New York State Common Retirement Fund cut its holdings in Sun Bancorp, Inc. (NASDAQ:SNBC) by 0.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,217 shares of the financial services provider’s stock after selling 1 shares during the period. New York State Common Retirement Fund owned about 0.06% of Sun Bancorp worth $301,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Schwab Charles Investment Management Inc. raised its holdings in shares of Sun Bancorp by 0.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 41,480 shares of the financial services provider’s stock valued at $1,023,000 after purchasing an additional 209 shares during the last quarter. TIAA CREF Investment Management LLC raised its holdings in shares of Sun Bancorp by 0.8% in the first quarter. TIAA CREF Investment Management LLC now owns 35,317 shares of the financial services provider’s stock valued at $862,000 after purchasing an additional 285 shares during the last quarter. Parametric Portfolio Associates LLC increased its holdings in Sun Bancorp by 3.6% during the first quarter. Parametric Portfolio Associates LLC now owns 8,913 shares of the financial services provider’s stock worth $217,000 after buying an additional 312 shares during the last quarter. Bank of America Corp DE increased its holdings in Sun Bancorp by 10.5% during the first quarter. Bank of America Corp DE now owns 4,533 shares of the financial services provider’s stock worth $111,000 after buying an additional 429 shares during the last quarter. Finally, American International Group Inc. increased its holdings in Sun Bancorp by 7.2% during the first quarter. American International Group Inc. now owns 6,615 shares of the financial services provider’s stock worth $161,000 after buying an additional 446 shares during the last quarter. Institutional investors own 71.61% of the company’s stock.

A number of brokerages recently weighed in on SNBC. Sandler O’Neill upgraded shares of Sun Bancorp from a “hold” rating to a “buy” rating and lowered their target price for the stock from $27.00 to $26.50 in a report on Wednesday, September 20th. BidaskClub downgraded shares of Sun Bancorp from a “hold” rating to a “sell” rating in a report on Monday, August 14th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and set a $28.00 target price on shares of Sun Bancorp in a report on Thursday, July 27th.

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Sun Bancorp, Inc. (SNBC) opened at $24.70 on Monday. The firm has a market cap of $471.69, a price-to-earnings ratio of 7.65 and a beta of 0.24. Sun Bancorp, Inc. has a fifty-two week low of $22.10 and a fifty-two week high of $26.80. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.43.

Sun Bancorp (NASDAQ:SNBC) last issued its earnings results on Thursday, October 26th. The financial services provider reported $0.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.03. The business had revenue of $18.87 million for the quarter. Sun Bancorp had a net margin of 72.60% and a return on equity of 19.02%.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 5th. Investors of record on Tuesday, November 21st will be issued a dividend of $0.01 per share. The ex-dividend date of this dividend is Monday, November 20th. This represents a $0.04 dividend on an annualized basis and a yield of 0.16%. Sun Bancorp’s payout ratio is 1.24%.

Sun Bancorp 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.

Institutional Ownership by Quarter for Sun Bancorp (NASDAQ:SNBC)

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