Raymond James Believes Signature Bank (SBNY) Won’t Stop Here
In a report released today, David Long from Raymond James maintained a Buy rating on Signature Bank (SBNY). The company’s shares closed last Thursday at $151.76, close to its 52-week high of $160.53.
According to TipRanks.com, Long is ranked 0 out of 5 stars with an average return of -2.6% and a 33.2% success rate. Long covers the Financial sector, focusing on stocks such as Zions Bancorporation National Association, Enterprise Financial Services, and Old National Bancorp Capital.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Signature Bank with a $151.63 average price target, implying a -0.9% downside from current levels. In a report issued on January 7, Morgan Stanley also maintained a Buy rating on the stock with a $170.00 price target.
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Based on Signature Bank’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $413 million and net profit of $139 million. In comparison, last year the company earned revenue of $343 million and had a net profit of $148 million.
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Signature Bank engages in the provision of commercial bank services. It operates through the Commercial Banking and Specialty Finance segments. The Commercial Banking segment comprises of commercial real estate lending, commercial and industrial lending, and commercial deposit gathering activities. The Specialty Finance segment consists of financing and leasing products. The company was founded by John Tamberlane, Scott Aaron Shay, and Joseph J. DePaolo in September 2000 and is headquartered in New York, NY.