Signature Bank (SBNY) PT Lowered to $157 at Piper Jaffray

Piper Jaffray lowered its price target on Signature Bank (NASDAQ: SBNY) to $157.00 (from $167.00) while maintaining a Neutral rating. SBNY reported EPS of $2.15, ahead of the Street's estimate of $2.10. Piper Jaffray raised 2017 EPS estimates to $9.39 to reflect the upside in 1Q17.

NIM of 3.14-3.15% in 17E/18E is 3-4bp lower and reflects a tighter curve and lower prepayments. Analyst Peyton Green believes that the tightening of the yield curve and a gradual increase in the cost of money market deposits will result in a flat NIM in 17E.

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