BidaskClub upgraded shares of Sandy Spring Bancorp (NASDAQ:SASR) from a strong sell rating to a sell rating in a report published on Tuesday.
Other analysts have also issued research reports about the company. Sandler O’Neill raised Sandy Spring Bancorp from a hold rating to a buy rating in a research note on Tuesday, June 26th. ValuEngine raised Sandy Spring Bancorp from a sell rating to a hold rating in a research note on Tuesday, July 10th. Finally, Zacks Investment Research lowered Sandy Spring Bancorp from a hold rating to a sell rating in a research note on Tuesday, July 24th. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $46.20.
Shares of SASR stock opened at $36.66 on Tuesday. Sandy Spring Bancorp has a 52 week low of $35.73 and a 52 week high of $43.87. The firm has a market capitalization of $1.40 billion, a P/E ratio of 14.43, a price-to-earnings-growth ratio of 1.13 and a beta of 0.68. The company has a quick ratio of 1.08, a current ratio of 1.09 and a debt-to-equity ratio of 1.07.
Sandy Spring Bancorp (NASDAQ:SASR) last announced its quarterly earnings results on Thursday, July 19th. The bank reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.12). Sandy Spring Bancorp had a return on equity of 10.53% and a net margin of 22.29%. The business had revenue of $79.86 million during the quarter, compared to analysts’ expectations of $81.12 million. During the same period in the previous year, the business earned $0.61 EPS. The business’s revenue was up 41.3% compared to the same quarter last year. Sell-side analysts anticipate that Sandy Spring Bancorp will post 3.15 EPS for the current fiscal year.
In other Sandy Spring Bancorp news, Director Mark C. Michael sold 1,735 shares of the firm’s stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $39.54, for a total transaction of $68,601.90. Following the completion of the transaction, the director now owns 22,000 shares of the company’s stock, valued at $869,880. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.31% of the company’s stock.
A number of institutional investors have recently made changes to their positions in SASR. BlackRock Inc. lifted its position in Sandy Spring Bancorp by 21.6% during the first quarter. BlackRock Inc. now owns 2,621,617 shares of the bank’s stock valued at $101,614,000 after buying an additional 465,474 shares during the period. Millennium Management LLC lifted its position in Sandy Spring Bancorp by 193.4% during the second quarter. Millennium Management LLC now owns 540,781 shares of the bank’s stock valued at $22,177,000 after buying an additional 356,477 shares during the period. Dimensional Fund Advisors LP lifted its position in Sandy Spring Bancorp by 13.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,245,581 shares of the bank’s stock valued at $92,092,000 after buying an additional 271,282 shares during the period. Wedge Capital Management L L P NC purchased a new position in Sandy Spring Bancorp during the second quarter valued at $9,714,000. Finally, Renaissance Technologies LLC lifted its position in Sandy Spring Bancorp by 30.4% during the second quarter. Renaissance Technologies LLC now owns 929,710 shares of the bank’s stock valued at $38,127,000 after buying an additional 216,890 shares during the period. 68.67% of the stock is owned by institutional investors and hedge funds.
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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