Revenue Update on Sun Bancorp /NJ(NASDAQ:SNBC)

Sun Bancorp /NJ(NASDAQ:SNBC) announced the earnings results for Fiscal Year 2016 and Q2. The results came in during Pre-market on Jul 26, 2016. Company reported revenue of $18.65M. Analysts estimated a revenue of $15.16M. Earnings per share were $0.16. Analysts had estimated an EPS of $0.08.

Sun Bancorp /NJ (SNBC) shares turned negative on Fridays trading session with the shares closing down -0.25 points or -1.16% at a volume of 31,631. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $21.95. The peak price level was also seen at $21.95 while the days lowest was $21.03. Finally the shares closed at $21.34. The 52-week high of the shares is $22.75 while the 52-week low is $18.9. According to the latest information available, the market cap of the company is $402 M.

Several Insider Transactions has been reported to the SEC. On May 17, 2016, Neelesh Kalani (SVP/Chief Accounting Officer) sold 595 shares at $21.58 per share price.Also, On Feb 12, 2016, Thomas M Obrien (CEO) purchased 5,000 shares at $20.46 per share price.On Feb 10, 2016, Patricia M Schaubeck (EVP & General Counsel) purchased 500 shares at $20.76 per share price, according to the Form-4 filing with the securities and exchange commission.

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. The Company’s commercial deposit services include business checking and money market accounts and cash management solutions such as online banking electronic bill payment and wire transfer services lockbox services remote deposit and controlled disbursement services. The Company’s lending services to consumers consist primarily of lines of credit of overdraft sweeps. The Company’s consumer deposit services include checking accounts savings accounts money market accounts certificates of deposit and individual retirement accounts.

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