Keefe, Bruyette & Woods Reaffirms Buy Rating for Sussex Bancorp (SBBX)
Sussex Bancorp (NASDAQ:SBBX)‘s stock had its “buy” rating reaffirmed by equities researchers at Keefe, Bruyette & Woods in a research note issued on Tuesday. They presently have a $28.50 price objective on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 18.01% from the company’s previous close.
Separately, Zacks Investment Research downgraded shares of Sussex Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, June 27th.
Shares of Sussex Bancorp (NASDAQ:SBBX) remained flat at $24.15 on Tuesday. The stock had a trading volume of 6,058 shares. The stock has a 50 day moving average of $23.59 and a 200 day moving average of $24.41. Sussex Bancorp has a 1-year low of $16.33 and a 1-year high of $28.55. The stock has a market cap of $143.72 million, a PE ratio of 18.87 and a beta of 0.43.
Sussex Bancorp (NASDAQ:SBBX) last posted its earnings results on Friday, July 28th. The financial services provider reported $0.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.01. Sussex Bancorp had a net margin of 15.13% and a return on equity of 9.43%. The company had revenue of $8.71 million during the quarter, compared to the consensus estimate of $9.10 million. On average, equities research analysts anticipate that Sussex Bancorp will post $1.38 earnings per share for the current year.
In other news, Director Mark J. Hontz sold 2,100 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $23.94, for a total transaction of $50,274.00. Following the completion of the sale, the director now owns 12,132 shares in the company, valued at approximately $290,440.08. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 17.60% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the stock. Seidman Lawrence B lifted its holdings in Sussex Bancorp by 16.6% in the 2nd quarter. Seidman Lawrence B now owns 296,417 shares of the financial services provider’s stock worth $7,218,000 after purchasing an additional 42,100 shares during the last quarter. Stieven Capital Advisors L.P. bought a new stake in Sussex Bancorp during the second quarter worth approximately $3,751,000. Emerald Mutual Fund Advisers Trust boosted its position in Sussex Bancorp by 434.8% during the second quarter. Emerald Mutual Fund Advisers Trust now owns 182,747 shares of the financial services provider’s stock worth $4,450,000 after purchasing an additional 148,574 shares during the period. Wells Fargo & Company MN boosted its position in Sussex Bancorp by 85.1% during the first quarter. Wells Fargo & Company MN now owns 50,536 shares of the financial services provider’s stock worth $1,238,000 after purchasing an additional 23,233 shares during the period. Finally, Banc Funds Co. LLC boosted its position in Sussex Bancorp by 101.5% during the second quarter. Banc Funds Co. LLC now owns 524,767 shares of the financial services provider’s stock worth $12,778,000 after purchasing an additional 264,320 shares during the period. 52.71% of the stock is currently owned by institutional investors and hedge funds.
Sussex Bancorp Company Profile
Sussex Bancorp is a bank holding company for Sussex Bank (the Bank). The Company’s primary business is the ownership and supervision of the Bank. The Company has two business segments: banking and financial services, and insurance services. The Company, through the Bank, conducts a traditional commercial banking business, and offer services, including personal and business checking accounts and time deposits, money market accounts and savings accounts.
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