Sun Bancorp, Inc. (SNBC) Stake Lessened by Parametric Portfolio Associates LLC
Parametric Portfolio Associates LLC lowered its position in shares of Sun Bancorp, Inc. (NASDAQ:SNBC) by 6.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,359 shares of the financial services provider’s stock after selling 554 shares during the quarter. Parametric Portfolio Associates LLC’s holdings in Sun Bancorp were worth $206,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in SNBC. Bank of America Corp DE increased its stake in Sun Bancorp by 10.5% in the 1st quarter. Bank of America Corp DE now owns 4,533 shares of the financial services provider’s stock valued at $111,000 after buying an additional 429 shares during the period. American International Group Inc. increased its stake in Sun Bancorp by 7.2% in the 1st quarter. American International Group Inc. now owns 6,615 shares of the financial services provider’s stock valued at $161,000 after buying an additional 446 shares during the period. Nationwide Fund Advisors increased its stake in Sun Bancorp by 6.6% in the 2nd quarter. Nationwide Fund Advisors now owns 8,733 shares of the financial services provider’s stock valued at $215,000 after buying an additional 543 shares during the period. OMERS ADMINISTRATION Corp acquired a new position in Sun Bancorp in the 2nd quarter valued at approximately $239,000. Finally, Teachers Advisors LLC increased its stake in Sun Bancorp by 26.7% in the 2nd quarter. Teachers Advisors LLC now owns 23,692 shares of the financial services provider’s stock valued at $584,000 after buying an additional 4,997 shares during the period. Institutional investors and hedge funds own 70.31% of the company’s stock.
Sun Bancorp, Inc. (SNBC) traded down $0.60 during mid-day trading on Friday, reaching $25.55. 60,200 shares of the company’s stock traded hands, compared to its average volume of 42,908. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market capitalization of $490.79, a P/E ratio of 7.83 and a beta of 0.23. Sun Bancorp, Inc. has a 12 month low of $22.10 and a 12 month high of $26.80.
Sun Bancorp (NASDAQ:SNBC) last posted its earnings results on Thursday, October 26th. The financial services provider reported $0.14 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.03. The company had revenue of $18.87 million during the quarter. Sun Bancorp had a net margin of 72.60% and a return on equity of 19.02%.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.16%. The ex-dividend date is Monday, November 20th. Sun Bancorp’s dividend payout ratio is 1.23%.
SNBC has been the topic of several research reports. Sandler O’Neill upgraded shares of Sun Bancorp from a “hold” rating to a “buy” rating and dropped their price objective for the company from $27.00 to $26.50 in a research note on Wednesday, September 20th. BidaskClub downgraded shares of Sun Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, August 14th.
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.
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