Wells Fargo Starts Signature Bank (SBNY) at Market Perform; High-Quality But Rich Valuation

Wells Fargo initiates coverage on Signature Bank (NASDAQ: SBNY) with a Market Perform. PT $61.00.

Wells analyst says, "While Signature has outperformed peers on loan growth, current valuation is reflective of performance, in our view. Renewed competition could reduce loan growth over the longer term. Signature, based in New York, caters primarily to privately owned businesses with a relationship-focused touch. The bank, with its commercial real estate (CRE) growth initiative, has been one of few with loan growth throughout the credit downturn and into the current recovery period."

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 $62.42 yesterday.

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