Raymond James Believes Signature Bank (NASDAQ: SBNY) Still Has Room to Grow

Raymond James analyst David Long maintained a Buy rating on Signature Bank (SBNYResearch Report) today. The company’s shares closed last Wednesday at $239.27, close to its 52-week high of $249.94.

According to TipRanks.com, Long is a 3-star analyst with an average return of 3.5% and a 39.0% 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 $265.58 average price target, representing a 21.7% upside. In a report issued on April 9, Jefferies also maintained a Buy rating on the stock with a $261.00 price target.

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Signature Bank’s market cap is currently $12.63B and has a P/E ratio of 22.90. The company has a Price to Book ratio of 2.25.

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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.