Maxim Group analyst Michael Diana reiterated a Buy rating on Signature Bank (SBNY – Research Report) today and set a price target of $190. The company’s shares opened today at $134.98, close to its 52-week high of $141.25.
“The combination of a new Venture (VC) Banking Group, eight new banking teams in 2018, and stability of the fed funds rate should produce a stable net interest margin (NIM) in 2019 and superior performance relative to peers.”
According to TipRanks.com, Diana is a 5-star analyst with an average return of 6.2% and a 61.5% success rate. Diana covers the Financial sector, focusing on stocks such as First Savings Financial Group, Manhattan Bridge Capital Inc, and Arlington Asset Investment.
Signature Bank has an analyst consensus of Strong Buy, with a price target consensus of $149.30, which is a 10.6% upside from current levels. In a report issued on April 4, J.P. Morgan also upgraded the stock to Buy with a $150 price target.
Based on Signature Bank’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $161 million. In comparison, last year the company had a net profit of $34.47 million.
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Signature Bank engages in the provision of commercial bank services. It operates through the Commercial Banking and Specialty Finance business segments. The Commercial Banking segment offers commercial real estate lending, commercial and industrial lending, and commercial deposit gathering activities.