Signature Bank (NASDAQ: SBNY) announced Q3 results with revenues of $717.7 million, up 40.1% year-over-year but falling short of Street estimates by $19.9 million.
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Adjusted earnings came in at $5.57 per share versus $3.88 in the same period a year back and surpassing analysts’ estimates of $5.41 per share.
Scott A. Shay, Chairman of the Signature Bank Board commented, “Our technology advancements, client retention and expansion, and business diversification all contributed to the $114.47 billion in assets we reached in the third quarter. These efforts, coupled with exceptional returns on capital, excellent credit metrics, and an emphasis on safe, less risky assets, continues to shape the future successes of Signature Bank.”
Is Signature Bank a Good Stock?
Analysts are bullish about SBNY with a Strong Buy consensus rating based on a unanimous 14 Buys. The average price forecast for SBNY stock is $249.29 implies an upside potential of 62.8% at current levels.