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Upgrade Alert for Signature Bank (SBNY)

By Amy Schwartz

Signature Bank (NASDAQ:SBNY) was upgraded from Outperform to Strong Buy at Raymond James today. The stock closed yesterday at $127.94 on volume of 440,000 shares, below average daily volume of 540,000.

In the past 52 weeks, shares of Signature Bank have traded between a low of $119.60 and a high of $163.15 and closed yesterday at $127.94, which is 7% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.2%.

Potential upside of 30.1% exists for Signature Bank, based on a current level of $127.94 and analysts' average consensus price target of $166.41. The stock should run into initial resistance at its 50-day moving average (MA) of $138.40 and subsequent resistance at its 200-day MA of $141.96.

Signature Bank is a full service commercial bank that serves privately owned business clients and their owners and senior managers. The Bank offers business and personal banking products and services as well as investment, brokerage, asset management and insurance products through its subsidiary, Signature Securities Group Corp.

SmarTrend is monitoring the recent change of momentum in Signature Bank. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Signature Bank in search of a potential trend change.

Keywords: analyst upgrades/downgrades signature bank

Ticker(s): SBNY