Penn Capital Management Co. Inc. raised its position in Sandy Spring Bancorp Inc. (NASDAQ:SASR) by 8.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 149,091 shares of the bank’s stock after purchasing an additional 11,712 shares during the period. Penn Capital Management Co. Inc.’s holdings in Sandy Spring Bancorp were worth $4,664,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in SASR. Stratos Wealth Partners LTD. boosted its stake in Sandy Spring Bancorp by 3.5% during the first quarter. Stratos Wealth Partners LTD. now owns 9,049 shares of the bank’s stock worth $283,000 after acquiring an additional 306 shares in the last quarter. Systematic Financial Management LP boosted its stake in Sandy Spring Bancorp by 6.2% during the first quarter. Systematic Financial Management LP now owns 681,096 shares of the bank’s stock worth $21,305,000 after acquiring an additional 39,535 shares in the last quarter. California Public Employees Retirement System boosted its stake in Sandy Spring Bancorp by 19.3% during the first quarter. California Public Employees Retirement System now owns 62,342 shares of the bank’s stock worth $1,950,000 after acquiring an additional 10,095 shares in the last quarter. Lafayette Investments Inc. boosted its stake in Sandy Spring Bancorp by 12.7% during the first quarter. Lafayette Investments Inc. now owns 108,159 shares of the bank’s stock worth $3,383,000 after acquiring an additional 12,169 shares in the last quarter. Finally, Teton Advisors Inc. boosted its stake in Sandy Spring Bancorp by 91.7% during the first quarter. Teton Advisors Inc. now owns 23,000 shares of the bank’s stock worth $719,000 after acquiring an additional 11,000 shares in the last quarter. 69.74% of the stock is owned by hedge funds and other institutional investors.
SASR has been the topic of several analyst reports. Zacks Investment Research upgraded shares of Sandy Spring Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, April 25th. BidaskClub upgraded shares of Sandy Spring Bancorp from a “hold” rating to a “buy” rating in a research note on Tuesday, April 30th. Boenning Scattergood set a $37.00 target price on shares of Sandy Spring Bancorp and gave the stock a “buy” rating in a research note on Monday, April 22nd. Keefe, Bruyette & Woods downgraded shares of Sandy Spring Bancorp from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $44.00 to $35.00 in a research note on Friday, January 18th. Finally, Sandler O’Neill downgraded shares of Sandy Spring Bancorp from a “buy” rating to a “hold” rating and set a $35.00 target price on the stock. in a research note on Friday, January 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $37.75.
In other news, Director Joe Reeder bought 867 shares of the company’s stock in a transaction dated Tuesday, April 30th. The shares were purchased at an average price of $34.57 per share, for a total transaction of $29,972.19. Following the completion of the purchase, the director now owns 56,852 shares in the company, valued at approximately $1,965,373.64. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Ronda M. Mcdowell sold 744 shares of the company’s stock in a transaction that occurred on Wednesday, February 27th. The stock was sold at an average price of $35.02, for a total transaction of $26,054.88. Following the completion of the transaction, the executive vice president now owns 6,034 shares in the company, valued at approximately $211,310.68. The disclosure for this sale can be found here. Corporate insiders own 2.09% of the company’s stock.
Shares of NASDAQ SASR traded up $0.34 during midday trading on Thursday, hitting $33.81. The stock had a trading volume of 1,354 shares, compared to its average volume of 141,792. The company has a market cap of $1.19 billion, a PE ratio of 11.80 and a beta of 0.81. Sandy Spring Bancorp Inc. has a 52 week low of $29.83 and a 52 week high of $43.87. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.03 and a current ratio of 1.04.
Sandy Spring Bancorp (NASDAQ:SASR) last issued its earnings results on Thursday, April 18th. The bank reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.10. The firm had revenue of $84.96 million for the quarter, compared to the consensus estimate of $79.97 million. Sandy Spring Bancorp had a net margin of 27.54% and a return on equity of 9.99%. The business’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.79 earnings per share. On average, analysts forecast that Sandy Spring Bancorp Inc. will post 3.21 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 8th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.55%. The ex-dividend date was Tuesday, May 7th. This is an increase from Sandy Spring Bancorp’s previous quarterly dividend of $0.28. Sandy Spring Bancorp’s dividend payout ratio is currently 41.96%.
Sandy Spring Bancorp Company Profile
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 The company operates in three segments: Community Banking, Insurance, and Investment Management.
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