Alliancebernstein L.P. boosted its position in Sun Bancorp, Inc. (NASDAQ:SNBC) by 421.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 76,380 shares of the financial services provider’s stock after purchasing an additional 61,720 shares during the period. Alliancebernstein L.P. owned about 0.40% of Sun Bancorp worth $1,883,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Sun Bancorp by 10.4% in the first quarter. Vanguard Group Inc. now owns 442,920 shares of the financial services provider’s stock valued at $10,808,000 after buying an additional 41,758 shares in the last quarter. Boston Partners increased its stake in shares of Sun Bancorp by 13.1% during the 2nd quarter. Boston Partners now owns 144,900 shares of the financial services provider’s stock worth $3,572,000 after purchasing an additional 16,800 shares in the last quarter. TIAA CREF Investment Management LLC increased its stake in shares of Sun Bancorp by 0.8% during the 1st quarter. TIAA CREF Investment Management LLC now owns 35,317 shares of the financial services provider’s stock worth $862,000 after purchasing an additional 285 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of Sun Bancorp by 4.8% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 41,271 shares of the financial services provider’s stock worth $1,008,000 after purchasing an additional 1,881 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in shares of Sun Bancorp by 9.4% during the 1st quarter. First Trust Advisors LP now owns 34,886 shares of the financial services provider’s stock worth $851,000 after purchasing an additional 3,001 shares in the last quarter. 70.68% of the stock is owned by institutional investors.
SNBC has been the subject of several recent analyst reports. Sandler O’Neill cut shares of Sun Bancorp from a “buy” rating to a “hold” rating and set a $27.00 target price for the company. in a research note on Wednesday, July 5th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $28.00 target price on shares of Sun Bancorp in a research note on Thursday, July 27th. Finally, BidaskClub cut shares of Sun Bancorp from a “hold” rating to a “sell” rating in a research note on Monday, August 14th.
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Sun Bancorp, Inc. (NASDAQ SNBC) opened at 26.35 on Friday. The firm has a 50 day moving average of $24.50 and a 200-day moving average of $24.54. The firm has a market cap of $503.05 million, a price-to-earnings ratio of 8.31 and a beta of 0.29. Sun Bancorp, Inc. has a one year low of $22.10 and a one year high of $26.80.
Sun Bancorp (NASDAQ:SNBC) last posted its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.03. Sun Bancorp had a net margin of 72.60% and a return on equity of 19.11%. The company had revenue of $18.87 million for the quarter. Equities research analysts forecast that Sun Bancorp, Inc. will post $0.41 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 5th. Stockholders of record on Tuesday, November 21st will be issued a $0.01 dividend. The ex-dividend date of this dividend is Monday, November 20th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.15%. Sun Bancorp’s dividend payout ratio (DPR) is presently 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.
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