Sussex Bancorp (NASDAQ:SBBX) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “sell” rating in a report released on Friday.
According to Zacks, “Sussex Bancorp is the holding company for the Sussex Bank, which operates through its main office in Franklin, New Jersey and branch offices in Andover, Augusta, Newton, Montague, Sparta, Vernon and Wantage, New Jersey and for Tri-State Insurance Agency, Inc, a full service insurance agency located in Augusta, New Jersey. “
Several other research firms have also recently weighed in on SBBX. ValuEngine upgraded Sussex Bancorp from a “hold” rating to a “buy” rating in a report on Thursday. Keefe, Bruyette & Woods restated a “buy” rating and set a $32.50 price target on shares of Sussex Bancorp in a report on Friday, December 22nd.
In other news, EVP Sergio Enzo Musacchio sold 1,199 shares of the business’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $26.32, for a total transaction of $31,557.68. Following the sale, the executive vice president now directly owns 3,448 shares in the company, valued at $90,751.36. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 17.60% of the company’s stock.
Several large investors have recently added to or reduced their stakes in SBBX. Advisor Group Inc. lifted its stake in shares of Sussex Bancorp by 161.2% in the second quarter. Advisor Group Inc. now owns 5,832 shares of the financial services provider’s stock worth $142,000 after acquiring an additional 3,599 shares during the period. Alpine Woods Capital Investors LLC acquired a new position in shares of Sussex Bancorp in the third quarter worth approximately $231,000. Victory Capital Management Inc. acquired a new position in shares of Sussex Bancorp in the fourth quarter worth approximately $342,000. Stifel Financial Corp acquired a new position in shares of Sussex Bancorp in the second quarter worth approximately $520,000. Finally, Wells Fargo & Company MN lifted its stake in shares of Sussex Bancorp by 26.5% in the second quarter. Wells Fargo & Company MN now owns 63,914 shares of the financial services provider’s stock worth $1,556,000 after acquiring an additional 13,378 shares during the period. Institutional investors own 41.12% of the company’s stock.
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About Sussex Bancorp
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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