Wells Fargo & Company MN decreased its position in Sun Bancorp, Inc. (NASDAQ:SNBC) by 45.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,416 shares of the financial services provider’s stock after selling 7,722 shares during the period. Wells Fargo & Company MN’s holdings in Sun Bancorp were worth $229,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Russell Investments Group Ltd. raised its position in shares of 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 worth $3,573,000 after buying an additional 386 shares during the period. Strs Ohio acquired a new position in shares of Sun Bancorp during the first quarter worth about $219,000. 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 during the period. Two Sigma Investments LP purchased a new stake in shares of Sun Bancorp during the fourth quarter valued at $1,162,000. Finally, Renaissance Technologies LLC raised its stake in shares of 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. Institutional investors own 70.90% of the company’s stock.
Shares of Sun Bancorp, Inc. (NASDAQ:SNBC) traded down 0.41% during midday trading on Monday, hitting $24.30. The stock had a trading volume of 24,428 shares. The stock has a 50 day moving average price of $24.64 and a 200-day moving average price of $24.92. The stock has a market capitalization of $463.16 million, a price-to-earnings ratio of 7.67 and a beta of 0.31. Sun Bancorp, Inc. has a 52 week low of $21.28 and a 52 week high of $26.80.
Sun Bancorp (NASDAQ:SNBC) last posted its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.08 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by $0.01. The company had revenue of $17.86 million during the quarter. Sun Bancorp had a return on equity of 19.99% and a net margin of 72.03%. Equities research analysts anticipate that Sun Bancorp, Inc. will post $0.41 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 6th. Investors of record on Tuesday, August 22nd will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.16%. The ex-dividend date is Friday, August 18th. Sun Bancorp’s payout ratio is presently 1.26%.
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Several analysts have recently weighed in on the company. Sandler O’Neill lowered Sun Bancorp from a “buy” rating to a “hold” rating and set a $27.00 price objective for the company. in a report on Wednesday, July 5th. Keefe, Bruyette & Woods lowered Sun Bancorp from an “outperform” rating to a “market perform” rating and upped their price objective for the company from $27.50 to $28.00 in a report on Thursday, May 4th.
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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