J.P. Morgan Comments On Signature Bank 2Q EPS

According to J.P. Morgan, Signature Bank SBNY reported 2Q11 EPS of $0.87, or $0.84 excluding one-timers, ahead of its and the consensus estimate of $0.78. J.P. Morgan said that signature's earnings beat was a function of PTPP coming in much stronger than expected on a combination of strong revenue growth and reduced expenses in the quarter. “Following the strong 2Q results, we are increasing our Dec 2012 price target from $72 to $74 which assumes the shares trade at 2.2x TBV or maintain their current premium to peers. 23% upside to our target. We remain OW.” Signature Bank closed yesterday at $60.08.