FBR Capital Reiterates an 'Outperform' on Signature Bank (SBNY); Another Signature Beat; Raising Price Target

FBR Capital reiterates an 'Outperform' on Signature Bank (NASDAQ: SBNY), PT increased from $60 to $65.

FBR analyst says, "In 1Q11, Signature grew EPS 48% from the yearago period, despite increased provision expense, reflecting strong balance sheet growth and positive operating leverage. Signature added five new teams in 2011 and we expect there could be more added over the course of the year, facilitating future balance sheet growth. Profitability continues to strengthen, reflecting growth in pre-provision earnings. We increase our 2011 operating EPS estimate to $3.25 (from $3.15) and our 2012 EPS estimate to $3.75 (from $3.60) to reflect stronger net interest income, driven by higher earning asset growth."

For more ratings news on Signature Bank click here and for the rating history of Signature Bank click here.

Shares of Signature Bank closed at $57.23 yesterday.

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