Morgan Keegan Gives Early Read on Signature Bank 4Q11

According to a research report published by Morgan Keegan, Signature Bank (NASDAQ: SBNY) is strong to finish 2011 as its beat on higher revenues.

In the report, Morgan Keegan states, “SBNY reported 4Q11 EPS of $0.85, beating our $0.80 and $0.84 consensus estimates. Beat to our estimate was driven by prepayment penalty income on loans (+$0.04) and stronger balance sheet growth (+$0.02), partially offset by higher provisioning (-$0.01).”

Morgan Keegan maintains its Market Perform rating and $56.00 PT on Signature Bank, which closed yesterday at $61.90.