Signature Bank (SBNY) Received its Third Buy in a Row

After Maxim Group and Jefferies gave Signature Bank (NASDAQ: SBNY) a Buy rating last month, the company received another Buy, this time from Wedbush. Analyst David Chiaverini initiated coverage with a Buy rating on Signature Bank today and set a price target of $295.00. The company’s shares closed last Monday at $191.64, close to its 52-week low of $179.05.

According to TipRanks.com, Chiaverini is a 4-star analyst with an average return of 8.0% and a 42.6% success rate. Chiaverini covers the Financial sector, focusing on stocks such as Pacific Premier Bancorp, Valley National Bancorp, and Cathay General Bancorp.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Signature Bank with a $391.82 average price target, implying a 95.0% upside from current levels. In a report issued on May 13, Jefferies also maintained a Buy rating on the stock with a $352.00 price target.

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Based on Signature Bank’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $608 million and net profit of $339 million. In comparison, last year the company earned revenue of $439 million and had a net profit of $191 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.

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