Retirement Systems of Alabama grew its position in Signature Bank (NASDAQ:SBNY) by 7.6% during the first quarter, HoldingsChannel reports. The firm owned 157,759 shares of the bank’s stock after acquiring an additional 11,093 shares during the period. Retirement Systems of Alabama’s holdings in Signature Bank were worth $20,204,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Somerset Trust Co raised its stake in Signature Bank by 153.6% during the 1st quarter. Somerset Trust Co now owns 213 shares of the bank’s stock worth $27,000 after acquiring an additional 129 shares in the last quarter. Fort L.P. purchased a new position in Signature Bank during the 4th quarter worth $60,000. Enlightenment Research LLC purchased a new position in Signature Bank during the 4th quarter worth $93,000. ETF Managers Group LLC grew its position in Signature Bank by 15.5% during the 4th quarter. ETF Managers Group LLC now owns 914 shares of the bank’s stock worth $94,000 after purchasing an additional 123 shares during the last quarter. Finally, Paradigm Asset Management Co. LLC purchased a new position in Signature Bank during the 3rd quarter worth $115,000. Institutional investors and hedge funds own 93.43% of the company’s stock.
SBNY stock opened at $136.10 on Wednesday. The stock has a market cap of $7.40 billion, a P/E ratio of 12.07, a P/E/G ratio of 1.09 and a beta of 1.36. Signature Bank has a 52 week low of $98.54 and a 52 week high of $141.25. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 1.19.
SBNY has been the topic of several research reports. BidaskClub downgraded shares of Signature Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, December 18th. Wedbush raised shares of Signature Bank from a “neutral” rating to an “outperform” rating and set a $102.56 target price on the stock in a report on Friday, December 21st. Hovde Group downgraded shares of Signature Bank from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 2nd. Deutsche Bank lifted their target price on shares of Signature Bank to $137.00 and gave the company a “buy” rating in a report on Friday, January 18th. Finally, Raymond James set a $135.00 target price on shares of Signature Bank and gave the company a “buy” rating in a report on Friday, January 18th. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $142.75.
About Signature Bank
Signature Bank provides various business and personal banking products and services. It accepts various deposit products, including commercial checking accounts, money market accounts, escrow deposit accounts, cash concentration accounts, interest-bearing and non-interest-bearing checking accounts, certificates of deposit, time deposits, and other cash management products.
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