First Mercantile Trust Co buys $1,172,527 stake in Signature Bank (SBNY)

Signature Bank (SBNY) : First Mercantile Trust Co scooped up 2,871 additional shares in Signature Bank during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Oct 7, 2016. The investment management firm now holds a total of 9,508 shares of Signature Bank which is valued at $1,172,527.Signature Bank makes up approximately 0.16% of First Mercantile Trust Co’s portfolio.

Other Hedge Funds, Including , Simplex Trading sold out all of its stake in SBNY during the most recent quarter. The investment firm sold 121 shares of SBNY which is valued $14,922.Independent Portfolio Consultants boosted its stake in SBNY in the latest quarter, The investment management firm added 65 additional shares and now holds a total of 200 shares of Signature Bank which is valued at $24,532. Signature Bank makes up approx 0.01% of Independent Portfolio Consultants’s portfolio.Bnp Paribas Arbitrage Sa reduced its stake in SBNY by selling 77,684 shares or 90.16% in the most recent quarter. The Hedge Fund company now holds 8,482 shares of SBNY which is valued at $1,040,402. Washington Trust Bank sold out all of its stake in SBNY during the most recent quarter. The investment firm sold 27 shares of SBNY which is valued $3,312.

Signature Bank opened for trading at $122.25 and hit $123.46 on the upside on Friday, eventually ending the session at $123.32, with a gain of 0.84% or 1.03 points. The heightened volatility saw the trading volume jump to 4,14,140 shares. Company has a market cap of $6,620 M.

On the company’s financial health, Signature Bank reported $1.90 EPS for the quarter, missing the analyst consensus estimate by $ -0.08 based on the information available during the earnings call on Jul 20, 2016. Analyst had a consensus of $1.98.Analysts expectations of $ 295.42.During the same quarter in the previous year, the company posted $1.77 EPS.

Many Wall Street Analysts have commented on Signature Bank. Shares were Upgraded by Barclays on Sep 28, 2016 to ” Overweight” and Lowered the Price Target to $ 139 from a previous price target of $150 .Shares were Reiterated by FBR Capital on Jul 21, 2016 to “Outperform” and Lowered the Price Target to $ 155 from a previous price target of $167 .

Signature Bank (the Bank) is a full-service commercial bank with 27 private client o?ffices located throughout the New York metropolitan area. The Bank primarily serves privately owned businesses their owners and senior managers. Signature Bank offers a range of business and personal banking products and services as well as investment brokerage asset management and insurance products and services through its subsidiary Signature Securities Group Corporation a licensed broker-dealer investment adviser. In addition Signature Bank’s wholly owned specialty finance subsidiary Signature Financial LLC provides equipment finance and leasing along with taxi medallion and transportation financing to clients located throughout the United States. Through Signature Securities it also purchases securitizes and sells the guaranteed portions of the United States Small Business Administration (SBA) loans.

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