BidaskClub Downgrades Sandy Spring Bancorp (NASDAQ:SASR) to Hold

BidaskClub cut shares of Sandy Spring Bancorp (NASDAQ:SASR) from a buy rating to a hold rating in a research report released on Tuesday morning, BidAskClub reports.

Several other analysts have also recently issued reports on SASR. Boenning Scattergood set a $37.00 target price on Sandy Spring Bancorp and gave the stock a buy rating in a research note on Monday, April 22nd. Zacks Investment Research raised Sandy Spring Bancorp from a sell rating to a hold rating in a research note on Thursday, April 25th. One 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 stock. Sandy Spring Bancorp has a consensus rating of Hold and an average target price of $37.60.

SASR opened at $33.42 on Tuesday. The stock has a market capitalization of $1.17 billion, a PE ratio of 11.69 and a beta of 0.83. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.70. Sandy Spring Bancorp has a 12 month low of $29.83 and a 12 month high of $43.62.

Sandy Spring Bancorp (NASDAQ:SASR) last released its quarterly earnings data on Thursday, April 18th. The bank reported $0.85 EPS for the quarter, topping the Thomson Reuters’ 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 return on equity of 9.99% and a net margin of 27.54%. The company’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.79 earnings per share. On average, analysts predict that Sandy Spring Bancorp will post 3.22 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Wednesday, May 8th were paid a $0.30 dividend. The ex-dividend date was Tuesday, May 7th. This is a boost from Sandy Spring Bancorp’s previous quarterly dividend of $0.28. This represents a $1.20 annualized dividend and a dividend yield of 3.59%. Sandy Spring Bancorp’s dividend payout ratio (DPR) is presently 41.96%.

In other Sandy Spring Bancorp news, Director Joe Reeder bought 867 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The shares were bought at an average cost of $34.57 per share, with a total value of $29,972.19. Following the completion of the purchase, the director now directly owns 56,852 shares of the company’s stock, valued at $1,965,373.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.09% of the stock is owned by company insiders.

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. boosted its position in Sandy Spring Bancorp by 9.7% during the 1st quarter. BlackRock Inc. now owns 2,947,926 shares of the bank’s stock valued at $92,211,000 after acquiring an additional 261,347 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Sandy Spring Bancorp by 2.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,587,985 shares of the bank’s stock valued at $80,952,000 after acquiring an additional 67,016 shares in the last quarter. Renaissance Technologies LLC boosted its position in Sandy Spring Bancorp by 6.1% during the 1st quarter. Renaissance Technologies LLC now owns 1,071,278 shares of the bank’s stock valued at $33,510,000 after acquiring an additional 61,300 shares in the last quarter. Banc Funds Co. LLC boosted its position in Sandy Spring Bancorp by 1.7% during the 1st quarter. Banc Funds Co. LLC now owns 844,793 shares of the bank’s stock valued at $26,425,000 after acquiring an additional 14,405 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Sandy Spring Bancorp by 2.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 772,968 shares of the bank’s stock valued at $24,179,000 after acquiring an additional 18,767 shares in the last quarter. 68.76% of the stock is currently 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 The company operates in three segments: Community Banking, Insurance, and Investment Management.

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Analyst Recommendations for Sandy Spring Bancorp (NASDAQ:SASR)

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