Credit Suisse Group Boosts Signature Bank (NASDAQ:SBNY) Price Target to $290.00

Signature Bank (NASDAQ:SBNY) had its target price increased by stock analysts at Credit Suisse Group from $280.00 to $290.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the bank’s stock. Credit Suisse Group’s target price would suggest a potential upside of 20.45% from the stock’s previous close.

A number of other research analysts also recently weighed in on SBNY. UBS Group reissued a “buy” rating on shares of Signature Bank in a report on Friday, July 9th. Maxim Group increased their target price on Signature Bank from $300.00 to $330.00 and gave the company a “buy” rating in a report on Wednesday. Wedbush raised their price objective on Signature Bank from $305.00 to $320.00 and gave the stock an “outperform” rating in a research note on Thursday, June 17th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $273.00 price objective on shares of Signature Bank in a research note on Friday, May 7th. Finally, JPMorgan Chase & Co. raised their price objective on Signature Bank from $350.00 to $375.00 and gave the stock an “overweight” rating in a research note on Friday, June 11th. One research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. Signature Bank presently has an average rating of “Buy” and a consensus price target of $268.94.

Signature Bank stock opened at $240.77 on Thursday. Signature Bank has a one year low of $71.44 and a one year high of $263.99. The firm’s fifty day simple moving average is $245.45. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.92 and a quick ratio of 0.94. The stock has a market capitalization of $12.90 billion, a PE ratio of 18.97, a PEG ratio of 1.85 and a beta of 1.99.

Signature Bank (NASDAQ:SBNY) last posted its earnings results on Monday, July 19th. The bank reported $3.57 earnings per share for the quarter, beating analysts’ consensus estimates of $3.13 by $0.44. Signature Bank had a return on equity of 11.80% and a net margin of 34.08%. During the same period in the prior year, the business earned $2.21 EPS. As a group, research analysts anticipate that Signature Bank will post 13.4 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the stock. Bessemer Group Inc. bought a new stake in shares of Signature Bank during the 1st quarter worth approximately $25,000. Sowell Financial Services LLC lifted its stake in shares of Signature Bank by 124.6% during the 1st quarter. Sowell Financial Services LLC now owns 128 shares of the bank’s stock worth $32,000 after acquiring an additional 71 shares during the last quarter. Allworth Financial LP bought a new stake in shares of Signature Bank during the 1st quarter worth approximately $34,000. Geneos Wealth Management Inc. bought a new stake in Signature Bank during the 1st quarter valued at $38,000. Finally, CWM LLC raised its position in Signature Bank by 44.1% during the 1st quarter. CWM LLC now owns 170 shares of the bank’s stock valued at $38,000 after purchasing an additional 52 shares in the last quarter.

Signature Bank Company Profile

Signature Bank commercial 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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Analyst Recommendations for Signature Bank (NASDAQ:SBNY)

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