Provident Investment Management Inc. Boosts Stake in Signature Bank (SBNY)

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Provident Investment Management Inc. boosted its stake in shares of Signature Bank (NASDAQ:SBNY) by 7.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 215,821 shares of the bank’s stock after acquiring an additional 14,980 shares during the quarter. Signature Bank accounts for about 3.9% of Provident Investment Management Inc.’s investment portfolio, making the stock its 14th largest holding. Provident Investment Management Inc.’s holdings in Signature Bank were worth $27,599,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of the stock. BlackRock Inc. raised its position in Signature Bank by 2.2% during the 1st quarter. BlackRock Inc. now owns 4,987,405 shares of the bank’s stock valued at $707,963,000 after purchasing an additional 108,693 shares during the last quarter. Alecta Pensionsforsakring Omsesidigt raised its position in Signature Bank by 2.0% during the 2nd quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,490,700 shares of the bank’s stock valued at $318,361,000 after purchasing an additional 49,500 shares during the last quarter. Epoch Investment Partners Inc. raised its position in Signature Bank by 13.3% during the 1st quarter. Epoch Investment Partners Inc. now owns 1,011,913 shares of the bank’s stock valued at $143,641,000 after purchasing an additional 118,792 shares during the last quarter. Lord Abbett & CO. LLC raised its position in Signature Bank by 102.1% during the 1st quarter. Lord Abbett & CO. LLC now owns 880,623 shares of the bank’s stock valued at $125,005,000 after purchasing an additional 444,826 shares during the last quarter. Finally, Wedge Capital Management L L P NC raised its position in Signature Bank by 2.7% during the 2nd quarter. Wedge Capital Management L L P NC now owns 673,068 shares of the bank’s stock valued at $86,072,000 after purchasing an additional 17,567 shares during the last quarter. Institutional investors own 94.70% of the company’s stock.

A number of research firms have commented on SBNY. ValuEngine raised Signature Bank from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 20th. Morgan Stanley lowered their price target on Signature Bank from $145.00 to $135.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 31st. BidaskClub raised Signature Bank from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 20th. Barclays lowered their price target on Signature Bank from $156.00 to $142.00 and set an “overweight” rating for the company in a research report on Friday, July 20th. Finally, Piper Jaffray Companies raised Signature Bank from a “neutral” rating to an “overweight” rating and lowered their price target for the company from $161.92 to $116.68 in a research report on Wednesday, June 13th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the stock. Signature Bank presently has a consensus rating of “Buy” and a consensus price target of $152.40.

Shares of NASDAQ:SBNY opened at $117.54 on Monday. Signature Bank has a 52-week low of $108.89 and a 52-week high of $161.92. The company has a market capitalization of $6.13 billion, a PE ratio of 13.19, a PEG ratio of 0.93 and a beta of 1.02. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.98 and a quick ratio of 0.96.

Signature Bank (NASDAQ:SBNY) last announced its earnings results on Thursday, July 19th. The bank reported $2.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.03. Signature Bank had a return on equity of 13.84% and a net margin of 26.76%. The firm had revenue of $326.63 million during the quarter, compared to analyst estimates of $334.00 million. During the same quarter in the prior year, the company earned $2.21 EPS. equities research analysts forecast that Signature Bank will post 11.18 EPS for the current year.

The company also recently announced an annual dividend, which was paid on Wednesday, August 15th. Stockholders of record on Wednesday, August 1st were given a $0.56 dividend. This represents a dividend yield of 0.47%. The ex-dividend date was Tuesday, July 31st. Signature Bank’s dividend payout ratio is currently 25.14%.

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.

Further Reading: Diversification

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Institutional Ownership by Quarter for Signature Bank (NASDAQ:SBNY)

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