After Maxim Group and Wells Fargo gave Signature Bank (NASDAQ: SBNY) a Buy rating last month, the company received another Buy, this time from Morgan Stanley. Analyst Ken Zerbe maintained a Buy rating on Signature Bank today and set a price target of $133.00. The company’s shares closed last Wednesday at $100.67.
According to TipRanks.com, Zerbe is a 1-star analyst with an average return of -3.8% and a 44.2% success rate. Zerbe covers the Financial sector, focusing on stocks such as Zions Bancorporation National Association, People’s United Financial, and Valley National Bancorp.
Currently, the analyst consensus on Signature Bank is a Moderate Buy with an average price target of $112.64, representing a 2.5% upside. In a report issued on April 23, Wells Fargo also maintained a Buy rating on the stock with a $110.00 price target.
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Based on Signature Bank’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $346 million and net profit of $148 million. In comparison, last year the company earned revenue of $341 million and had a net profit of $161 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.
