Signature Bank (SBNY) Received its Third Buy in a Row
After Raymond James and Piper Sandler gave Signature Bank (NASDAQ: SBNY) a Buy rating last month, the company received another Buy, this time from Maxim Group. Analyst Michael Diana reiterated a Buy rating on Signature Bank yesterday and set a price target of $155.00. The company’s shares closed last Wednesday at $82.51.
According to TipRanks.com, Diana is currently ranked with 0 stars on a 0-5 stars ranking scale, with an average return of -5.1% and a 45.0% success rate. Diana covers the Financial sector, focusing on stocks such as First Eagle Alternative Capital BDC, First Savings Financial Group, and Arlington Asset Investment.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Signature Bank with a $125.67 average price target, implying a 51.2% upside from current levels. In a report issued on October 8, Piper Sandler also initiated coverage with a Buy rating on the stock with a $120.00 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 revenue of $400 million and net profit of $117 million. In comparison, last year the company earned revenue of $343 million and had a net profit of $147 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.