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Fly News Breaks for November 8, 2019
Nov 8, 2019 | 07:09 EDT
Stephens analyst Matt Breese named ConnectOne (CNOB) as his top pick and Best Idea, replacing the firm's prior Best Idea in Northeast banks, Signature Bank (SBNY). He believes ConnectOne can show margin stability and core margin expansion in 2020 despite a challenging inverted yield curve as deposit cost reductions are expected to more than offset yield reductions, Breese tells investors. He maintains an Overweight rating and $27.50 price target on ConnectOne shares.
News For CNOB;SBNY From the Last 2 Days
Jan 22, 2021 | 08:20 EST
Maxim analyst Michael Diana raised the firm's price target on Signature Bank to $200 from $172 and keeps a Buy rating on the shares. The company posted a "big" Q4 earnings beat with record deposit growth set to be deployed into new loans, the analyst tells investors in a research note. Diana is also updating his valuation model with a target multiple of 14.3-times earnings vs. 13.2-times prior.
Jan 21, 2021 | 05:07 EST
Reports Q4 book value per share $95.56. Reports Q4 CET1 capital ratio 9.87%. Reports Q4 net charge-offs .10%. Total Deposits in Q4 Increased a record $8.98B to $63.32B, while average deposits Increased a record $10.36B, or 20.1%. "2020 was a year where many worldwide suffered immensely due to the effects of the COVID-19 pandemic. With the distribution of the vaccines, we hope the world will be a safer place soon and look forward to 2021 being a year where we return to normal and all whose lives have been horribly affected can heal. During these difficult times, Signature Bank focused on providing assistance for colleagues and clients alike through several beneficial programs, including PPP, to help them through their struggles. 2020 also marked the time where recent initiatives put forth by the Bank developed into full-fledged businesses as the pandemic did not slow their progress. These new businesses, coupled with efforts emanating from our existing franchise, flourished throughout the year. The Bank saw remarkable record deposit growth and significant record loan growth leading to nearly $1 billion in pretax, pre-provision earnings, which increased 16.1 percent for the year. Furthermore, we strengthened our West Coast presence meaningfully utilizing our core banking model in California. To this end, 17 teams were appointed in Los Angeles and San Francisco in 2020 alone," explained Signature Bank president and CEO Joseph DePaolo.