Signature Bank (NASDAQ:SBNY) is reporting third quarter financial results on Tuesday 20th October 2020, before market open.
According to analysts surveyed by Thomson Reuters, SBNY is expected to report 3Q20 income of $ 2.76 per share from revenue of $ 421.41 million.
For the full year, analysts anticipate top line of $ 1616.44 million, while looking forward to income of $ 9.76 per share bottom line.
Previous Quarter Performance
Signature Bank came out with income for the second quarter of $ 2.21 per share, from the revenue of $ 399.80 million. The quarterly earnings down 18.45 percent while revenues developed 20.14 percent compared with the same quarter last year.
Street analysts expected Signature Bank to report income of $ 2.24 per share on revenue of $ 389.14 million for the second quarter. The bottom line results missed street analysts by $ 0.03 or 1.34 percent, at the same time, top line results outshined analysts by $ 10.66 million or 2.74 percent.
Stock Performance
Shares of Signature Bank traded low $ -0.87 or -1.00 percent on Monday, reaching $ 85.92 with volume of 693.90 thousand shares. Signature Bank has traded high as $ 88.07 and has cracked $ 85.68 on the downward trend
According to the previous trading day, closing price of $ 85.92, representing a 25.82 % increase from the 52 week low of $ 68.98 and a 41.61 % decrease over the 52 week high of $ 148.64.
The company has a market capital of $ 4.60 billion and is part of the Financial Services sector and Banks – Regional – US industry.
Recent Analyst recommendations
- On 9th October 2020, initiated by Credit Suisse Group at Outperform rating, with $ 107.00 target price.
- On 8th October 2020, initiated by Piper Sandler at Overweight rating, with $ 120.00 target price.
Conference Call
Signature Bank will be hosting a conference call at 10:00 AM eastern time on 20th October 2020, to discuss its 3Q20 financial results with the investment community. A live webcast with presentations will be available on the Internet by visiting the Company website www.signatureny.com
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. The company also offers loan products comprising commercial and industrial loans; real estate loans, such as loans secured by commercial and residential properties, and construction and land loans; temporary financing for commercial and residential properties; letters of credit; and personal lines of credit and loans to acquire personal assets, as well as asset-based lending, mortgages, home equity loans, and credit card accounts.
