Brokerages Anticipate Signature Bank (NASDAQ:SBNY) Will Announce Earnings of $2.71 Per Share

Wall Street analysts forecast that Signature Bank (NASDAQ:SBNY) will post earnings per share of $2.71 for the current quarter, Zacks Investment Research reports. Sixteen analysts have provided estimates for Signature Bank’s earnings, with the lowest EPS estimate coming in at $2.61 and the highest estimate coming in at $2.77. Signature Bank reported earnings of $2.84 per share during the same quarter last year, which indicates a negative year over year growth rate of 4.6%. The firm is scheduled to issue its next quarterly earnings report on Thursday, October 17th.

On average, analysts expect that Signature Bank will report full-year earnings of $10.88 per share for the current financial year, with EPS estimates ranging from $10.72 to $11.00. For the next fiscal year, analysts anticipate that the company will report earnings of $11.68 per share, with EPS estimates ranging from $11.05 to $12.10. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Signature Bank.

Signature Bank (NASDAQ:SBNY) last issued its quarterly earnings data on Thursday, July 18th. The bank reported $2.72 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.71 by $0.01. Signature Bank had a return on equity of 13.61% and a net margin of 32.59%. The firm had revenue of $334.88 million during the quarter, compared to the consensus estimate of $333.25 million. During the same quarter in the previous year, the company posted $2.83 EPS.

SBNY has been the subject of a number of recent research reports. Wedbush downgraded Signature Bank from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $140.00 to $130.00 in a research report on Wednesday, May 15th. BidaskClub downgraded Signature Bank from a “buy” rating to a “hold” rating in a research report on Friday. Morgan Stanley dropped their target price on Signature Bank from $146.00 to $145.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Raymond James upgraded Signature Bank from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $142.00 to $143.00 in a research report on Monday, July 8th. Finally, FIG Partners downgraded Signature Bank from an “outperform” rating to a “market perform” rating in a research report on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Signature Bank currently has an average rating of “Buy” and an average target price of $145.67.

Several hedge funds have recently added to or reduced their stakes in SBNY. Pearl River Capital LLC acquired a new stake in shares of Signature Bank during the first quarter worth $44,000. Machina Capital S.A.S. grew its stake in shares of Signature Bank by 362.6% during the second quarter. Machina Capital S.A.S. now owns 458 shares of the bank’s stock worth $55,000 after purchasing an additional 359 shares during the period. Meeder Asset Management Inc. acquired a new stake in shares of Signature Bank during the second quarter worth $57,000. FTB Advisors Inc. grew its stake in shares of Signature Bank by 242.4% during the second quarter. FTB Advisors Inc. now owns 493 shares of the bank’s stock worth $59,000 after purchasing an additional 349 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Signature Bank during the first quarter worth $81,000. Institutional investors own 92.56% of the company’s stock.

Shares of SBNY stock traded up $1.21 on Friday, reaching $120.89. 271,803 shares of the stock were exchanged, compared to its average volume of 442,933. The company has a market capitalization of $6.62 billion, a PE ratio of 10.72, a PEG ratio of 1.02 and a beta of 1.35. Signature Bank has a one year low of $98.54 and a one year high of $137.93. The company has a current ratio of 1.00, a quick ratio of 0.99 and a debt-to-equity ratio of 1.21. The firm’s 50 day moving average price is $123.04.

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Thursday, August 1st will be given a dividend of $1.12 per share. The ex-dividend date is Wednesday, July 31st. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.71%. Signature Bank’s payout ratio is currently 19.86%.

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

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