Zacks Investment Research upgraded shares of Sandy Spring Bancorp (NASDAQ:SASR) from a sell rating to a hold rating in a research report released 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. “
Other analysts have also issued research reports about the company. BidaskClub lowered Sandy Spring Bancorp from a hold rating to a sell rating in a research note on Wednesday, January 10th. Boenning Scattergood reaffirmed a hold rating on shares of Sandy Spring Bancorp in a research note on Tuesday, January 2nd. Stephens raised Sandy Spring Bancorp from an equal weight rating to an overweight rating and set a $45.00 target price for the company in a research note on Thursday, February 22nd. Sandler O’Neill set a $44.00 target price on Sandy Spring Bancorp and gave the stock a hold rating in a research note on Friday, January 12th. Finally, Gabelli assumed coverage on Sandy Spring Bancorp in a research note on Monday, January 8th. They issued a buy rating and a $50.00 target price for the company. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $44.80.
Sandy Spring Bancorp (NASDAQ:SASR) last issued its earnings results on Thursday, January 18th. The bank reported $0.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.01. The business had revenue of $55.79 million during the quarter, compared to analyst estimates of $56.21 million. Sandy Spring Bancorp had a return on equity of 10.87% and a net margin of 21.63%. Sandy Spring Bancorp’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.55 earnings per share. sell-side analysts anticipate that Sandy Spring Bancorp will post 3.05 EPS for the current year.
In other news, Director Joe Reeder sold 1,538 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $38.63, for a total transaction of $59,412.94. Following the completion of the sale, the director now owns 154,473 shares of the company’s stock, valued at $5,967,291.99. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Shaza L. Andersen sold 8,546 shares of the stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $39.64, for a total value of $338,763.44. Following the sale, the director now directly owns 77,344 shares of the company’s stock, valued at approximately $3,065,916.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 93,256 shares of company stock valued at $3,660,166. 3.31% of the stock is owned by insiders.
Several large investors have recently added to or reduced their stakes in SASR. FNY Partners Fund LP purchased a new stake in shares of Sandy Spring Bancorp during the fourth quarter valued at approximately $132,000. KBC Group NV purchased a new stake in shares of Sandy Spring Bancorp during the third quarter valued at approximately $139,000. Magnetar Financial LLC purchased a new stake in shares of Sandy Spring Bancorp during the third quarter valued at approximately $203,000. Cornerstone Capital Management Holdings LLC. purchased a new stake in shares of Sandy Spring Bancorp during the fourth quarter valued at approximately $214,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Sandy Spring Bancorp during the third quarter valued at approximately $261,000. 73.40% of the stock is owned by hedge funds and other institutional investors.
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Sandy Spring Bancorp Company Profile
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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