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

Posted by on May 22nd, 2023

Equities researchers at StockNews.com began coverage on shares of Signature Bank (NASDAQ:SBNY – Get Rating) in a research note issued on Monday. The brokerage set a “sell” rating on the bank’s stock.

SBNY has been the topic of several other research reports. Wells Fargo & Company reissued an “overweight” rating on shares of Signature Bank in a research note on Monday, March 13th. Bank of America boosted their price objective on shares of Signature Bank from $8.00 to $10.00 in a research note on Monday, April 3rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Signature Bank has a consensus rating of “Moderate Buy” and a consensus target price of $174.53.

Signature Bank Stock Performance

Shares of Signature Bank stock opened at $0.14 on Monday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 1.48. Signature Bank has a twelve month low of $0.05 and a twelve month high of $226.59. The stock has a market cap of $8.80 million, a price-to-earnings ratio of 0.01 and a beta of 1.49. The company’s fifty day moving average is $15.51 and its 200 day moving average is $85.84.

Hedge Funds Weigh In On Signature Bank

Institutional investors have recently made changes to their positions in the stock. OLD Mission Capital LLC acquired a new position in shares of Signature Bank during the fourth quarter valued at about $26,000. Parallel Advisors LLC increased its position in shares of Signature Bank by 355.4% during the fourth quarter. Parallel Advisors LLC now owns 255 shares of the bank’s stock worth $29,000 after acquiring an additional 199 shares in the last quarter. Allworth Financial LP increased its position in shares of Signature Bank by 97.3% during the fourth quarter. Allworth Financial LP now owns 296 shares of the bank’s stock worth $34,000 after acquiring an additional 146 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Signature Bank during the third quarter worth about $45,000. Finally, Quadrant Capital Group LLC increased its position in shares of Signature Bank by 473.0% during the fourth quarter. Quadrant Capital Group LLC now owns 361 shares of the bank’s stock worth $42,000 after acquiring an additional 298 shares in the last quarter. Institutional investors and hedge funds own 93.62% of the company’s stock.

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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Analyst Recommendations for Signature Bank (NASDAQ:SBNY)

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