Signature Bank (NASDAQ: SBNY) shares rose on Friday January 20 on lighter trade volume than normal after a number of analysts weighed in on the investing value of the stock, raising the price target of stock.
Meanwhile, U.S. stocks rose Friday morning as Wall Street closely awaited Donald Trump’s inauguration as the nation’s 45th president.
The Dow Jones Industrial Average DJIA, +0.41% rose 95 points, or 0.5%, to 19,826, while the S&P 500 index SPX, +0.41% climbed 11 points, or 0.5%, to 2,275 and the Nasdaq Composite COMP, +0.37% added 28 points, or 0.6%, to 5,571.
Signature Bank (NASDAQ: SBNY) had its price target boosted by equities researchers at Barclays PLC from $0.00 to $173.00. With a rating of on the shares, Signature Bank has a 52-week high of $157.46. A number of other analysts have commented on the company recently, and the company has secured a consensus one-year price target of $168.82, higher than the opening price of $151.98.
Shares of Signature Bank (NASDAQ: SBNY) opened at $151.98 yesterday and traded in a range between, $151.98 and $154.72, and last traded at $154.37, a spike of $3.40 compared to the previous closing price.
Signature Bank (NASDAQ: SBNY) now has a market cap of 8.43B.
Signature Bank (NASDAQ: SBNY) Average Daily Trading Volume
The stock’s average daily volume is 608,948 shares out of a total float 53,451,000 and some 78,698 shares traded hands yesterday, 101 percent below the average. lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.
However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these have substantial teams of analysts researching thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
Signature Bank (NASDAQ: SBNY) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.
Trades for Signature Bank (NASDAQ: SBNY) have ranged from $113.53 – 157.46, and the stock now has a 50-day MA of $150.74 and 200-day MA of $130.32. Today’s last price is 1.96%% below the 52 week high of $157.46.
Earnings growth is a crucial factor to consider when investing in stocks and investors watch for companies that have been successful at growing their earnings at least 25% or more over 3 consecutive years.
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