rating to a “hold” rating in a research report on Friday, September 16th. Finally, Raymond James Financial Inc. raised Signature Bank from an “outperform” rating to a “strong-buy” rating and set a $162.00 price target on the stock in a research report on Tuesday, June 21st. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $156.75.
About Signature Bank
Signature Bank (the Bank) is a full-service commercial bank. The Bank operates over 30 private client offices throughout the New York metropolitan area, including those in Manhattan, Brooklyn, Westchester, Long Island, Queens, the Bronx, Staten Island and Connecticut. The Bank offers a range of business and personal banking products and services.