Signature Bank Beats Estimates With 72 Cents EPS (SBNY)

New York city-based Signature Bank SBNY on Tuesday morning released financial results that beat Wall Street earnings expectations. Signature Bank reported that its 4th quarter net income available to common shareholders rose to $30.3 million, or $0.72 per share, versus $21.0 million, or $0.51 per share, a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 63 cents per share. President and Chief Executive Officer Joseph J. DePaolo said, “The past decade for Signature Bank was one of exceptional growth and achievement, which culminated in a year of significant accomplishment. This was highlighted by yet another year where we delivered record earnings.” Signature Bank (SBNY) ended the previous trading session at $50.01 per share. Analysts covering the company's stock have a consensus price target of $50.50 per share. Signature Bank is a full-service commercial bank with 24 private client offices throughout the New York metropolitan area that offers a wide variety of business and personal banking products and services as well as investment, brokerage, asset management and insurance products and services through its subsidiary, Signature Securities Group Corporation. Read more from Benzinga's Company news.