Opinions
Greg Dean
Signature Bank
SBNY-Q
TOP PICK
Aug 02, 2016
$117.980
Stock price when the opinion was issued
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TOP PICK
Thinks this is the fastest growing bank in America that has branches. Have gone from a single branch in 2001 to 27 branches, just in the New York City area. Only focus on serving privately owned businesses, their owners and their senior managers. Growing their earnings per share this year at about 21% and revenues at around 23% and are trading at around 21X earnings. There is nothing to stop them from taking this business model and taking it to other states. Expanding into Connecticut later this year, followed by New Jersey. Clients are high net worth.
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DON'T BUY
Hitched its wagon to the crypto space, about 25% of deposits are digital. Tough space. Partnered with Coinbase on a platform. Lots of deposits are leaving, reserves falling, loans to deposits ratio climbing dangerously. Too much mystery for him. If you want exposure to the space, you could look at it, but buyer beware.
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They are extremely targeted and very focused on small/medium Enterprises, and the owner/entrepreneurs that run those businesses. A very conservative and well-run bank. They are carving out the top teens from all the top-performing bulge bracket banks. They come to Signature and get a P&L, so if they make a good loan, they participate in profits. If they make a bad loan, they have to wear the loss. BV multiple is about 1.8.