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

StockNews.com began coverage on shares of Signature Bank (NASDAQ:SBNY) in a research note published on Tuesday morning. The brokerage issued a sell rating on the stock.

Signature Bank Trading Down 4.2 %

Shares of NASDAQ:SBNY opened at $2.30 on Tuesday. The business has a 50-day moving average price of $1.76 and a 200 day moving average price of $0.86. The company has a market capitalization of $144.74 million, a price-to-earnings ratio of 0.11 and a beta of 9.59. Signature Bank has a 12-month low of $0.00 and a 12-month high of $2.75.

Hedge Funds Weigh In On Signature Bank

Hedge funds and other institutional investors have recently bought and sold shares of the company. Harbour Investments Inc. boosted its holdings in Signature Bank by 42.7% during the 4th quarter. Harbour Investments Inc. now owns 836 shares of the company’s stock valued at $96,000 after acquiring an additional 250 shares during the period. Canada Pension Plan Investment Board boosted its stake in shares of Signature Bank by 197.5% in the 1st quarter. Canada Pension Plan Investment Board now owns 363 shares of the company’s stock valued at $107,000 after buying an additional 241 shares during the period. Syntax Advisors LLC purchased a new position in shares of Signature Bank in the 4th quarter valued at about $200,000. Meeder Asset Management Inc. boosted its stake in shares of Signature Bank by 864.3% in the 4th quarter. Meeder Asset Management Inc. now owns 1,755 shares of the company’s stock valued at $202,000 after buying an additional 1,573 shares during the period. Finally, Beacon Pointe Advisors LLC purchased a new position in shares of Signature Bank in the 1st quarter valued at about $205,000. 11.07% of the stock is currently owned by hedge funds and other institutional investors.

About Signature Bank

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.