Sandy Spring Bancorp Inc. (NASDAQ:SASR) announced a quarterly dividend on Friday, February 1st, Wall Street Journal reports. Shareholders of record on Wednesday, February 13th will be given a dividend of 0.28 per share by the bank on Wednesday, February 20th. This represents a $1.12 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend is Tuesday, February 12th.
Sandy Spring Bancorp has raised its dividend by an average of 6.9% per year over the last three years and has increased its dividend annually for the last 8 consecutive years. Sandy Spring Bancorp has a payout ratio of 35.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Sandy Spring Bancorp to earn $3.27 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 34.3%.
NASDAQ:SASR opened at $32.96 on Monday. Sandy Spring Bancorp has a 52-week low of $29.87 and a 52-week high of $43.87. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.06 and a quick ratio of 1.06. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of 11.52, a P/E/G ratio of 0.93 and a beta of 0.72.
Sandy Spring Bancorp (NASDAQ:SASR) last released its quarterly earnings results on Thursday, January 17th. The bank reported $0.72 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.79 by ($0.07). Sandy Spring Bancorp had a net margin of 26.19% and a return on equity of 10.10%. The company had revenue of $80.18 million for the quarter, compared to the consensus estimate of $81.94 million. During the same period in the prior year, the firm posted $0.34 EPS. Equities research analysts predict that Sandy Spring Bancorp will post 3.19 EPS for the current year.
Several research firms have issued reports on SASR. BidaskClub lowered Sandy Spring Bancorp from a “hold” rating to a “sell” rating in a report on Monday, February 4th. Gabelli reissued a “buy” rating on shares of Sandy Spring Bancorp in a report on Friday, January 18th. Sandler O’Neill lowered Sandy Spring Bancorp from a “buy” rating to a “hold” rating and set a $35.00 price objective for the company. in a research note on Friday, January 18th. Keefe, Bruyette & Woods lowered Sandy Spring Bancorp from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $44.00 to $35.00 in a research note on Friday, January 18th. Finally, Zacks Investment Research raised Sandy Spring Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, January 15th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $40.83.
In other news, Director Mark E. Friis purchased 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 22nd. The stock was bought at an average cost of $31.86 per share, with a total value of $31,860.00. Following the completion of the purchase, the director now owns 11,235 shares in the company, valued at $357,947.10. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.31% of the stock is currently owned by corporate insiders.
About Sandy Spring Bancorp
Sandy Spring Bancorp, Inc operates as the bank holding company for Sandy Spring Bank that provides commercial banking services to individuals and businesses in central Maryland, Northern Virginia, and Washington DC markets. It operates through three segments: Community Banking, Insurance, and Investment Management.
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