Sandy Spring Bancorp (NASDAQ:SASR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “SANDY SPRING is a bank holding company for Sandy Spring National Bank of Maryland. The bank is community oriented, and conducts a full-service commercial banking business through community offices located in Montgomery, Howard, Prince George’s and Anne Arundel counties in Maryland. “
SASR has been the topic of several other reports. Gabelli initiated coverage on Sandy Spring Bancorp in a research note on Monday, January 8th. They issued a “buy” rating and a $50.00 price objective on the stock. BidaskClub lowered Sandy Spring Bancorp from a “sell” rating to a “strong sell” rating in a research note on Thursday, January 25th. Boenning Scattergood reiterated a “hold” rating on shares of Sandy Spring Bancorp in a research note on Thursday, January 18th. Finally, Sandler O’Neill set a $44.00 price objective on Sandy Spring Bancorp and gave the company a “hold” rating in a research note on Friday, January 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. Sandy Spring Bancorp has an average rating of “Hold” and an average price target of $44.75.
Sandy Spring Bancorp (NASDAQ:SASR) opened at $38.54 on Wednesday. Sandy Spring Bancorp has a 12 month low of $36.41 and a 12 month high of $45.64. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $937.67, a PE ratio of 17.52, a P/E/G ratio of 1.01 and a beta of 0.93.
Sandy Spring Bancorp (NASDAQ:SASR) last issued its quarterly earnings results on Thursday, January 18th. The bank reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.01. Sandy Spring Bancorp had a return on equity of 10.91% and a net margin of 21.63%. The firm had revenue of $55.79 million for the quarter, compared to analyst estimates of $56.21 million. During the same period in the previous year, the company posted $0.55 earnings per share. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. equities analysts anticipate that Sandy Spring Bancorp will post 3.05 EPS for the current fiscal year.
In other news, EVP Ronda M. Mcdowell sold 1,872 shares of the business’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $37.95, for a total value of $71,042.40. Following the transaction, the executive vice president now directly owns 5,090 shares of the company’s stock, valued at approximately $193,165.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Shaza L. Andersen sold 8,546 shares of the business’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $39.64, for a total value of $338,763.44. Following the completion of the transaction, the director now directly owns 77,344 shares in the company, valued at $3,065,916.16. The disclosure for this sale can be found here. Insiders sold a total of 21,956 shares of company stock worth $860,119 over the last three months. 2.60% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Voya Investment Management LLC lifted its holdings in Sandy Spring Bancorp by 5.8% during the 2nd quarter. Voya Investment Management LLC now owns 14,980 shares of the bank’s stock worth $609,000 after buying an additional 821 shares in the last quarter. Stratos Wealth Partners LTD. lifted its holdings in Sandy Spring Bancorp by 19.5% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 7,967 shares of the bank’s stock worth $330,000 after buying an additional 1,301 shares in the last quarter. TIAA CREF Investment Management LLC lifted its holdings in Sandy Spring Bancorp by 1.5% during the 4th quarter. TIAA CREF Investment Management LLC now owns 103,927 shares of the bank’s stock worth $4,055,000 after buying an additional 1,515 shares in the last quarter. Schroder Investment Management Group lifted its holdings in Sandy Spring Bancorp by 28.0% during the 4th quarter. Schroder Investment Management Group now owns 11,009 shares of the bank’s stock worth $430,000 after buying an additional 2,406 shares in the last quarter. Finally, Systematic Financial Management LP lifted its holdings in Sandy Spring Bancorp by 0.6% during the 4th quarter. Systematic Financial Management LP now owns 485,631 shares of the bank’s stock worth $18,949,000 after buying an additional 2,914 shares in the last quarter. 71.04% of the stock is currently owned by institutional investors and hedge funds.
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About Sandy Spring Bancorp
Sandy Spring Bancorp, Inc is the bank holding company for Sandy Spring Bank (the Bank). The Company operates through three segments: Community Banking, Insurance and Investment Management. The Company’s Community Banking segment operates through Sandy Spring Bank and involves delivering a range of financial products and services, including various loan and deposit products to both individuals and businesses.
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