Signature Bank (NASDAQ:SBNY) Coverage Initiated at StockNews.com

Posted by on Jun 23rd, 2023

StockNews.com started coverage on shares of Signature Bank (NASDAQ:SBNY – Get Rating) in a research report issued on Friday. The brokerage set a “sell” rating on the bank’s stock.

A number of other equities research analysts also recently weighed in on the company. Wells Fargo & Company reiterated an “overweight” rating on shares of Signature Bank in a report on Monday, March 13th. Bank of America boosted their price target on Signature Bank from $8.00 to $10.00 in a report on Monday, April 3rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Signature Bank presently has a consensus rating of “Hold” and a consensus price target of $174.53.

Signature Bank Price Performance

SBNY stock opened at $0.13 on Friday. 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 52-week low of $0.05 and a 52-week high of $208.48. The stock’s 50 day moving average is $0.13 and its two-hundred day moving average is $63.42. The company has a market capitalization of $8.44 million, a PE ratio of 0.01 and a beta of 1.47.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Signature Bank by 15.8% during the third quarter. Vanguard Group Inc. now owns 7,171,793 shares of the bank’s stock worth $1,082,941,000 after purchasing an additional 980,520 shares during the period. State Street Corp raised its position in shares of Signature Bank by 1.8% during the first quarter. State Street Corp now owns 3,090,146 shares of the bank’s stock worth $906,927,000 after purchasing an additional 55,225 shares during the period. Geode Capital Management LLC raised its position in shares of Signature Bank by 5.3% during the fourth quarter. Geode Capital Management LLC now owns 1,369,231 shares of the bank’s stock worth $157,496,000 after purchasing an additional 69,092 shares during the period. Parnassus Investments LLC raised its position in shares of Signature Bank by 1.1% during the fourth quarter. Parnassus Investments LLC now owns 1,309,587 shares of the bank’s stock worth $150,891,000 after purchasing an additional 14,230 shares during the period. Finally, Davis Asset Management L.P. raised its position in Signature Bank by 10.0% during the fourth quarter. Davis Asset Management L.P. now owns 1,100,000 shares of the bank’s stock valued at $126,742,000 after buying an additional 100,000 shares during the period. Institutional investors and hedge funds own 7.29% of the company’s stock.

Signature Bank Company Profile

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Signature Bank provides digital assets banking business and comprises of certain loan portfolios. The company was incorporated in 2000 and is based in New York, New York.

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Analyst Recommendations for Signature Bank (NASDAQ:SBNY)

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