First Trust Advisors LP lifted its stake in shares of Signature Bank (NASDAQ:SBNY) by 27.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 91,912 shares of the bank’s stock after purchasing an additional 19,802 shares during the quarter. First Trust Advisors LP owned about 0.17% of Signature Bank worth $11,771,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the company. Somerset Trust Co grew its stake in Signature Bank by 153.6% in the 1st quarter. Somerset Trust Co now owns 213 shares of the bank’s stock valued at $27,000 after acquiring an additional 129 shares during the last quarter. Pearl River Capital LLC acquired a new stake in Signature Bank in the 1st quarter valued at about $44,000. Fort L.P. acquired a new stake in Signature Bank in the 4th quarter valued at about $60,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Signature Bank in the 1st quarter valued at about $81,000. Finally, ETF Managers Group LLC grew its stake in Signature Bank by 11.1% in the 1st quarter. ETF Managers Group LLC now owns 1,015 shares of the bank’s stock valued at $130,000 after acquiring an additional 101 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.
SBNY has been the topic of a number of research reports. BMO Capital Markets raised shares of Tourmaline Oil from a “market perform” rating to an “outperform” rating in a research note on Thursday, May 30th. JPMorgan Chase & Co. lowered their price objective on shares of Realogy from $14.00 to $12.00 and set an “underweight” rating on the stock in a research note on Thursday, April 4th. Wedbush reissued an “outperform” rating and issued a $124.00 price objective on shares of New Relic in a research note on Wednesday, May 15th. FIG Partners cut shares of Signature Bank from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 18th. Finally, Raymond James cut shares of First Midwest Bancorp to a “hold” rating in a research note on Monday, July 8th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $144.77.
Signature Bank (NASDAQ:SBNY) last released its quarterly earnings results on Thursday, July 18th. The bank reported $2.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.71 by $0.01. The company had revenue of $334.88 million for the quarter, compared to analysts’ expectations of $333.25 million. Signature Bank had a net margin of 32.59% and a return on equity of 13.81%. During the same period last year, the company earned $2.83 EPS. As a group, equities research analysts expect that Signature Bank will post 11.03 earnings per share for the current year.
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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