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Stock impact report

Wedbush cuts Signature Bank target price but says deposit growth excluding crypto is encouraging [MarketWatch]

Signature Bank (SBNY) 
Last signature bank earnings: 4/23 05:00 am Check Earnings Report
US:NASDAQ Investor Relations: investor.signatureny.com/investor-relations
Company Research Source: MarketWatch
After the closing bell on Tuesday, Signature Bank said in its mid-quarter update that spot deposits are down by $1.64 billion in the wake of $4.27 billion in digital asset outflows. On the plus side, core business deposits excluding the digital asset banking team have increased by $2.64 billion thus far in the third quarter, Chiaverini said. "We're encouraged by the deposit growth excluding crypto, which reverses the trend we saw in the second quarter," he said. "Overall, we believe much of the anticipated decline in deposits should already be reflected in SBNY's relative valuation and note that crypto prices have appeared to have somewhat stabilized recently." Shares of Signature Bank are down 48% in 2022, compared to an 18% drop by the S&P 500 SPX, Read Next About the Author Steve Gelsi Steve Gelsi covers banking and cannabis a s a Senior Reporter for MarketWatch. Show less Read more
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