TIAA CREF Investment Management LLC reduced its stake in shares of Sun Bancorp, Inc. (NASDAQ:SNBC) by 13.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 30,524 shares of the financial services provider’s stock after selling 4,793 shares during the quarter. TIAA CREF Investment Management LLC owned 0.16% of Sun Bancorp worth $752,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its position in shares of Sun Bancorp by 23.8% in the first quarter. Dimensional Fund Advisors LP now owns 548,129 shares of the financial services provider’s stock valued at $13,374,000 after purchasing an additional 105,284 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Sun Bancorp by 10.4% in the first quarter. Vanguard Group Inc. now owns 442,920 shares of the financial services provider’s stock valued at $10,808,000 after purchasing an additional 41,758 shares during the last quarter. Boston Partners grew its position in shares of Sun Bancorp by 13.1% in the second quarter. Boston Partners now owns 144,900 shares of the financial services provider’s stock valued at $3,572,000 after purchasing an additional 16,800 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Sun Bancorp by 4.5% in the first quarter. Geode Capital Management LLC now owns 97,475 shares of the financial services provider’s stock valued at $2,378,000 after purchasing an additional 4,154 shares during the last quarter. Finally, Alliancebernstein L.P. grew its position in shares of Sun Bancorp by 421.0% in the second quarter. Alliancebernstein L.P. now owns 76,380 shares of the financial services provider’s stock valued at $1,883,000 after purchasing an additional 61,720 shares during the last quarter. Institutional investors and hedge funds own 70.03% of the company’s stock.

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Shares of Sun Bancorp, Inc. (NASDAQ SNBC) opened at $24.20 on Tuesday. The company has a market cap of $458.32, a P/E ratio of 7.43 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 debt-to-equity ratio of 0.43, a current ratio of 1.00 and a quick ratio of 1.00.

Sun Bancorp (NASDAQ:SNBC) last announced its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.03. The business had revenue of $18.87 million for the quarter. Sun Bancorp had a net margin of 72.60% and a return on equity of 19.02%.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 5th. Investors of record on Tuesday, November 21st will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.17%. The ex-dividend date of this dividend is Monday, November 20th. Sun Bancorp’s payout ratio is 1.24%.

Several research firms have recently commented on SNBC. Sandler O’Neill upgraded shares of Sun Bancorp from a “hold” rating to a “buy” rating and lowered their price target for the company from $27.00 to $26.50 in a research report on Wednesday, September 20th. BidaskClub lowered shares of Sun Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $28.00 price target on shares of Sun Bancorp in a research report on Thursday, July 27th.

Sun Bancorp Profile

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.

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

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