Keefe Bruyette & Woods Downgrades Suffolk Bancorp to Market Perform with Price Target $33.50

Brokerage firm Keefe Bruyette & Woods Downgrades its rating on Suffolk Bancorp(NYSE:SCNB). In a research note issued to the investors, the brokerage major Raises the price-target to $33.50 per share. The shares have been rated Market Perform. Previously, the analysts had a Outperform rating on the shares. The rating by Keefe Bruyette & Woods was issued on Aug 9, 2016.

Suffolk Bancorp(SCNB) last announced its earnings results on Jul 28, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $21.26M. Analysts had an estimated revenue of $20.27M. Earnings per share were $0.48. Analysts had estimated an EPS of $0.41.

Several Insider Transactions has been reported to the SEC. On May 26, 2016, Christopher J Hilton (EVP & Chief Credit Officer) purchased 14 shares at $24.19 per share price.Also, On May 26, 2016, James R Whitehouse (EVP) purchased 7 shares at $24.19 per share price.On May 26, 2016, Anita J Nigrel (EVP & Chief Retail Officer) purchased 2 shares at $24.19 per share price, according to the Form-4 filing with the securities and exchange commission.

Suffolk Bancorp (Suffolk) is a bank holding company for Suffolk County National Bank of Riverhead (the Bank). The Bank is a community bank which offers commercial and retail banking services to its customers. The Bank operates 26 branches in Nassau and Suffolk Counties New York and loan production offices in Garden City and Melville New York. The Bank makes commercial real estate floating and fixed rate loans multifamily and mixed use commercial loans primarily in the boroughs of New York City commercial and industrial loans to manufacturers wholesalers distributors developers/contractors and retailers and agricultural loans. The Bank investment securities consist of United States Government agency securities obligations of states and political subdivisions collateralized mortgage obligations mortgage-backed securities and Corporate bonds. The Bank finances its activities through deposits borrowings and proceeds from maturities and sales of securities.

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