Sussex Bancorp (SBBX) Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Sussex Bancorp (NASDAQ:SBBX) from a strong-buy rating to a sell rating in a report published on Friday morning.

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 brokerages also recently weighed in on SBBX. ValuEngine raised Sussex Bancorp from a hold rating to a buy rating in a report on Thursday. Keefe, Bruyette & Woods restated a buy rating and issued a $32.50 price objective on shares of Sussex Bancorp in a research note on Friday, December 22nd.

Shares of Sussex Bancorp (NASDAQ:SBBX) traded up $0.15 during midday trading on Friday, reaching $28.25. The company’s stock had a trading volume of 3,852 shares, compared to its average volume of 19,849. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $170.64, a P/E ratio of 25.92 and a beta of 0.47. Sussex Bancorp has a fifty-two week low of $19.75 and a fifty-two week high of $29.70.

Sussex Bancorp (NASDAQ:SBBX) last issued its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.04. The business had revenue of $9.83 million during the quarter, compared to the consensus estimate of $9.80 million. Sussex Bancorp had a return on equity of 9.29% and a net margin of 12.94%. analysts expect that Sussex Bancorp will post 1.83 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 21st. Stockholders of record on Wednesday, February 7th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.85%. The ex-dividend date of this dividend is Tuesday, February 6th. Sussex Bancorp’s payout ratio is 22.02%.

In other news, EVP Sergio Enzo Musacchio sold 1,199 shares of the firm’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $26.32, for a total value of $31,557.68. Following the completion of the transaction, the executive vice president now directly owns 3,448 shares in the company, valued at $90,751.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 17.60% of the company’s stock.

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Sussex Bancorp by 73.0% in the second quarter. Vanguard Group Inc. now owns 100,717 shares of the financial services provider’s stock worth $2,493,000 after purchasing an additional 42,503 shares during the last quarter. Stifel Financial Corp purchased a new position in Sussex Bancorp during the second quarter valued at approximately $520,000. Wells Fargo & Company MN raised its position in Sussex Bancorp by 26.5% during the second quarter. Wells Fargo & Company MN now owns 63,914 shares of the financial services provider’s stock valued at $1,556,000 after acquiring an additional 13,378 shares in the last quarter. Alpine Woods Capital Investors LLC purchased a new position in Sussex Bancorp during the third quarter valued at approximately $231,000. Finally, Dimensional Fund Advisors LP raised its position in Sussex Bancorp by 3.1% during the second quarter. Dimensional Fund Advisors LP now owns 99,943 shares of the financial services provider’s stock valued at $2,474,000 after acquiring an additional 2,979 shares in the last quarter. Hedge funds and other institutional investors own 41.12% of the company’s stock.

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Sussex Bancorp Company Profile

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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