Could Signature Bank See a Reversal After Today’s Strong Options Activity?


 Could Signature Bank See a Reversal After Today's Strong Options Activity?

In today’s session Signature Bank (SBNY) recorded an unusually high (263) contracts volume of put trades. Someone, most probably a professional was a very active buyer of the December, 2016 put, expecting serious SBNY decrease. With 263 contracts traded and 864 open interest for the Dec, 16 contract, it seems this is a quite bearish bet. The option with symbol: SBNY161216P00110000 closed last at: $2.8 or 17.6% down. The stock increased 1.94% or $2.28 during the last trading session, hitting $119.65. About 484,561 shares traded hands or 9.72% up from the average. Signature Bank (NASDAQ:SBNY) has declined 12.31% since March 2, 2016 and is downtrending. It has underperformed by 21.55% the S&P500.

Analysts await Signature Bank (NASDAQ:SBNY) to report earnings on October, 18. They expect $2.04 EPS, up 8.51% or $0.16 from last year’s $1.88 per share. SBNY’s profit will be $108.44 million for 14.66 P/E if the $2.04 EPS becomes a reality. After $1.90 actual EPS reported by Signature Bank for the previous quarter, Wall Street now forecasts 7.37% EPS growth.

Signature Bank (NASDAQ:SBNY) Ratings Coverage

Out of 12 analysts covering Signature Bank (NASDAQ:SBNY), 10 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 83% are positive. Signature Bank has been the topic of 25 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The stock has “Outperform” rating given by Raymond James on Thursday, December 17. The firm has “Equal-Weight” rating given on Friday, October 9 by Barclays Capital. The company was downgraded on Tuesday, May 31 by Piper Jaffray. FBR Capital maintained the shares of SBNY in a report on Thursday, July 21 with “Outperform” rating. The firm earned “Strong Buy” rating on Thursday, July 23 by Raymond James. The stock has “Strong Buy” rating given by Raymond James on Tuesday, June 21. The company was upgraded on Wednesday, September 28 by Barclays Capital. The rating was upgraded by Zacks to “Hold” on Thursday, August 27. The firm has “Hold” rating given on Tuesday, September 8 by Zacks. As per Wednesday, September 2, the company rating was upgraded by Zacks.

Signature Bank is a full-service commercial bank. The company has a market cap of $6.36 billion. The Bank operates over 30 private client offices throughout the New York metropolitan area, including those in Manhattan, Brooklyn, Westchester, Long Island, Queens, the Bronx, Staten Island and Connecticut. It has a 15.46 P/E ratio. The Bank offers a range of business and personal banking services and products.

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