Sandy Spring Bancorp (NASDAQ:SASR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued 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 equities research analysts have also recently issued reports on the stock. Sandler O’Neill set a $44.00 price objective on shares of Sandy Spring Bancorp and gave the stock a “hold” rating in a research report on Friday, January 12th. Gabelli initiated coverage on shares of Sandy Spring Bancorp in a research report on Monday, January 8th. They set a “buy” rating and a $50.00 price objective for the company. BidaskClub raised shares of Sandy Spring Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, January 3rd. Finally, Boenning Scattergood reaffirmed a “hold” rating on shares of Sandy Spring Bancorp in a research report on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $44.75.
Shares of Sandy Spring Bancorp (NASDAQ SASR) opened at $38.76 on Wednesday. The stock has a market cap of $929.99, a price-to-earnings ratio of 15.95, a PEG ratio of 0.99 and a beta of 0.93. Sandy Spring Bancorp has a 1 year low of $36.41 and a 1 year high of $45.64. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.03 and a current ratio of 1.03.
Sandy Spring Bancorp (NASDAQ:SASR) last released its quarterly earnings data on Thursday, January 18th. The bank reported $0.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.01. The business had revenue of $55.79 million during the quarter, compared to analysts’ expectations of $56.21 million. Sandy Spring Bancorp had a net margin of 21.63% and a return on equity of 10.91%. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.55 EPS. research analysts anticipate that Sandy Spring Bancorp will post 3.05 earnings per share for the current year.
In related news, EVP Ronda M. Mcdowell sold 1,872 shares of the business’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $37.95, for a total value of $71,042.40. Following the completion of the sale, the executive vice president now directly owns 5,090 shares of the company’s stock, valued at $193,165.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Joe Reeder sold 1,538 shares of the business’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $38.63, for a total transaction of $59,412.94. Following the completion of the sale, the director now directly owns 154,473 shares of the company’s stock, valued at $5,967,291.99. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,956 shares of company stock valued at $860,119. 2.60% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. KBC Group NV purchased a new stake in Sandy Spring Bancorp in the third quarter valued at $139,000. FNY Partners Fund LP purchased a new stake in Sandy Spring Bancorp in the fourth quarter valued at $132,000. Court Place Advisors LLC purchased a new stake in Sandy Spring Bancorp in the third quarter valued at $200,000. Magnetar Financial LLC purchased a new stake in Sandy Spring Bancorp in the third quarter valued at $203,000. Finally, Cornerstone Capital Management Holdings LLC. purchased a new stake in Sandy Spring Bancorp in the fourth quarter valued at $214,000. 71.04% of the stock is owned by hedge funds and other 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.
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