Context BH Capital Management LP Purchases New Stake in Sun Bancorp, Inc. (SNBC)
Context BH Capital Management LP purchased a new position in shares of Sun Bancorp, Inc. (NASDAQ:SNBC) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 84,108 shares of the financial services provider’s stock, valued at approximately $2,090,000. Context BH Capital Management LP owned about 0.44% of Sun Bancorp at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of SNBC. Dimensional Fund Advisors LP grew its position in Sun Bancorp by 23.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 548,129 shares of the financial services provider’s stock worth $13,374,000 after acquiring an additional 105,284 shares during the last quarter. Alliancebernstein L.P. grew its position in Sun Bancorp by 421.0% during the 2nd 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 during the last quarter. State Street Corp grew 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 worth $5,079,000 after acquiring an additional 51,133 shares during the last quarter. Vanguard Group Inc. grew its position in Sun Bancorp by 10.4% during the 1st quarter. Vanguard Group Inc. now owns 442,920 shares of the financial services provider’s stock worth $10,808,000 after acquiring an additional 41,758 shares during the last quarter. Finally, Stifel Financial Corp bought a new position in Sun Bancorp during the 2nd quarter worth approximately $930,000. Institutional investors and hedge funds own 70.03% of the company’s stock.
Several research firms recently issued reports on SNBC. BidaskClub lowered Sun Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $28.00 price objective on shares of Sun Bancorp in a report on Thursday, July 27th. Finally, Sandler O’Neill upgraded 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 report on Wednesday, September 20th.
Sun Bancorp, Inc. (NASDAQ SNBC) traded up $0.10 during midday trading on Monday, reaching $24.00. The company’s stock had a trading volume of 14,900 shares, compared to its average volume of 44,040. Sun Bancorp, Inc. has a 1-year low of $22.10 and a 1-year high of $26.80. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.43. The stock has a market cap of $458.32, a PE ratio of 7.43 and a beta of 0.24.
Sun Bancorp (NASDAQ:SNBC) last released its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.14 earnings per share 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 business had revenue of $18.87 million during the quarter.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st will be issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.17%. The ex-dividend date of this dividend is Monday, November 20th. Sun Bancorp’s dividend payout ratio (DPR) is currently 1.24%.
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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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