J.P. Morgan Maintains Neutral on Signature Bank

J.P. Morgan maintains its Neutral rating on Signature Bank SBNY after meeting with SBNY's President and CEO Joseph DePaolo and CFO Eric Howell. In its note to clients, J.P. Morgan writes, "The positive longer term outlook at SBNY seems to already be captured in the valuation with the shares trading at a 66% premium on a P/TBV basis, in our view. Consequently, we maintain our Neutral rating." J.P. Morgan increases its price target on SBNY from $50 to $54. SBNY closed yesterday at $48.88.