Signature Bank (NASDAQ:SBNY) is a New York-based full-service commercial bank with 38 private client offices throughout New York, Connecticut, California, and North Carolina. Signature Bank’s specialty finance subsidiary, Signature Financial LLC, provides equipment finance and leasing. Signature Securities Group Corporation, a wholly owned subsidiary, is a licensed broker-dealer and investment adviser offering investment, brokerage, asset management, and insurance products and services. At the end of 2021, the bank had total assets of $118 billion, deposits of $85.31 billion, and loans of $65.25 billion.

Stock Overview

• Market Cap: 7.17 Billion
• PE Ratio: 5.56
• Dividend Yield: 1.97%

Signature Bank has a digital asset deposit base valued at about $24 billion that represents about 24% of total deposits as of the third quarter of 2022. Poonawala says Signature investors are concerned about cryptocurrency market contagion following the bankruptcy of crypto exchange FTX. Despite the crypto headwinds, Poonawala says Signature shares are attractively valued, assuming the Federal Reserve is approaching its terminal interest rate. Bank of America has a “buy” rating and $196 price target for SBNY stock.