UPDATE: Piper Sandler Starts Signature Bank (SBNY) at Overweight

(updating comment)

Piper Sandler analyst Mark Fitzgibbon initiates coverage on Signature Bank (NASDAQ: SBNY) with a Overweight rating and a price target of $120.00.

The analyst comments "There are four main reasons we like the Signature Bank story: 1) With the stock down 37% YTD, trading at just 7.1x our 2021 EPS estimate and 96% of TBV, we think this is an attractive entry point; 2) We believe that the company’s uniquely successful approach to the banking business and geographic expansion will allow it to continue to grow at a rate that is well above industry averages; 3) We have great confidence that in spite of the Covid-related challenges facing NYC, it will continue to be one of the most economically vibrant cities in the world and SBNY will fare quite well; and 4) Finally, we believe that profitability at SBNY will remain above peers owing to a variety of factors including a focus on lower-rate deposits, modest credit costs and superior operating efficiency."

For an analyst ratings summary and ratings history on Signature Bank click here. For more ratings news on Signature Bank click here.

Shares of Signature Bank closed at $86.05 yesterday.

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