Sandler O’Neill upgraded shares of Sun Bancorp, Inc. (NASDAQ:SNBC) from a hold rating to a buy rating in a research report report published on Wednesday morning, Marketbeat reports. They currently have $26.50 price objective on the financial services provider’s stock, down from their previous price objective of $27.00.

A number of other equities research analysts also recently commented on the stock. Keefe, Bruyette & Woods reiterated a buy rating and set a $28.00 price target on shares of Sun Bancorp in a report on Thursday, July 27th. BidaskClub downgraded shares of Sun Bancorp from a hold rating to a sell rating in a report on Monday, August 14th.

Shares of Sun Bancorp (NASDAQ:SNBC) opened at 24.30 on Wednesday. The stock’s 50 day moving average is $23.43 and its 200-day moving average is $24.42. Sun Bancorp has a 1-year low of $22.10 and a 1-year high of $26.80. The stock has a market cap of $463.91 million, a PE ratio of 7.67 and a beta of 0.33.

Sun Bancorp (NASDAQ:SNBC) last issued 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). The firm had revenue of $17.86 million for the quarter. Sun Bancorp had a return on equity of 19.63% and a net margin of 72.03%. On average, analysts predict that Sun Bancorp will post $0.41 EPS for the current fiscal year.

COPYRIGHT VIOLATION NOTICE: This piece of content was first published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are viewing this piece of content on another domain, it was copied illegally and reposted in violation of US & international copyright & trademark laws. The legal version of this piece of content can be viewed at https://www.thecerbatgem.com/2017/09/24/sun-bancorp-inc-snbc-raised-to-buy-at-sandler-oneill.html.

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 6th. Stockholders of record on Tuesday, August 22nd were issued a dividend of $0.01 per share. The ex-dividend date was Friday, August 18th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.16%. Sun Bancorp’s dividend payout ratio (DPR) is presently 1.26%.

A number of institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company grew its holdings in Sun Bancorp by 1.8% in the second quarter. The Manufacturers Life Insurance Company now owns 662,050 shares of the financial services provider’s stock valued at $16,319,000 after purchasing an additional 11,556 shares during the period. State Street Corp grew its holdings in Sun Bancorp by 33.0% in the second quarter. State Street Corp now owns 206,033 shares of the financial services provider’s stock valued at $5,079,000 after purchasing an additional 51,133 shares during the period. Stifel Financial Corp purchased a new stake in Sun Bancorp in the second quarter valued at approximately $930,000. Dimensional Fund Advisors LP grew its holdings in Sun Bancorp by 3.0% in the second quarter. Dimensional Fund Advisors LP now owns 564,844 shares of the financial services provider’s stock valued at $13,924,000 after purchasing an additional 16,715 shares during the period. Finally, AlphaOne Investment Services LLC grew its holdings in Sun Bancorp by 16.4% in the second quarter. AlphaOne Investment Services LLC now owns 156,273 shares of the financial services provider’s stock valued at $3,852,000 after purchasing an additional 22,068 shares during the period. Hedge funds and other institutional investors own 70.66% of the company’s stock.

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.

Receive News & Stock Ratings for Sun Bancorp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sun Bancorp Inc. and related stocks with our FREE daily email newsletter.