UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Signature Bank

In a report published Wednesday, BMO Capital Markets reiterated its Market Perform rating on Signature Bank

, and raised its price target from $68.00 to $70.00. BMO Capital Markets noted, “SBNY reported robust loan growth (averages up 36% annualized from 2Q) and deposit growth (up 21%). Management remains optimistic about the ability to take market share, and indicated that loan pipelines remain strong. Loan growth continues to come mainly from multi-family lending, and SBNY Financial contributed another $200 million to growth this quarter. While the interest rate environment is very challenging, SBNY's ability to deploy deposit growth and securities run-off into loans allows it to manage margin pressure. At the same time, credit quality and capital ratios remain strong.” Signature Bank closed on Tuesday at $69.85.