Signature Bank (NASDAQ:SBNY) is among the top gainers of the stock market today, skyrocketing 3.63% or (4.19 points) to $119.49 from its previous close of $115.3. Does this growth mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 304768 contracts so far this session. SBNY shares had a relatively better volume day versus average trading capacity of 437.54 thousand shares, but with a 53.74 million float and a -9.75% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for SBNY stock indicates that the average analyst price target is $146.28 per share. This means the stock has a potential increase of 22.42% from where the SBNY share price has been trading recently which is between $115.05 and $118.3. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $130.
The shorts are climbing into Signature Bank (SBNY) stock. The latest set of short interest data was released on 30 April 2019, and the numbers show a rise in short interest in SBNY shares. While short interest still represents only 1.84% of SBNY’s float, the number of shares shorted have risen by 298530. The number of shares shorted advanced to 1288754 shares, up from 990224 shares during the preceding fortnight. With average daily trading volumes at 625969 shares, days to cover decreased to about 2.650422 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Why Signature Bank’s (NASDAQ:SBNY) CEO Pay Matters To You” and dated May 17, 2019.
During the recent trading session for Signature Bank (NASDAQ:SBNY), the company witnessed their stock drop by $-7.42 over a week and tumble down $-6.87 from the price 20 days ago. When compared to their established 52-week high of $137.93, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 03/04/19. The recent low of $98.54 stood for a -13.38% since 12/26/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.36 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for Signature Bank, the two-week RSI stands at 37.25. This figure suggests that SBNY stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current SBNY readings is similarly very revealing as it has a stochastic reading of 11.93% at this stage. This figure means that SBNY share price today is being overbought.
Technical chart claims that Signature Bank (SBNY) would settle between $117.38/share to $119.47/share level. However, if the stock price goes below the $114.13 mark, then the market for Signature Bank becomes much weaker. If that happens, the stock price might even plunge as low as $112.97 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -6.14. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Wedbush lowered their recommendation on shares of SBNY from Outperform to Neutral in their opinion released on May 15. FIG Partners analysts have lowered their rating of Signature Bank (NASDAQ:SBNY) stock from Outperform to Market Perform in a separate flash note issued to investors on April 18. Analysts at JP Morgan released an upgrade from Neutral to Overweight for the stock, in a research note that dated back to April 04.
SBNY equity has an average rating of 1.84, with the figure leaning towards a bullish end. 19 analysts who tracked the company were contacted by Reuters. Amongst them, 4 rated the stock as a hold while the remaining 15 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 15 analysts rated Signature Bank (NASDAQ:SBNY) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, SBNY stock price is currently trading at 9.52X forward 12-month Consensus EPS estimates, and its P/S ratio is 4.82 while for the average stock in the same group, the multiple is 7.68. Signature Bank current P/E ratio of 10.25 means it is trading at a discount against its industry’s 18.65. In the past 5 years, this ratio for the stock has been fluctuating between 11.14 and 21.17.
Signature Bank (SBNY)’s current-quarter revenues are projected to climb by nearly 2.15% to hit $333650, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over 2.53% from $1.32 billion to a noteworthy $1.36 billion. At the other end of the current quarter income statement, Signature Bank is expected to see its adjusted earnings surge by roughly -3.9% to hit $2.71 per share. For the fiscal year, SBNY’s earnings are projected to climb by roughly 19.83% to hit $11.06 per share.