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

Equities researchers at StockNews.com started coverage on shares of Signature Bank (NASDAQ:SBNY) in a research note issued on Tuesday. The brokerage set a “sell” rating on the stock.

Signature Bank Trading Up 4.3 %

Shares of SBNY opened at $2.40 on Tuesday. The stock’s 50 day moving average is $1.74 and its two-hundred day moving average is $0.85. Signature Bank has a twelve month low of $0.00 and a twelve month high of $2.75. The firm has a market capitalization of $151.03 million, a PE ratio of 0.12 and a beta of 9.59.

Institutional Investors Weigh In On Signature Bank

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Harbour Investments Inc. raised its position in shares of Signature Bank by 42.7% during the 4th quarter. Harbour Investments Inc. now owns 836 shares of the company’s stock worth $96,000 after purchasing an additional 250 shares during the last quarter. Canada Pension Plan Investment Board raised its position in shares of Signature Bank by 197.5% during the 1st quarter. Canada Pension Plan Investment Board now owns 363 shares of the company’s stock worth $107,000 after purchasing an additional 241 shares during the last quarter. Syntax Advisors LLC acquired a new position in shares of Signature Bank during the 4th quarter worth approximately $200,000. Meeder Asset Management Inc. raised its position in shares of Signature Bank by 864.3% during the 4th quarter. Meeder Asset Management Inc. now owns 1,755 shares of the company’s stock worth $202,000 after purchasing an additional 1,573 shares during the last quarter. Finally, Beacon Pointe Advisors LLC acquired a new position in shares of Signature Bank during the 1st quarter worth approximately $205,000. 11.07% of the stock is currently owned by institutional investors and hedge funds.

Signature Bank Company Profile

As of March 12, 2023, Signature Bank went out of business. Previously, the company provided digital assets banking services and comprised of certain loan portfolios. The company was incorporated in 2000 and is based in New York, New York. Signature Bank now trades on OTCPK.