Signature Bank Received its Third Buy in a Row

After KBW and Stephens assigned a Buy rating to Signature Bank in the last month, the company received another Buy, this time from 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 $153.44.

Diana commented:

“SBNY reported 4Q17 EPS of $2.11, versus consensus of $2.23. Loan loss provisioning for SBNY’s taxi medallion loan portfolio accounted for the “miss.” Excluding this provisioning and a one-time tax benefit, EPS would have been $2.43. We note that SBNY’s taxi medallion loan exposure is now only 0.9% of total loans.”

According to TipRanks.com, Diana is a 4-star analyst with an average return of 7.0% and a 64.3% success rate. Diana covers the Financial sector, focusing on stocks such as Wheeler Real Estate ate Investment Trust Inc, Oaktree Specialty Lending Corporation, and First Savings Financial Group.

Currently, the analyst consensus on Signature Bank is Moderate Buy and the average price target is $160.17, representing a 4.4% upside.

In a report issued on January 8, Jefferies also reiterated a Buy rating on the stock with a $167 price target.

The company has a one-year high of $164.23 and a one-year low of $116.68. Currently, Signature Bank has an average volume of 438.8K.

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Signature Bank engages in the provision of commercial bank services. It operates through the following segments: Commercial Banking and Specialty Finance. The Commercial Banking segment offers commercial real estate lending, commercial and industrial lending, and commercial deposit gathering activities.

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