Sun Bancorp (SNBC) Downgraded by BidaskClub

BidaskClub lowered shares of Sun Bancorp (NASDAQ:SNBC) from a hold rating to a sell rating in a report issued on Thursday morning.

Separately, Sandler O’Neill raised Sun Bancorp from a hold rating to a buy rating and dropped their price objective for the stock from $27.00 to $26.50 in a research note on Wednesday, September 20th.

Shares of Sun Bancorp (NASDAQ SNBC) traded up $0.55 during midday trading on Thursday, hitting $25.00. The stock had a trading volume of 157,699 shares, compared to its average volume of 42,081. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.00 and a current ratio of 1.00. Sun Bancorp has a 12-month low of $22.45 and a 12-month high of $26.70. The stock has a market capitalization of $477.42, a P/E ratio of 7.74 and a beta of 0.24.

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, topping the consensus estimate of $0.11 by $0.03. Sun Bancorp had a return on equity of 19.02% and a net margin of 72.60%. The company had revenue of $18.87 million for the quarter.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 5th. Investors of record on Tuesday, November 21st were paid a $0.01 dividend. The ex-dividend date was Monday, November 20th. This represents a $0.04 annualized dividend and a yield of 0.16%. Sun Bancorp’s dividend payout ratio (DPR) is currently 1.24%.

A number of large investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company grew its stake in Sun Bancorp by 1.8% in the second quarter. The Manufacturers Life Insurance Company now owns 662,050 shares of the financial services provider’s stock worth $16,319,000 after purchasing an additional 11,556 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Sun Bancorp by 3.0% in the second quarter. Dimensional Fund Advisors LP now owns 564,844 shares of the financial services provider’s stock worth $13,924,000 after purchasing an additional 16,715 shares in the last quarter. Vanguard Group Inc. grew its stake in Sun Bancorp by 10.4% in the first quarter. Vanguard Group Inc. now owns 442,920 shares of the financial services provider’s stock worth $10,808,000 after purchasing an additional 41,758 shares in the last quarter. State Street Corp boosted its position in Sun Bancorp by 33.0% during the 2nd quarter. State Street Corp now owns 206,033 shares of the financial services provider’s stock valued at $5,079,000 after acquiring an additional 51,133 shares in the last quarter. Finally, AlphaOne Investment Services LLC boosted its position in Sun Bancorp by 16.4% during the 2nd quarter. AlphaOne Investment Services LLC now owns 156,273 shares of the financial services provider’s stock valued at $3,852,000 after acquiring an additional 22,068 shares in the last quarter. 70.31% of the stock is currently owned by institutional investors.

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Sun Bancorp Company 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.

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