Should Investors Be Buying Signature Bank (NASDAQ:SBNY) Stock Following Today’s Hovde Group Upgrade?

August 10, 2018 - By Jason Dias

Signature Bank (NASDAQ:SBNY) Stock Upgrade

Equity research analysts at the Hovde Group equities division upgraded shares of Signature Bank (NASDAQ:SBNY) from a Market Perform to a Outperform on Thursday, 9 August.

Signature Bank (NASDAQ:SBNY) Ratings Coverage

Among 13 analysts covering Signature Bank (NASDAQ:SBNY), 7 have Buy rating, 0 Sell and 6 Hold. Therefore 54% are positive. Signature Bank has $20000 highest and $130 lowest target. $155.30’s average target is 38.93% above currents $111.78 stock price. Signature Bank had 17 analyst reports since February 26, 2018 according to SRatingsIntel. Jefferies maintained Signature Bank (NASDAQ:SBNY) rating on Thursday, April 19. Jefferies has “Buy” rating and $16100 target. The stock has “Buy” rating by BMO Capital Markets on Thursday, April 19. Wells Fargo upgraded the shares of SBNY in report on Friday, April 20 to “Outperform” rating. The rating was upgraded by Hovde Group to “Outperform” on Thursday, August 9. The stock of Signature Bank (NASDAQ:SBNY) has “Hold” rating given on Friday, April 20 by Piper Jaffray. The stock of Signature Bank (NASDAQ:SBNY) has “Buy” rating given on Thursday, April 19 by Maxim Group. Morgan Stanley maintained the shares of SBNY in report on Tuesday, July 31 with “Equal-Weight” rating. The rating was upgraded by PiperJaffray on Wednesday, June 13 to “Overweight”. Wedbush maintained it with “Neutral” rating and $131 target in Friday, July 20 report. The stock has “Buy” rating by Keefe Bruyette & Woods on Thursday, April 19.

The stock increased 0.49% or $0.55 during the last trading session, reaching $111.78. About 615,887 shares traded or 4.55% up from the average. Signature Bank (NASDAQ:SBNY) has declined 9.96% since August 10, 2017 and is downtrending. It has underperformed by 22.53% the S&P500.

Analysts await Signature Bank (NASDAQ:SBNY) to report earnings on October, 18. They expect $2.82 earnings per share, up 23.14 % or $0.53 from last year’s $2.29 per share. SBNY’s profit will be $151.39M for 9.91 P/E if the $2.82 EPS becomes a reality. After $2.82 actual earnings per share reported by Signature Bank for the previous quarter, Wall Street now forecasts 0.00 % EPS growth.

Signature Bank provides various business and personal banking services and products. The company has market cap of $6.00 billion. 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. It has a 14.23 P/E ratio. The firm also offers loan products comprising commercial and industrial loans; real estate loans, such as loans secured by commercial and residential properties, and construction and land loans; temporary financing for commercial and residential properties; letters of credit; and personal lines of credit and loans to acquire personal assets, as well as asset lending, mortgages, home equity loans, and credit card accounts.

More news for Signature Bank (NASDAQ:SBNY) were recently published by: Benzinga.com, which released: “JPMorgan Downgrades Signature Bank: ‘We Would Lock In Losses And Trim Exposure'” on July 21, 2018. Benzinga.com‘s article titled: “Benzinga’s Top Upgrades, Downgrades For August 9, 2018” and published on August 09, 2018 is yet another important article.

Signature Bank (NASDAQ:SBNY) Ratings Chart

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