Nationwide Fund Advisors Continues to Hold Position in Sun Bancorp, Inc. (SNBC)
Nationwide Fund Advisors maintained its stake in shares of Sun Bancorp, Inc. (NASDAQ:SNBC) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,190 shares of the financial services provider’s stock at the end of the first quarter. Nationwide Fund Advisors’ holdings in Sun Bancorp were worth $200,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in SNBC. Russell Investments Group Ltd. acquired a new position in Sun Bancorp during the fourth quarter worth approximately $3,856,000. RMB Capital Management LLC raised its position 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 worth $11,751,000 after buying an additional 283,286 shares in the last quarter. State Street Corp raised its position in 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. Two Sigma Investments LP acquired a new position in Sun Bancorp during the fourth quarter worth approximately $1,162,000. Finally, Renaissance Technologies LLC raised its position 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 worth $5,298,000 after buying an additional 97,200 shares in the last quarter. 70.86% of the stock is currently owned by institutional investors and hedge funds.
Sun Bancorp, Inc. (NASDAQ:SNBC) traded down 0.20% during midday trading on Friday, hitting $24.35. The stock had a trading volume of 61,929 shares. The company has a market capitalization of $464.11 million, a PE ratio of 7.68 and a beta of 0.31. Sun Bancorp, Inc. has a 52 week low of $21.12 and a 52 week high of $26.80. The company’s 50-day moving average price is $24.64 and its 200 day moving average price is $24.92.
Sun Bancorp (NASDAQ:SNBC) last announced its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.08 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by $0.01. The firm had revenue of $17.86 million for the quarter. Sun Bancorp had a net margin of 72.03% and a return on equity of 19.99%. On average, analysts expect that Sun Bancorp, Inc. will post $0.41 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 6th. Investors of record on Tuesday, August 22nd will be given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.16%. The ex-dividend date is Friday, August 18th. Sun Bancorp’s dividend payout ratio (DPR) is currently 1.26%.
SNBC has been the subject of a number of recent research reports. Keefe, Bruyette & Woods restated a “buy” rating and set a $28.00 target price on shares of Sun Bancorp in a research report on Thursday, July 27th. Sandler O’Neill downgraded Sun Bancorp from a “buy” rating to a “hold” rating and set a $27.00 target price for the company. in a research report on Wednesday, July 5th.
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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