Tandem Investment Advisors Inc. increased its position in Signature Bank (NASDAQ:SBNY) by 32.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 328,721 shares of the bank’s stock after buying an additional 79,811 shares during the period. Signature Bank accounts for approximately 4.7% of Tandem Investment Advisors Inc.’s investment portfolio, making the stock its 2nd biggest holding. Tandem Investment Advisors Inc.’s holdings in Signature Bank were worth $35,147,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in SBNY. Ladenburg Thalmann Financial Services Inc. raised its position in Signature Bank by 104.8% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,874 shares of the bank’s stock worth $255,000 after acquiring an additional 959 shares during the period. Geode Capital Management LLC raised its position in Signature Bank by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 623,018 shares of the bank’s stock worth $85,036,000 after acquiring an additional 8,995 shares during the period. Norges Bank bought a new position in Signature Bank in the fourth quarter worth approximately $53,892,000. State of Alaska Department of Revenue raised its position in Signature Bank by 4.6% in the first quarter. State of Alaska Department of Revenue now owns 9,284 shares of the bank’s stock worth $746,000 after acquiring an additional 409 shares during the period. Finally, Spirit of America Management Corp NY bought a new position in Signature Bank in the first quarter worth approximately $153,000. 91.88% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have recently issued reports on the stock. Compass Point increased their price objective on shares of Signature Bank from $105.00 to $117.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. Wells Fargo & Co increased their price objective on shares of Signature Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 22nd. UBS Group increased their price objective on shares of Signature Bank from $91.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Bank of America increased their price objective on shares of Signature Bank from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Finally, BMO Capital Markets increased their price objective on shares of Signature Bank from $100.00 to $115.00 and gave the stock a “market perform” rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Signature Bank currently has an average rating of “Buy” and a consensus target price of $129.54.
Signature Bank (NASDAQ:SBNY) last issued its quarterly earnings data on Tuesday, July 21st. The bank reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.06). The business had revenue of $399.80 million during the quarter, compared to analysts’ expectations of $387.76 million. Signature Bank had a return on equity of 10.74% and a net margin of 26.12%. During the same period in the previous year, the business earned $2.83 earnings per share. On average, equities research analysts forecast that Signature Bank will post 9.66 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a $0.56 dividend. The ex-dividend date is Thursday, July 30th. This represents a $2.24 annualized dividend and a dividend yield of 2.18%. Signature Bank’s dividend payout ratio (DPR) is presently 20.63%.
Signature Bank 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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