Parsons Capital Management Inc. RI Cuts Stake in Signature Bank (NASDAQ:SBNY)

Parsons Capital Management Inc. RI lessened its holdings in Signature Bank (NASDAQ:SBNY) by 4.8% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,965 shares of the bank’s stock after selling 100 shares during the period. Parsons Capital Management Inc. RI’s holdings in Signature Bank were worth $252,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of SBNY. CI Investments Inc. purchased a new position in shares of Signature Bank during the fourth quarter valued at about $51,755,000. Massachusetts Financial Services Co. MA lifted its holdings in shares of Signature Bank by 35.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,641,375 shares of the bank’s stock valued at $168,750,000 after acquiring an additional 431,243 shares during the last quarter. Norges Bank bought a new position in shares of Signature Bank in the 4th quarter valued at about $40,558,000. FMR LLC lifted its holdings in shares of Signature Bank by 14.9% in the 4th quarter. FMR LLC now owns 2,463,224 shares of the bank’s stock valued at $253,244,000 after acquiring an additional 319,803 shares during the last quarter. Finally, Columbus Circle Investors bought a new position in shares of Signature Bank in the 1st quarter valued at about $33,795,000. Institutional investors and hedge funds own 94.60% of the company’s stock.

A number of research analysts recently commented on the stock. Wedbush assumed coverage on shares of Signature Bank in a report on Tuesday, March 26th. They issued a “focus list” rating for the company. ValuEngine raised shares of Signature Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, April 24th. Wells Fargo & Co raised their price objective on shares of Signature Bank from $135.00 to $150.00 and gave the stock an “outperform” rating in a research note on Friday, March 15th. JPMorgan Chase & Co. raised shares of Signature Bank from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $133.00 to $150.00 in a research note on Thursday, April 4th. Finally, BidaskClub downgraded shares of Signature Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, March 26th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company’s stock. Signature Bank presently has an average rating of “Buy” and a consensus price target of $144.00.

Shares of Signature Bank stock traded down $0.64 on Wednesday, hitting $118.05. 305,114 shares of the company traded hands, compared to its average volume of 463,844. The company has a market capitalization of $6.53 billion, a PE ratio of 10.47, a P/E/G ratio of 0.98 and a beta of 1.36. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.99 and a current ratio of 0.99. Signature Bank has a 52 week low of $98.54 and a 52 week high of $137.93.

Signature Bank (NASDAQ:SBNY) last issued its quarterly earnings data on Wednesday, April 17th. The bank reported $2.65 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.76 by ($0.11). The business had revenue of $325.08 million for the quarter, compared to analysts’ expectations of $332.35 million. Signature Bank had a net margin of 34.17% and a return on equity of 14.15%. During the same period in the previous year, the business earned $2.69 earnings per share. On average, analysts forecast that Signature Bank will post 11.06 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 1.90%. The ex-dividend date was Tuesday, April 30th. Signature Bank’s payout ratio is 19.86%.

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

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