The Manufacturers Life Insurance Company grew its holdings in Sun Bancorp, Inc. (NASDAQ:SNBC) by 1.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 662,050 shares of the financial services provider’s stock after buying an additional 11,556 shares during the period. The Manufacturers Life Insurance Company owned 3.47% of Sun Bancorp worth $16,319,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Schwab Charles Investment Management Inc. raised its position in shares of 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 buying an additional 209 shares during the last quarter. TIAA CREF Investment Management LLC raised its position in shares of 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 buying an additional 285 shares during the last quarter. Parametric Portfolio Associates LLC raised its position in shares of 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 buying an additional 312 shares during the last quarter. Bank of America Corp DE raised its position in shares of 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 buying an additional 429 shares during the last quarter. Finally, American International Group Inc. raised its position in shares of 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 buying an additional 446 shares during the last quarter. Institutional investors and hedge funds own 70.66% of the company’s stock.

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Shares of Sun Bancorp, Inc. (NASDAQ:SNBC) opened at 25.30 on Wednesday. Sun Bancorp, Inc. has a 52-week low of $22.10 and a 52-week high of $26.80. The firm has a market capitalization of $483.00 million, a PE ratio of 7.98 and a beta of 0.29. The company’s 50-day moving average is $24.05 and its 200 day moving average is $24.47.

Sun Bancorp (NASDAQ:SNBC) last released its earnings results on Wednesday, July 26th. The financial services provider reported $0.08 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.09 by ($0.01). The firm had revenue of $17.86 million during the quarter. Sun Bancorp had a net margin of 72.03% and a return on equity of 19.63%. Equities analysts expect that Sun Bancorp, Inc. will post $0.41 earnings per share for the current fiscal year.

SNBC has been the subject of a number of recent research reports. Sandler O’Neill cut shares of 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. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $28.00 target price on shares of Sun Bancorp in a research report on Thursday, July 27th. Finally, BidaskClub cut shares of Sun Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, August 14th.

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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Institutional Ownership by Quarter for Sun Bancorp (NASDAQ:SNBC)

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