Sandy Spring Bancorp (NASDAQ:SASR) Downgraded to Sell at BidaskClub

BidaskClub lowered shares of Sandy Spring Bancorp (NASDAQ:SASR) from a hold rating to a sell rating in a report published on Tuesday morning, BidAskClub reports.

A number of other equities research analysts have also recently commented on the stock. Sandler O’Neill raised shares of Sandy Spring Bancorp from a hold rating to a buy rating and set a $38.00 price objective on the stock in a research note on Thursday, September 26th. Zacks Investment Research downgraded Sandy Spring Bancorp from a buy rating to a hold rating in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $37.06.

Shares of SASR stock opened at $35.17 on Tuesday. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.49. Sandy Spring Bancorp has a 12-month low of $29.83 and a 12-month high of $36.79. The company has a market cap of $1.25 billion, a price-to-earnings ratio of 12.30, a price-to-earnings-growth ratio of 1.14 and a beta of 0.84. The stock has a 50 day simple moving average of $34.92 and a 200-day simple moving average of $34.39.

Sandy Spring Bancorp (NASDAQ:SASR) last posted its quarterly earnings results on Thursday, October 17th. The bank reported $0.82 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.02. Sandy Spring Bancorp had a net margin of 27.41% and a return on equity of 10.11%. The business had revenue of $85.36 million for the quarter, compared to analysts’ expectations of $84.70 million. During the same period in the prior year, the company posted $0.79 EPS. On average, equities analysts forecast that Sandy Spring Bancorp will post 3.26 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 20th. Shareholders of record on Wednesday, November 13th were paid a dividend of $0.30 per share. The ex-dividend date was Tuesday, November 12th. This represents a $1.20 annualized dividend and a yield of 3.41%. Sandy Spring Bancorp’s dividend payout ratio is presently 41.96%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Coastal Investment Advisors Inc. raised its stake in shares of Sandy Spring Bancorp by 87.4% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 937 shares of the bank’s stock valued at $32,000 after acquiring an additional 437 shares during the period. Royal Bank of Canada grew its stake in Sandy Spring Bancorp by 40.6% during the 2nd quarter. Royal Bank of Canada now owns 1,125 shares of the bank’s stock valued at $39,000 after purchasing an additional 325 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in Sandy Spring Bancorp during the 2nd quarter worth approximately $44,000. Resources Investment Advisors LLC. purchased a new stake in Sandy Spring Bancorp during the 2nd quarter worth approximately $63,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Sandy Spring Bancorp by 60.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,062 shares of the bank’s stock worth $107,000 after buying an additional 1,153 shares during the last quarter. 72.87% 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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