Maxim Group analyst Michael Diana reiterated a Buy rating on Signature Bank (NASDAQ: SBNY) today and set a price target of $200. The company’s shares closed yesterday at $115.92, close to its 52-week low of $108.89.
“Yesterday, SBNY announced the addition of three new banking teams, bringing the total of new teams to eight thus far in 2018. This exceeds the company’s target of three to five new teams per year and is one of the reasons that we maintain a positive outlook on SBNY fundamentals and shares.”
According to TipRanks.com, Diana is a 4-star analyst with an average return of 6.5% and a 60.9% success rate. Diana covers the Financial sector, focusing on stocks such as First Savings Financial Group, Manhattan Bridge Capital Inc, and Arlington Asset Investment.
Currently, the analyst consensus on Signature Bank is a Moderate Buy with an average price target of $149.44, a 28.9% upside from current levels. In a report issued on October 1, Wells Fargo also maintained a Buy rating on the stock.
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.