Maxim Group analyst Michael Diana reiterated a Buy rating on Signature Bank (NASDAQ: SBNY) today and set a price target of $190. The company’s shares opened today at $116.35.
Diana observed:
“SBNY reported 3Q18 EPS of $2.84, versus consensus of $2.83. It was a strong quarter, in our view, with linked-quarter loan growth of 2.3% and deposit growth of 3.1%. Very importantly, the core net interest margin (NIM) was down 4bps, within (and toward the favorable end of) management’s NIM guidance range of down 3bps to down 6bps. Management maintained the same NIM guidance range for 4Q18. For 2019, management guided to: 1) a higher NIM if the Fed has two rate hikes; 2) a stable NIM if the Fed has three hikes; and 3) a lower NIM if the Fed has four rate hikes.”
According to TipRanks.com, Diana is a 4-star analyst with an average return of 5.0% and a 56.0% success rate. Diana covers the Financial sector, focusing on stocks such as First Savings Financial Group, Manhattan Bridge Capital Inc, and Arlington Asset Investment.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Signature Bank with a $146.80 average price target.
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Based on Signature Bank’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $155 million. In comparison, last year the company had a net profit of $124 million.
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Signature Bank engages in the provision of commercial bank services. It operates through the Commercial Banking and Specialty Finance business segments. The Commercial Banking segment offers commercial real estate lending, commercial and industrial lending, and commercial deposit gathering activities.
