JPMorgan Chase & Co. Sells 15,245 Shares of Sun Bancorp, Inc. (NASDAQ:SNBC)
JPMorgan Chase & Co. reduced its stake in shares of Sun Bancorp, Inc. (NASDAQ:SNBC) by 66.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,559 shares of the financial services provider’s stock after selling 15,245 shares during the period. JPMorgan Chase & Co.’s holdings in Sun Bancorp were worth $184,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the stock. AlphaOne Investment Services LLC increased its stake in shares of Sun Bancorp by 9.1% in the first quarter. AlphaOne Investment Services LLC now owns 134,205 shares of the financial services provider’s stock valued at $3,275,000 after buying an additional 11,220 shares during the last quarter. Trexquant Investment LP bought a new stake in shares of Sun Bancorp during the first quarter valued at $217,000. Parametric Portfolio Associates LLC increased its stake in shares of Sun Bancorp by 3.6% in the first quarter. Parametric Portfolio Associates LLC now owns 8,913 shares of the financial services provider’s stock valued at $217,000 after buying an additional 312 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Sun Bancorp by 12.4% in the first quarter. Bank of New York Mellon Corp now owns 56,948 shares of the financial services provider’s stock valued at $1,390,000 after buying an additional 6,274 shares during the last quarter. Finally, First Trust Advisors LP increased its stake in shares of Sun Bancorp by 9.4% in the first quarter. First Trust Advisors LP now owns 34,886 shares of the financial services provider’s stock valued at $851,000 after buying an additional 3,001 shares during the last quarter. Hedge funds and other institutional investors own 70.90% of the company’s stock.
Shares of Sun Bancorp, Inc. (NASDAQ SNBC) opened at 24.40 on Monday. The company has a market cap of $465.06 million, a P/E ratio of 7.70 and a beta of 0.31. The firm has a 50-day moving average price of $24.64 and a 200 day moving average price of $24.92. Sun Bancorp, Inc. has a 12 month low of $21.28 and a 12 month high of $26.80.
Sun Bancorp (NASDAQ:SNBC) last posted its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by $0.01. The company had revenue of $17.86 million during the quarter. Sun Bancorp had a net margin of 72.03% and a return on equity of 19.99%. Equities analysts predict that Sun Bancorp, Inc. will post $0.41 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 6th. Stockholders of record on Tuesday, August 22nd will be paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.16%. The ex-dividend date of this dividend is Friday, August 18th. Sun Bancorp’s payout ratio is 1.26%.
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Several analysts have weighed in on the company. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $28.00 price objective on shares of Sun Bancorp in a research report on Thursday, July 27th. Sandler O’Neill downgraded Sun Bancorp from a “buy” rating to a “hold” rating and set a $27.00 price objective for the company. in a research report on Wednesday, July 5th.
Sun Bancorp Company Profile
Sun Bancorp, Inc is a bank holding company. The Company’s principal subsidiary is Sun National Bank (the Bank). Through the Bank, the Company provides an array of community banking services to consumers, small businesses and mid-size companies. The Company’s lending services to businesses include term loans, lines of credit and commercial mortgages.
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