Nationwide Fund Advisors grew its position in Sun Bancorp, Inc. (NASDAQ:SNBC) by 6.6% in the second quarter, according to its most recent filing with the SEC. The fund owned 8,733 shares of the financial services provider’s stock after acquiring an additional 543 shares during the period. Nationwide Fund Advisors’ holdings in Sun Bancorp were worth $215,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. increased its holdings in 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 period. TIAA CREF Investment Management LLC increased its holdings in 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 period. Parametric Portfolio Associates LLC increased its holdings in Sun Bancorp by 3.6% in the first quarter. Parametric Portfolio Associates LLC now owns 8,913 shares of the financial services provider’s stock valued at $217,000 after purchasing an additional 312 shares during the period. Bank of America Corp DE increased its holdings in Sun Bancorp by 10.5% in the first quarter. Bank of America Corp DE now owns 4,533 shares of the financial services provider’s stock valued at $111,000 after purchasing an additional 429 shares during the period. Finally, American International Group Inc. increased its holdings in Sun Bancorp by 7.2% in the first quarter. American International Group Inc. now owns 6,615 shares of the financial services provider’s stock valued at $161,000 after purchasing an additional 446 shares during the period. Institutional investors and hedge funds own 70.03% of the company’s stock.
Shares of Sun Bancorp, Inc. (NASDAQ SNBC) opened at $24.40 on Wednesday. The firm has a market capitalization of $462.14, a price-to-earnings ratio of 7.49 and a beta of 0.24. Sun Bancorp, Inc. has a 1-year low of $22.10 and a 1-year high of $26.80. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.43.
Sun Bancorp (NASDAQ:SNBC) last posted its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.03. The business had revenue of $18.87 million during the quarter. Sun Bancorp had a return on equity of 19.02% and a net margin of 72.60%.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st will be issued a dividend of $0.01 per share. The ex-dividend date 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 currently 1.24%.
SNBC has been the subject of a number of recent research reports. Sandler O’Neill upgraded Sun Bancorp from a “hold” rating to a “buy” rating and decreased their price objective for the company from $27.00 to $26.50 in a report on Wednesday, September 20th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $28.00 price objective on shares of Sun Bancorp in a report on Thursday, July 27th. Finally, BidaskClub downgraded Sun Bancorp from a “hold” rating to a “sell” rating in a report on Monday, August 14th.
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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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