Brokerages Expect Signature Bank (SBNY) Will Post Quarterly Sales of $332.03 Million

Wall Street brokerages expect that Signature Bank (NASDAQ:SBNY) will post $332.03 million in sales for the current quarter, according to Zacks Investment Research. Eighteen analysts have made estimates for Signature Bank’s earnings. The highest sales estimate is $338.00 million and the lowest is $328.00 million. Signature Bank posted sales of $328.27 million during the same quarter last year, which would indicate a positive year over year growth rate of 1.1%. The company is expected to announce its next earnings results on Thursday, January 17th.

On average, analysts expect that Signature Bank will report full year sales of $1.31 billion for the current financial year, with estimates ranging from $1.31 billion to $1.32 billion. For the next year, analysts anticipate that the business will report sales of $1.37 billion, with estimates ranging from $1.35 billion to $1.42 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover Signature Bank.

Signature Bank (NASDAQ:SBNY) last issued its quarterly earnings data on Thursday, October 18th. The bank reported $2.84 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.83 by $0.01. The firm had revenue of $329.34 million during the quarter, compared to analyst estimates of $331.77 million. Signature Bank had a return on equity of 14.34% and a net margin of 27.66%. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter last year, the business posted $2.29 earnings per share.

A number of brokerages recently commented on SBNY. ValuEngine raised shares of Signature Bank from a “strong sell” rating to a “sell” rating in a report on Saturday. UBS Group upgraded shares of Signature Bank from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $122.00 to $138.00 in a research report on Monday, November 5th. BidaskClub downgraded shares of Signature Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, October 24th. BMO Capital Markets decreased their price objective on shares of Signature Bank from $138.00 to $132.00 and set a “market perform” rating for the company in a research report on Friday, October 19th. Finally, Raymond James decreased their price objective on shares of Signature Bank from $133.00 to $130.00 and set an “outperform” rating for the company in a research report on Friday, October 19th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company. Signature Bank has an average rating of “Buy” and an average target price of $143.21.

Shares of Signature Bank stock opened at $115.74 on Friday. The stock has a market cap of $6.39 billion, a PE ratio of 10.78, a PEG ratio of 0.97 and a beta of 0.91. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 1.05. Signature Bank has a twelve month low of $105.43 and a twelve month high of $161.92.

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Thursday, November 1st will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Wednesday, October 31st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.94%. Signature Bank’s dividend payout ratio is currently 25.14%.

Hedge funds have recently added to or reduced their stakes in the company. Endurance Wealth Management Inc. acquired a new position in Signature Bank in the 2nd quarter valued at about $128,000. Qube Research & Technologies Ltd purchased a new position in shares of Signature Bank in the 2nd quarter valued at $132,000. Zions Bancorporation purchased a new position in shares of Signature Bank in the 2nd quarter valued at $160,000. Cerebellum GP LLC grew its position in shares of Signature Bank by 1,408.6% in the 3rd quarter. Cerebellum GP LLC now owns 1,584 shares of the bank’s stock valued at $182,000 after buying an additional 1,479 shares during the last quarter. Finally, MML Investors Services LLC purchased a new position in shares of Signature Bank in the 3rd quarter valued at $203,000. 96.17% of the stock is owned by institutional investors and hedge funds.

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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Earnings History and Estimates for Signature Bank (NASDAQ:SBNY)

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