Sandler O’Neill upgraded shares of Sun Bancorp, Inc. (NASDAQ:SNBC) from a hold rating to a buy rating in a research report released on Wednesday. They currently have $26.50 price objective on the financial services provider’s stock, down from their prior price objective of $27.00.

Several other brokerages have also recently issued reports on SNBC. Keefe, Bruyette & Woods reissued a buy rating and issued a $28.00 target price on shares of Sun Bancorp in a research report on Thursday, July 27th. BidaskClub cut Sun Bancorp from a hold rating to a sell rating in a research report on Monday, August 14th.

Shares of Sun Bancorp (NASDAQ:SNBC) traded up 2.215% during midday trading on Wednesday, reaching $24.225. The company had a trading volume of 44,247 shares. The firm has a market capitalization of $462.48 million, a price-to-earnings ratio of 7.642 and a beta of 0.33. Sun Bancorp has a 12-month low of $22.10 and a 12-month high of $26.80. The company has a 50 day moving average of $23.43 and a 200 day moving average of $24.42.

Sun Bancorp (NASDAQ:SNBC) last announced its earnings results 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 firm had revenue of $17.86 million during the quarter. Sun Bancorp had a return on equity of 19.63% and a net margin of 72.03%. Analysts anticipate that Sun Bancorp will post $0.39 EPS for the current year.

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The company also recently announced a quarterly dividend, which was paid on Wednesday, September 6th. Shareholders of record on Tuesday, August 22nd were given a $0.01 dividend. The ex-dividend date was Friday, August 18th. This represents a $0.04 annualized dividend and a yield of 0.17%. Sun Bancorp’s payout ratio is 1.26%.

A number of large investors have recently made changes to their positions in SNBC. EJF Capital LLC boosted its position in Sun Bancorp by 36.6% in the first quarter. EJF Capital LLC now owns 1,493,820 shares of the financial services provider’s stock worth $36,449,000 after purchasing an additional 400,000 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Sun Bancorp by 23.8% in the first quarter. Dimensional Fund Advisors LP now owns 548,129 shares of the financial services provider’s stock worth $13,374,000 after purchasing an additional 105,284 shares during the last quarter. Alliancebernstein L.P. boosted its position in Sun Bancorp by 421.0% in the second quarter. Alliancebernstein L.P. now owns 76,380 shares of the financial services provider’s stock worth $1,883,000 after purchasing an additional 61,720 shares during the last quarter. Mendon Capital Advisors Corp boosted its position in Sun Bancorp by 128.6% in the first quarter. Mendon Capital Advisors Corp now owns 96,788 shares of the financial services provider’s stock worth $2,362,000 after purchasing an additional 54,450 shares during the last quarter. Finally, State Street Corp boosted its position in Sun Bancorp by 33.0% in the second quarter. State Street Corp now owns 206,033 shares of the financial services provider’s stock worth $5,079,000 after purchasing an additional 51,133 shares during the last quarter. 70.66% of the stock is currently owned by institutional investors and hedge funds.

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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