Wells Fargo & Company MN boosted its stake in Sun Bancorp, Inc. /NJ (NASDAQ:SNBC) by 48.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,528 shares of the financial services provider’s stock after purchasing an additional 4,410 shares during the quarter. Wells Fargo & Company MN owned about 0.07% of Sun Bancorp, Inc. /NJ worth $336,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of SNBC. Context BH Capital Management LP acquired a new position in Sun Bancorp, Inc. /NJ in the third quarter valued at about $2,090,000. Alliancebernstein L.P. raised its stake in Sun Bancorp, Inc. /NJ by 421.0% during the second quarter. Alliancebernstein L.P. now owns 76,380 shares of the financial services provider’s stock worth $1,883,000 after acquiring an additional 61,720 shares in the last quarter. State Street Corp raised its stake in Sun Bancorp, Inc. /NJ by 33.0% during the second quarter. State Street Corp now owns 206,033 shares of the financial services provider’s stock worth $5,079,000 after acquiring an additional 51,133 shares in the last quarter. K2 Principal Fund L.P. acquired a new position in Sun Bancorp, Inc. /NJ during the third quarter worth about $1,176,000. Finally, Stifel Financial Corp acquired a new position in Sun Bancorp, Inc. /NJ during the second quarter worth about $930,000. 70.32% of the stock is owned by institutional investors and hedge funds.
SNBC has been the subject of several research analyst reports. Keefe, Bruyette & Woods reissued a “buy” rating and set a $33.00 target price on shares of Sun Bancorp, Inc. /NJ in a research note on Friday, December 22nd. BidaskClub cut Sun Bancorp, Inc. /NJ from a “hold” rating to a “sell” rating in a report on Friday, January 26th.
Sun Bancorp, Inc. /NJ (NASDAQ SNBC) traded down $0.30 during trading hours on Monday, hitting $24.50. The stock had a trading volume of 10,500 shares, compared to its average volume of 31,838. The company has a market capitalization of $467.87, a PE ratio of 7.56 and a beta of 0.27. 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, Inc. /NJ has a 52 week low of $22.45 and a 52 week high of $26.70.
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Sun Bancorp, Inc. /NJ 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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