Are Signature Bank (NASDAQ:SBNY) Shares a Sell Now? Raymond James Has Downgraded Stock

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Signature Bank (NASDAQ:SBNY) Receives a Downgrade

The old rating for Signature Bank (NASDAQ:SBNY) shares of a Strong Buy has been discontinued, as stock analysts at Raymond James cut the current rating for Signature Bank (NASDAQ:SBNY) shares to a Outperform.

From a total of 19 analysts covering Signature Bank (NASDAQ:SBNY) stock, 17 rate it a ”Buy”, 0 a “Sell”, and 3 a ”Hold”. This means that 85% of the ratings are positive. The highest target price is $176 while the lowest target price is $154. The mean of all analyst targets is $167.42 with a 5.19% above today’s ($157.51) stock price. Signature Bank was the topic of 17 analyst reports since July 22, 2015 according to the firm StockzIntelligence Inc. RBC Capital Markets initiated shares on September 30 with “Outperform” rating. Zacks upgraded shares to “Buy” rating and $144 target share price in a report from a September 2. Raymond James upgraded SBNY stock in a recent report from July 23 to “Strong Buy” rating.

Approximately 99,295 shares of stock traded hands. Signature Bank (NASDAQ:SBNY) has risen 11.46% since May 14, 2015 and is uptrending. It has outperformed by 13.73% the S&P500.

Signature Bank is a full-service commercial bank with 27 private client o�ffices located throughout the New York metropolitan area. The company has a market cap of $7.88 billion. The Bank primarily serves privately owned businesses, their owners and senior managers. It has 22.96 P/E ratio. Signature Bank offers a range of business and personal banking services and products as well as investment, brokerage, asset management and insurance services and products through its subsidiary, Signature Securities Group Corporation, a licensed broker-dealer, investment adviser.

According to Zacks Investment Research, “Signature Bank is a full service commercial bank with ten private client offices located in the New York metropolitan area serving the needs of privately owned business clients and their owners and senior managers. The bank offers a wide variety of business and personal banking products and services through the bank as well as investment, brokerage, asset management and insurance products and services through its subsidiary, Signature Securities Group Corporation, a licensed broker-dealer and investment adviser.”

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