Signature Bank Receives a Hold from BMO Capital

By Ryan Adsit

BMO Capital analyst Lana Chan reiterated a Hold rating on Signature Bank (NASDAQ: SBNY) yesterday and set a price target of $165. The company’s shares closed yesterday at $144.61.

According to TipRanks.com, Chan is a 5-star analyst with an average return of 14.7% and a 77.2% success rate. Chan covers the Financial sector, focusing on stocks such as Westamerica Bancorporation, Huntington Bancshares Inc, and Cathay General Bancorp.

Signature Bank has an analyst consensus of Strong Buy, with a price target consensus of $172.43.

Based on Signature Bank’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $363 million and quarterly net profit of $134 million. In comparison, last year the company earned revenue of $325 million and had a net profit of $104 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 offers commercial real estate lending, commercial and industrial lending, and commercial deposit gathering activities. The Specialty Finance segment involves in financing and leasing products, including equipment, transportation, taxi medallion, commercial marine, commercial vehicle, municipal, and national franchise financing, and leasing. The company was founded by John Tamberlane, Scott Aaron Shay, and Joseph J. DePaolo in September 2000 and is headquartered in New York, NY.