Signature Bank (NASDAQ:SBNY) Earns Sell Rating from Analysts at StockNews.com

StockNews.com initiated coverage on shares of Signature Bank (NASDAQ:SBNY) in a report issued on Tuesday. The brokerage issued a sell rating on the stock.

Signature Bank Stock Down 4.2 %

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

Hedge Funds Weigh In On Signature Bank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. IHT Wealth Management LLC boosted its stake in Signature Bank by 2.7% in the 1st quarter. IHT Wealth Management LLC now owns 2,296 shares of the company’s stock worth $674,000 after purchasing an additional 60 shares during the period. Raymond James Trust N.A. boosted its stake in shares of Signature Bank by 5.3% during the 1st quarter. Raymond James Trust N.A. now owns 1,660 shares of the company’s stock worth $487,000 after buying an additional 84 shares during the last quarter. Cetera Investment Advisers boosted its stake in shares of Signature Bank by 1.6% during the 4th quarter. Cetera Investment Advisers now owns 5,712 shares of the company’s stock worth $658,000 after buying an additional 90 shares during the last quarter. Panagora Asset Management Inc. boosted its stake in shares of Signature Bank by 6.0% during the 1st quarter. Panagora Asset Management Inc. now owns 1,774 shares of the company’s stock worth $521,000 after buying an additional 101 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund boosted its stake in shares of Signature Bank by 4.9% during the 3rd quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 2,255 shares of the company’s stock worth $341,000 after buying an additional 105 shares during the last quarter. 11.07% of the stock is 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.