Short Interest in Sandy Spring Bancorp Inc. (SASR) Decreases By 73.7%

Sandy Spring Bancorp Inc. (NASDAQ:SASR) was the target of a large decline in short interest during the month of January. As of January 12th, there was short interest totalling 355,951 shares, a decline of 73.7% from the December 29th total of 1,352,692 shares. Based on an average daily volume of 308,379 shares, the short-interest ratio is presently 1.2 days. Approximately 1.6% of the company’s stock are short sold.

A number of research firms have weighed in on SASR. Gabelli began coverage on shares of Sandy Spring Bancorp in a research report on Monday, January 8th. They set a “buy” rating and a $50.00 target price for the company. Zacks Investment Research raised shares of Sandy Spring Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, December 23rd. BidaskClub lowered shares of Sandy Spring Bancorp from a “sell” rating to a “strong sell” rating in a research report on Thursday, January 25th. Sandler O’Neill set a $44.00 target price on shares of Sandy Spring Bancorp and gave the stock a “hold” rating in a research report on Friday, January 12th. Finally, Boenning Scattergood reissued a “hold” rating on shares of Sandy Spring Bancorp in a research report on Friday, October 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Sandy Spring Bancorp presently has a consensus rating of “Hold” and a consensus price target of $44.75.

Sandy Spring Bancorp (SASR) opened at $37.82 on Thursday. The firm has a market cap of $920.87, a price-to-earnings ratio of 17.19, a price-to-earnings-growth ratio of 0.99 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. Sandy Spring Bancorp has a 52-week low of $36.50 and a 52-week high of $45.64.

Sandy Spring Bancorp (NASDAQ:SASR) last released its earnings results on Thursday, January 18th. The bank reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.01. The firm had revenue of $55.79 million during the quarter, compared to analyst estimates of $56.21 million. Sandy Spring Bancorp had a net margin of 21.63% and a return on equity of 10.91%. The business’s revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.55 EPS. equities analysts expect that Sandy Spring Bancorp will post 3.07 earnings per share for the current year.

In related news, Director Joe Reeder sold 1,538 shares of Sandy Spring Bancorp stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $38.63, for a total value of $59,412.94. Following the completion of the sale, the director now owns 154,473 shares of the company’s stock, valued at approximately $5,967,291.99. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Shaza L. Andersen sold 8,546 shares of Sandy Spring Bancorp stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $39.64, for a total transaction of $338,763.44. Following the completion of the sale, the director now directly owns 77,344 shares of the company’s stock, valued at approximately $3,065,916.16. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by insiders.

Institutional investors have recently added to or reduced their stakes in the business. Prudential Financial Inc. increased its holdings in shares of Sandy Spring Bancorp by 32.4% during the 3rd quarter. Prudential Financial Inc. now owns 85,088 shares of the bank’s stock worth $3,526,000 after purchasing an additional 20,840 shares during the period. American Century Companies Inc. increased its holdings in shares of Sandy Spring Bancorp by 99.0% during the 3rd quarter. American Century Companies Inc. now owns 73,059 shares of the bank’s stock worth $3,028,000 after purchasing an additional 36,353 shares during the period. Schwab Charles Investment Management Inc. increased its holdings in shares of Sandy Spring Bancorp by 42.9% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 144,228 shares of the bank’s stock worth $5,865,000 after purchasing an additional 43,299 shares during the period. QS Investors LLC increased its holdings in shares of Sandy Spring Bancorp by 27.3% during the 2nd quarter. QS Investors LLC now owns 6,345 shares of the bank’s stock worth $258,000 after purchasing an additional 1,362 shares during the period. Finally, Alps Advisors Inc. bought a new position in shares of Sandy Spring Bancorp during the 3rd quarter worth about $507,000. 70.53% of the stock is owned by hedge funds and other institutional investors.

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Sandy Spring Bancorp Company Profile

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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