Sandy Spring Bancorp (SASR) Issues Earnings Results

Sandy Spring Bancorp (NASDAQ:SASR) released its earnings results on Thursday. The bank reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.10, Bloomberg Earnings reports. Sandy Spring Bancorp had a net margin of 26.19% and a return on equity of 10.00%. The company had revenue of $84.96 million for the quarter, compared to analysts’ expectations of $79.97 million. During the same quarter last year, the business earned $0.79 EPS. The firm’s revenue was up 4.9% compared to the same quarter last year.

Shares of Sandy Spring Bancorp stock traded up $0.22 on Friday, hitting $33.52. 329,498 shares of the company traded hands, compared to its average volume of 139,000. The stock has a market cap of $1.16 billion, a P/E ratio of 11.72 and a beta of 0.77. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.06 and a quick ratio of 1.06. Sandy Spring Bancorp has a 52 week low of $29.83 and a 52 week high of $43.87.

A number of equities research analysts have commented on SASR shares. Gabelli restated a “buy” rating on shares of Sandy Spring Bancorp in a research note on Friday, January 18th. BidaskClub upgraded shares of Sandy Spring Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, February 20th. Zacks Investment Research upgraded shares of Sandy Spring Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, January 15th. Sandler O’Neill cut 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. Finally, Keefe, Bruyette & Woods cut shares of Sandy Spring Bancorp from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $44.00 to $35.00 in a research note on Friday, January 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $40.00.

In other news, EVP Ronda M. Mcdowell sold 744 shares of Sandy Spring Bancorp stock in a transaction that occurred on Wednesday, February 27th. The shares were sold at an average price of $35.02, for a total transaction of $26,054.88. Following the sale, the executive vice president now owns 6,034 shares in the company, valued at $211,310.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Mark E. Friis acquired 1,000 shares of Sandy Spring Bancorp stock in a transaction dated Tuesday, January 22nd. The shares were bought at an average price of $31.86 per share, for a total transaction of $31,860.00. Following the transaction, the director now owns 11,235 shares of the company’s stock, valued at $357,947.10. The disclosure for this purchase can be found here. Company insiders own 2.09% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in SASR. JPMorgan Chase & Co. raised its position in shares of Sandy Spring Bancorp by 13.2% during the third quarter. JPMorgan Chase & Co. now owns 30,643 shares of the bank’s stock valued at $1,205,000 after buying an additional 3,583 shares during the last quarter. Credit Suisse AG grew its holdings in shares of Sandy Spring Bancorp by 29.8% in the third quarter. Credit Suisse AG now owns 26,404 shares of the bank’s stock valued at $1,038,000 after purchasing an additional 6,058 shares in the last quarter. Panagora Asset Management Inc. purchased a new position in shares of Sandy Spring Bancorp in the third quarter valued at $170,000. First Republic Investment Management Inc. purchased a new position in shares of Sandy Spring Bancorp in the third quarter valued at $215,000. Finally, Paloma Partners Management Co purchased a new position in shares of Sandy Spring Bancorp in the third quarter valued at $344,000. Hedge funds and other institutional investors own 69.09% of the company’s stock.

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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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Earnings History for Sandy Spring Bancorp (NASDAQ:SASR)

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