Sandy Spring Bancorp, Inc. (SASR) Rating Lowered to Sell at Zacks Investment Research

Sandy Spring Bancorp, Inc. (NASDAQ:SASR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors 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. “

Several other research firms have also recently commented on SASR. Boenning Scattergood reiterated a “hold” rating on shares of Sandy Spring Bancorp in a research note on Friday, October 20th. ValuEngine upgraded Sandy Spring Bancorp from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Finally, BidaskClub lowered Sandy Spring Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, July 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $42.00.

Shares of Sandy Spring Bancorp (SASR) opened at 41.12 on Wednesday. Sandy Spring Bancorp has a 12-month low of $30.91 and a 12-month high of $45.64. The firm has a market cap of $986.35 million, a PE ratio of 17.60 and a beta of 1.03. The firm’s 50-day moving average is $40.65 and its 200-day moving average is $40.28.

Sandy Spring Bancorp (NASDAQ:SASR) last released its earnings results on Thursday, October 19th. The bank reported $0.62 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by ($0.01). The business had revenue of $55.44 million for the quarter, compared to analysts’ expectations of $58.34 million. Sandy Spring Bancorp had a net margin of 24.31% and a return on equity of 10.71%. During the same quarter last year, the company posted $0.56 earnings per share. Equities analysts expect that Sandy Spring Bancorp will post $2.50 earnings per share for the current fiscal year.

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Several hedge funds have recently bought and sold shares of the stock. Legal & General Group Plc raised its position in shares of Sandy Spring Bancorp by 2.1% during the 2nd quarter. Legal & General Group Plc now owns 8,994 shares of the bank’s stock valued at $365,000 after acquiring an additional 182 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Sandy Spring Bancorp by 0.5% during the 1st quarter. Alliancebernstein L.P. now owns 39,491 shares of the bank’s stock valued at $1,619,000 after acquiring an additional 200 shares in the last quarter. Stratos Wealth Partners LTD. raised its position in shares of Sandy Spring Bancorp by 9.0% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 6,666 shares of the bank’s stock valued at $271,000 after acquiring an additional 551 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Sandy Spring Bancorp by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 5,066 shares of the bank’s stock valued at $206,000 after acquiring an additional 759 shares in the last quarter. Finally, Citigroup Inc. raised its position in shares of Sandy Spring Bancorp by 12.5% during the 2nd quarter. Citigroup Inc. now owns 7,353 shares of the bank’s stock valued at $298,000 after acquiring an additional 817 shares in the last quarter. 67.64% of the stock is currently owned by institutional investors and hedge funds.

About Sandy Spring Bancorp

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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