Signature Bank (SBNY) Declined in Q3 on Management Guidance

TimesSquare Capital Management, an equity investment management company, released its “U.S. FOCUS Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -2.78% (net), compared to -0.65% return for the Russell Midcap Growth Index. Macroeconomic pressures led the strategy to underperform relative to the benchmark in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

TimesSquare Capital highlighted stocks like Signature Bank (NASDAQ:SBNY) in its Q3 2022 investor letter. Headquartered in New York, New York, Signature Bank (NASDAQ:SBNY) offers banking products and services. On December 27, 2022, Signature Bank (NASDAQ:SBNY) stock closed at $113.98 per share. One-month return of Signature Bank (NASDAQ:SBNY) was -15.11%, and its shares lost 65.10% of their value over the last 52 weeks. Signature Bank (NASDAQ:SBNY) has a market capitalization of $7.173 billion.

TimesSquare Capital made the following comment about Signature Bank (NASDAQ:SBNY)  in its Q3 2022 investor letter:

Signature Bank (NASDAQ:SBNY), retreated by -16%. Second quarter earnings topped estimates, driven by net interest margin expansion and loan growth. However, deposit outflows and higher expenses, caused management to reduced forward guidance.”

Meeting, Business Meeting, Team, teamwork

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Signature Bank (NASDAQ:SBNY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Signature Bank (NASDAQ:SBNY) at the end of the third quarter, which was 38 in the previous quarter.

We discussed Signature Bank (NASDAQ:SBNY) in another article and shared top regional bank stocks in the U.S. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.