Shares of Signature Bank (SBNY) of New York closed at $58.70 Friday, down 2% year-to-date, following a 20% return last year.
The shares trade for 1.9 times tangible book value, and for 14 times the consensus 2013 earnings estimate of $4.21. The consensus 2013 EPS estimate is $3.66.
Ramsey on Monday lowered his 2012 EPS estimate for Signature Bank to $3.65 from $3.70 and his 2013 estimate to $4.30 from $4.45, based on the expectation of a reduced net interest margin.The analyst left his price target for Signature Bank at $75. In April, Ramsey said that the bank's "new equipment/ transportation financing subsidiary a big positive for the story, and a catalyst for shares to outperform," providing "another avenue for Signature to grow loans and utilize its low cost deposit funding," and that "these generally short-duration loans also improve Signature's interest rate positioning and offer better yields than securities." Interested in more on Signature Bank? See TheStreet Ratings' report card for this stock.
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