Sandy Spring Bancorp (SASR) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Sandy Spring Bancorp (NASDAQ:SASR) released its quarterly earnings results on Thursday. The bank reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.02, Bloomberg Earnings reports. Sandy Spring Bancorp had a return on equity of 10.61% and a net margin of 24.31%. The firm had revenue of $55.79 million for the quarter, compared to analysts’ expectations of $56.21 million. During the same period in the prior year, the firm earned $0.55 EPS. The company’s revenue was up 8.7% compared to the same quarter last year.

Shares of Sandy Spring Bancorp (NASDAQ:SASR) traded down $0.22 during trading on Thursday, reaching $40.64. The company had a trading volume of 304,800 shares, compared to its average volume of 307,691. Sandy Spring Bancorp has a one year low of $36.50 and a one year high of $45.64. The company has a market cap of $980.38, a PE ratio of 16.86, a P/E/G ratio of 0.89 and a beta of 0.99. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.12.

A number of brokerages recently commented on SASR. Boenning Scattergood reaffirmed a “hold” rating on shares of Sandy Spring Bancorp in a report on Friday, October 20th. ValuEngine raised Sandy Spring Bancorp from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Zacks Investment Research cut Sandy Spring Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, October 25th. Sandler O’Neill set a $44.00 target price on Sandy Spring Bancorp and gave the stock a “hold” rating in a report on Friday, January 12th. Finally, BidaskClub raised Sandy Spring Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Sandy Spring Bancorp presently has a consensus rating of “Hold” and a consensus target price of $44.75.

A number of institutional investors have recently made changes to their positions in SASR. Thrivent Financial For Lutherans increased its stake in Sandy Spring Bancorp by 90.7% in the 2nd quarter. Thrivent Financial For Lutherans now owns 309,182 shares of the bank’s stock worth $12,571,000 after buying an additional 147,030 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Sandy Spring Bancorp by 13.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 808,009 shares of the bank’s stock worth $32,854,000 after buying an additional 98,650 shares in the last quarter. Renaissance Technologies LLC increased its stake in Sandy Spring Bancorp by 26.7% in the 2nd quarter. Renaissance Technologies LLC now owns 431,354 shares of the bank’s stock worth $17,539,000 after buying an additional 90,954 shares in the last quarter. State Street Corp increased its stake in Sandy Spring Bancorp by 16.9% in the 2nd quarter. State Street Corp now owns 523,549 shares of the bank’s stock worth $21,287,000 after buying an additional 75,500 shares in the last quarter. Finally, 361 Capital LLC purchased a new stake in Sandy Spring Bancorp in the 3rd quarter worth $2,173,000. 70.37% of the stock is currently owned by institutional investors.

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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.

Earnings History for Sandy Spring Bancorp (NASDAQ:SASR)

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