Equities research analysts at JPMorgan Chase & Co. (NYSE: JPM) upgraded shares of Signature Bank (NASDAQ: SBNY) from a “neutral” rating to an “overweight” rating in a research note to investors on Monday. The analysts currently have a $65.00 price target on the stock.
Separately, analysts at Jefferies raised their price target on shares of Signature Bank from $65.00 to $67.00 in a research note to investors on Wednesday, April 27th. They now have a “buy” rating on the stock. Also, analysts at FBR Capital (NASDAQ: FBCM) raised their price target on shares of Signature Bank from $60.00 to $65.00 in a research note to investors on Wednesday, April 27th. They now have an “outperform” rating on the stock.
Shares of Signature Bank traded down 0.31% during mid-day trading on Tuesday, hitting $54.51. Signature Bank has a 52 week low of $35.85 and a 52 week high of $58.66. The stock’s 50-day moving average is $56.21 and its 200-day moving average is $51.24. The company has a market cap of $2.254 billion and a price-to-earnings ratio of 19.95.
Signature Bank last announced its quarterly results on Tuesday, April 26th. The company reported $0.82 earnings per share (EPS) for the previous quarter, beating the Thomson Reuters consensus estimate of $0.72 EPS by $0.10. During the same quarter in the prior year, the company posted $0.49 earnings per share. On average, analysts predict that Signature Bank will post $0.82 EPS next quarter.
Signature Bank (the Bank or Signature) is a New York-based, full-service commercial bank with 22 private client offices located in the New York metropolitan area serving the needs of privately owned business clients and their owners and senior managers. The Company offers a variety of business and personal banking products and services through, the Bank, as well as investment, brokerage, asset management and insurance products and services through its wholly owned subsidiary, Signature Securities Group Corporation (Signature Securities) a licensed broker-dealer and investment adviser. Through Signature Securities, the Company also purchases, securitize and sell the guaranteed portions of United States Small Business Administration (SBA) loans. The Company offers a variety of deposit, escrow deposit, credit, cash management, investment and insurance products and services to its clients. At December 31, 2008, the Company maintained approximately 9,400 investment accounts.