Sun Bancorp, Inc. (NASDAQ:SNBC)‘s stock had its “buy” rating restated by research analysts at Keefe, Bruyette & Woods in a research report issued to clients and investors on Thursday, July 27th. They presently have a $28.00 target price on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 14.75% from the company’s previous close.
Separately, Sandler O’Neill lowered Sun Bancorp from a “buy” rating to a “hold” rating and set a $27.00 price objective on the stock. in a report on Wednesday, July 5th.
Sun Bancorp (NASDAQ:SNBC) remained flat at $24.40 during midday trading on Thursday. The stock had a trading volume of 74,101 shares. The firm has a market capitalization of $465.06 million, a P/E ratio of 7.70 and a beta of 0.31. The company’s 50-day moving average price is $24.64 and its 200-day moving average price is $24.92. Sun Bancorp has a 12-month low of $21.28 and a 12-month high of $26.80.
Sun Bancorp (NASDAQ:SNBC) last released its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by $0.01. Sun Bancorp had a net margin of 72.03% and a return on equity of 19.99%. The business had revenue of $17.86 million during the quarter. On average, analysts predict that Sun Bancorp will post $0.41 earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp raised its position in shares of Sun Bancorp by 13.1% in the fourth quarter. State Street Corp now owns 152,894 shares of the financial services provider’s stock worth $3,977,000 after buying an additional 17,692 shares in the last quarter. Renaissance Technologies LLC raised its stake in Sun Bancorp by 91.2% in the fourth quarter. Renaissance Technologies LLC now owns 203,779 shares of the financial services provider’s stock valued at $5,298,000 after buying an additional 97,200 shares during the period. RMB Capital Management LLC raised its stake in Sun Bancorp by 167.9% in the fourth quarter. RMB Capital Management LLC now owns 451,970 shares of the financial services provider’s stock valued at $11,751,000 after buying an additional 283,286 shares during the period. Strs Ohio bought a new stake in Sun Bancorp during the first quarter valued at approximately $219,000. Finally, Russell Investments Group Ltd. raised its stake 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. 70.86% 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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