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

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

Signature Bank Stock Up 4.5 %

NASDAQ:SBNY opened at $3.45 on Friday. Signature Bank has a fifty-two week low of $0.00 and a fifty-two week high of $3.60. The firm’s fifty day simple moving average is $2.23 and its 200-day simple moving average is $1.17.

Institutional Investors Weigh In On Signature Bank

Several hedge funds have recently modified their holdings of SBNY. Harbour Investments Inc. increased its position in 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 in the last quarter. Canada Pension Plan Investment Board lifted its holdings in 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 buying an additional 241 shares during the last quarter. Syntax Advisors LLC acquired a new position in Signature Bank in the fourth quarter worth $200,000. Meeder Asset Management Inc. boosted its holdings 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 acquired a new position in shares of Signature Bank in the 1st quarter valued at about $205,000. 11.07% of the stock is owned by institutional investors and hedge funds.

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.