Keefe, Bruyette & Woods Reaffirms Buy Rating for Sun Bancorp, Inc. (NASDAQ:SNBC)
Sun Bancorp, Inc. (NASDAQ:SNBC)‘s stock had its “buy” rating restated by stock analysts at Keefe, Bruyette & Woods in a note issued to investors on Thursday. They presently have a $28.00 price objective on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 13.59% from the company’s current price.
Separately, 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 note on Wednesday, July 5th.
Shares of Sun Bancorp (NASDAQ SNBC) traded up 0.82% on Thursday, hitting $24.65. The stock had a trading volume of 25,896 shares. The stock’s 50-day moving average price is $24.72 and its 200 day moving average price is $24.94. Sun Bancorp has a 52 week low of $20.65 and a 52 week high of $26.80. The company has a market cap of $469.80 million, a PE ratio of 7.56 and a beta of 0.32.
Sun Bancorp (NASDAQ:SNBC) last issued its earnings results on Wednesday, July 26th. The financial services provider reported $0.08 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by $0.01. Sun Bancorp had a return on equity of 21.16% and a net margin of 73.81%. The business had revenue of $17.86 million for the quarter. On average, analysts predict that Sun Bancorp will post $0.41 EPS for the current year.
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A number of hedge funds have recently added to or reduced their stakes in SNBC. Russell Investments Group Ltd. boosted its stake in Sun Bancorp by 0.3% in the first quarter. Russell Investments Group Ltd. now owns 146,471 shares of the financial services provider’s stock valued at $3,573,000 after buying an additional 386 shares during the last quarter. RMB Capital Management LLC boosted its stake 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 valued at $11,751,000 after buying an additional 283,286 shares during the last quarter. Schroder Investment Management Group purchased a new stake in Sun Bancorp during the first quarter valued at $178,000. State Street Corp boosted its stake 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 valued at $3,977,000 after buying an additional 17,692 shares during the last quarter. Finally, EJF Capital LLC boosted its stake in Sun Bancorp by 36.6% in the first quarter. EJF Capital LLC now owns 1,493,820 shares of the financial services provider’s stock valued at $36,449,000 after buying an additional 400,000 shares during the last quarter. 71.09% of the stock is owned by institutional investors and hedge funds.
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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