UPDATE: Sterne Agee Downgrades Signature Bank As Shares Move Within 1% Of Price Target

In a report published Wednesday, Sterne Agee analyst Peyton Green downgraded Signature Bank

from a Buy rating to a Neutral rating and maintained a price target of $109.00. In the report, Sterne Agee says "We are lowering our rating on SBNY to Neutral from Buy, as the shares have moved to within 1% of our price target of $109, or 18x 2015E EPS. Although SBNY has strong potential to post EPS upside, provided it has robust average loan and deposit growth, the shares lack a margin of safety, in our opinion." Signature Bank closed on Tuesday at $108.12.