The Manufacturers Life Insurance Company acquired a new position in shares of Sun Bancorp, Inc. (NASDAQ:SNBC) during the third quarter, Holdings Channel reports. The firm acquired 572,035 shares of the financial services provider’s stock, valued at approximately $13,191,000. The Manufacturers Life Insurance Company owned 3.03% of Sun Bancorp at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Boston Partners raised its position in Sun Bancorp by 4.6% in the third quarter. Boston Partners now owns 158,170 shares of the financial services provider’s stock worth $3,647,000 after buying an additional 6,890 shares during the last quarter. RMB Capital Management LLC raised its position in Sun Bancorp by 81.5% in the third quarter. RMB Capital Management LLC now owns 211,022 shares of the financial services provider’s stock worth $4,866,000 after buying an additional 94,738 shares during the last quarter. Schwab Charles Investment Management Inc. raised its position in Sun Bancorp by 1.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 31,752 shares of the financial services provider’s stock worth $656,000 after buying an additional 336 shares during the last quarter. Swiss National Bank purchased a new position in Sun Bancorp during the second quarter worth $293,000. Finally, Bank of New York Mellon Corp raised its position in Sun Bancorp by 14.8% in the second quarter. Bank of New York Mellon Corp now owns 40,175 shares of the financial services provider’s stock worth $830,000 after buying an additional 5,190 shares during the last quarter. 69.04% of the stock is currently owned by hedge funds and other institutional investors.
Sun Bancorp, Inc. (NASDAQ:SNBC) traded up 0.81% during mid-day trading on Friday, reaching $24.85. 50,009 shares of the company were exchanged. The company has a market capitalization of $470.21 million, a PE ratio of 7.67 and a beta of 0.75. The stock has a 50-day moving average price of $25.30 and a 200 day moving average price of $23.69. Sun Bancorp, Inc. has a one year low of $20.26 and a one year high of $26.80.
Sun Bancorp (NASDAQ:SNBC) last issued its quarterly earnings data on Tuesday, January 31st. The financial services provider reported $0.12 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.10 by $0.02. Sun Bancorp had a net margin of 74.00% and a return on equity of 23.34%. Analysts predict that Sun Bancorp, Inc. will post $0.44 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 13th. Shareholders of record on Monday, February 27th will be given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date of this dividend is Thursday, February 23rd. Sun Bancorp’s payout ratio is currently 1.24%.
COPYRIGHT VIOLATION NOTICE: “The Manufacturers Life Insurance Company Acquires Shares of 572,035 Sun Bancorp, Inc. (SNBC)” was reported by sleekmoney and is the sole property of of sleekmoney. If you are accessing this news story on another website, it was stolen and reposted in violation of US and international trademark and copyright law. The correct version of this news story can be viewed at http://sleekmoney.com/the-manufacturers-life-insurance-company-acquires-shares-of-572035-sun-bancorp-inc-snbc/1655274.html.
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, it provides an array of community banking services to consumers, small businesses and mid-size companies. The lending services to businesses include term loans, lines of credit and commercial mortgages.
Want to see what other hedge funds are holding SNBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sun Bancorp, Inc. (NASDAQ:SNBC).
This story was originally published by sleekmoney (http://sleekmoney.com) and is the sole property of sleekmoney. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. You can view the original version of this story at http://sleekmoney.com/the-manufacturers-life-insurance-company-acquires-shares-of-572035-sun-bancorp-inc-snbc/1655274.html
Receive News & Ratings for Sun Bancorp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sun Bancorp Inc. and related companies with MarketBeat.com's FREE daily email newsletter.