Alliancebernstein L.P. Lowers Position in Sun Bancorp, Inc. (NASDAQ:SNBC)
Alliancebernstein L.P. reduced its stake in shares of Sun Bancorp, Inc. (NASDAQ:SNBC) by 3.9% during the first quarter, Holdings Channel reports. The fund owned 14,660 shares of the financial services provider’s stock after selling 600 shares during the period. Alliancebernstein L.P.’s holdings in Sun Bancorp were worth $358,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. State Street Corp raised its position in Sun Bancorp by 13.1% in the fourth quarter. State Street Corp now owns 152,894 shares of the financial services provider’s stock valued at $3,977,000 after buying an additional 17,692 shares during the period. Strs Ohio acquired a new position in Sun Bancorp during the first quarter valued at about $219,000. Russell Investments Group Ltd. raised its position in Sun Bancorp by 0.3% in the first quarter. Russell Investments Group Ltd. now owns 146,471 shares of the financial services provider’s stock valued at $3,573,000 after buying an additional 386 shares during the period. First Trust Advisors LP raised its position in 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 period. Finally, Bank of New York Mellon Corp raised its position in 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 period. Institutional investors and hedge funds own 70.90% of the company’s stock.
Sun Bancorp, Inc. (SNBC) traded down 1.68% on Friday, reaching $23.40. 44,026 shares of the company traded hands. The firm has a market cap of $446.00 million, a P/E ratio of 7.38 and a beta of 0.31. Sun Bancorp, Inc. has a 52-week low of $21.49 and a 52-week high of $26.80. The stock has a 50-day moving average price of $24.43 and a 200-day moving average price of $24.88.
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 Zacks’ consensus estimate of $0.09 by $0.01. The business had revenue of $17.86 million during the quarter. Sun Bancorp had a net margin of 72.03% and a return on equity of 19.63%. Analysts anticipate that Sun Bancorp, Inc. will post $0.41 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 6th. Shareholders of record on Tuesday, August 22nd will be issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.17%. The ex-dividend date is Friday, August 18th. Sun Bancorp’s dividend payout ratio is currently 1.26%.
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Several research analysts recently issued reports on the stock. Keefe, Bruyette & Woods lowered shares of Sun Bancorp from an “outperform” rating to a “market perform” rating and increased their price target for the stock from $27.50 to $28.00 in a research report on Thursday, May 4th. Sandler O’Neill lowered shares of Sun Bancorp from a “buy” rating to a “hold” rating and set a $27.00 price target for the company. in a research report on Wednesday, July 5th.
About Sun Bancorp
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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