StockNews.com Begins Coverage on Signature Bank (NASDAQ:SBNY)

Posted by on May 6th, 2023

Research analysts at StockNews.com began coverage on shares of Signature Bank (NASDAQ:SBNY – Get Rating) in a note issued to investors on Saturday. The brokerage set a “sell” rating on the bank’s stock.

Other analysts also recently issued reports about the stock. Stephens downgraded shares of Signature Bank from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $150.00 to $145.00 in a research report on Wednesday, January 18th. Jefferies Financial Group downgraded shares of Signature Bank from a “buy” rating to a “hold” rating in a research report on Monday, January 9th. Wells Fargo & Company restated an “overweight” rating on shares of Signature Bank in a research report on Monday, March 13th. Bank of America boosted their price target on shares of Signature Bank from $8.00 to $10.00 in a research report on Monday, April 3rd. Finally, Morgan Stanley dropped their price target on shares of Signature Bank from $132.00 to $124.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 18th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $174.53.

Signature Bank Trading Up 12.5 %

Shares of NASDAQ:SBNY opened at $0.09 on Friday. The company has a market cap of $5.66 million, a PE ratio of 0.00 and a beta of 1.49. The company’s 50-day moving average price is $36.38 and its 200 day moving average price is $97.32. Signature Bank has a fifty-two week low of $0.05 and a fifty-two week high of $246.35. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 1.48.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SBNY. IHT Wealth Management LLC raised its stake in shares of Signature Bank by 2.7% in the 1st quarter. IHT Wealth Management LLC now owns 2,296 shares of the bank’s stock valued at $674,000 after buying an additional 60 shares in the last quarter. Raymond James Trust N.A. raised its stake in shares of Signature Bank by 5.3% in the 1st quarter. Raymond James Trust N.A. now owns 1,660 shares of the bank’s stock valued at $487,000 after buying an additional 84 shares in the last quarter. Cetera Investment Advisers raised its stake in shares of Signature Bank by 1.6% in the 4th quarter. Cetera Investment Advisers now owns 5,712 shares of the bank’s stock valued at $658,000 after buying an additional 90 shares in the last quarter. Utah Retirement Systems raised its stake in shares of Signature Bank by 0.9% in the 3rd quarter. Utah Retirement Systems now owns 11,030 shares of the bank’s stock valued at $1,665,000 after buying an additional 100 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its stake in shares of Signature Bank by 2.5% in the 4th quarter. Louisiana State Employees Retirement System now owns 4,100 shares of the bank’s stock valued at $472,000 after buying an additional 100 shares in the last quarter. 93.62% of the stock is owned by hedge funds and other institutional investors.

Signature Bank Company Profile

(Get Rating)

Signature Bank engages in the provision of commercial banking services. It operates through the Commercial Banking and Specialty Finance segments. The Commercial Banking segment consists of commercial real estate lending, commercial and industrial lending, and commercial deposit gathering activities.

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