Maltese Capital Management LLC Decreases Position in Sun Bancorp, Inc. (SNBC)

Maltese Capital Management LLC reduced its stake in shares of Sun Bancorp, Inc. (NASDAQ:SNBC) by 41.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 378,200 shares of the financial services provider’s stock after selling 272,900 shares during the quarter. Maltese Capital Management LLC owned approximately 1.98% of Sun Bancorp worth $9,398,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. boosted its holdings in shares of Sun Bancorp by 0.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 41,480 shares of the financial services provider’s stock worth $1,023,000 after purchasing an additional 209 shares during the period. TIAA CREF Investment Management LLC boosted its holdings in shares of Sun Bancorp by 0.8% during the first quarter. TIAA CREF Investment Management LLC now owns 35,317 shares of the financial services provider’s stock worth $862,000 after purchasing an additional 285 shares during the period. Bank of America Corp DE boosted its holdings in shares of Sun Bancorp by 10.5% during the first quarter. Bank of America Corp DE now owns 4,533 shares of the financial services provider’s stock worth $111,000 after purchasing an additional 429 shares during the period. Nationwide Fund Advisors boosted its holdings in shares of Sun Bancorp by 6.6% during the second quarter. Nationwide Fund Advisors now owns 8,733 shares of the financial services provider’s stock worth $215,000 after purchasing an additional 543 shares during the period. Finally, Strs Ohio boosted its holdings in shares of Sun Bancorp by 7.8% during the third quarter. Strs Ohio now owns 27,700 shares of the financial services provider’s stock worth $688,000 after purchasing an additional 2,000 shares during the period. Institutional investors and hedge funds own 70.31% of the company’s stock.

Shares of Sun Bancorp, Inc. (NASDAQ:SNBC) opened at $25.70 on Thursday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market cap of $500.33, a P/E ratio of 8.11 and a beta of 0.24. Sun Bancorp, Inc. has a one year low of $22.45 and a one year high of $26.80.

Sun Bancorp (NASDAQ:SNBC) last posted its earnings results on Thursday, October 26th. The financial services provider reported $0.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.03. The firm had revenue of $18.87 million during the quarter. Sun Bancorp had a net margin of 72.60% and a return on equity of 19.02%.

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

SNBC has been the subject of several research reports. BidaskClub cut shares of Sun Bancorp from a “hold” rating to a “sell” rating in a report on Monday, August 14th. Sandler O’Neill upgraded shares of Sun Bancorp from a “hold” rating to a “buy” rating and reduced their target price for the company from $27.00 to $26.50 in a research note on Wednesday, September 20th.

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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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Institutional Ownership by Quarter for Sun Bancorp (NASDAQ:SNBC)

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