The JPMorgan Chase & Co. Acquires New Position in Suffolk Bancorp (SCNB)

The JPMorgan Chase & Co. Acquires New Position in Suffolk Bancorp (SCNB)

JPMorgan Chase & Co. acquired a new stake in Suffolk Bancorp (NYSE:SCNB) during the second quarter, Holdings Channel reports. The institutional investor acquired 163,344 shares of the company’s stock, valued at approximately $5,114,000. JPMorgan Chase & Co. owned approximately 1.37% of Suffolk Bancorp at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. GSA Capital Partners LLP acquired a new position in Suffolk Bancorp during the second quarter worth $432,000. State Board of Administration of Florida Retirement System acquired a new position in Suffolk Bancorp during the second quarter worth $645,000. California Public Employees Retirement System acquired a new position in Suffolk Bancorp during the second quarter worth $992,000. Beacon Trust Co. acquired a new position in Suffolk Bancorp during the second quarter worth $1,214,000. Finally, California State Teachers Retirement System acquired a new position in Suffolk Bancorp during the second quarter worth $752,000. 59.25% of the stock is owned by institutional investors.

Suffolk Bancorp (NYSE:SCNB) traded up 1.28% during mid-day trading on Friday, hitting $34.13. 10,314 shares of the stock were exchanged. The company has a market capitalization of $406.01 million, a PE ratio of 21.19 and a beta of 0.75. Suffolk Bancorp has a 52 week low of $22.88 and a 52 week high of $35.80. The stock’s 50-day moving average is $34.76 and its 200 day moving average is $29.52.

Suffolk Bancorp (NYSE:SCNB) last released its earnings results on Thursday, July 28th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.07. Suffolk Bancorp had a net margin of 22.55% and a return on equity of 9.96%. On average, analysts anticipate that Suffolk Bancorp will post $1.76 EPS for the current year.

A number of research analysts recently weighed in on the stock. Keefe, Bruyette & Woods downgraded shares of Suffolk Bancorp from an “outperform” rating to a “market perform” rating and raised their target price for the company from $30.00 to $33.50 in a research report on Tuesday, August 9th. Zacks Investment Research upgraded shares of Suffolk Bancorp from a “strong sell” rating to a “hold” rating in a research note on Thursday, June 30th. FIG Partners cut shares of Suffolk Bancorp from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 28th. Finally, Maxim Group cut shares of Suffolk Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, June 28th.

About Suffolk Bancorp

Suffolk Bancorp is the 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 over 30 branches in Nassau, Suffolk and Queens Counties, New York and loan production offices in Garden City, Melville and Long Island City.

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