Sandler O’Neill Upgrades Sandy Spring Bancorp (SASR) to “Buy”

Sandler O’Neill upgraded shares of Sandy Spring Bancorp (NASDAQ:SASR) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning, Marketbeat.com reports.

A number of other analysts have also recently commented on the company. Zacks Investment Research upgraded Sandy Spring Bancorp from a sell rating to a hold rating in a research report on Wednesday, March 28th. BidaskClub upgraded Sandy Spring Bancorp from a strong sell rating to a sell rating in a research report on Tuesday, March 20th. Keefe, Bruyette & Woods upgraded Sandy Spring Bancorp from a market perform rating to an outperform rating and set a $47.00 target price on the stock in a research report on Tuesday, April 24th. Boenning Scattergood reiterated a hold rating on shares of Sandy Spring Bancorp in a research report on Friday, April 20th. Finally, ValuEngine upgraded Sandy Spring Bancorp from a sell rating to a hold rating in a research report on Wednesday, May 23rd. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Sandy Spring Bancorp currently has a consensus rating of Buy and an average target price of $46.20.

SASR opened at $41.01 on Tuesday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.07 and a current ratio of 1.08. Sandy Spring Bancorp has a one year low of $36.41 and a one year high of $43.87. The stock has a market cap of $1.47 billion, a PE ratio of 15.48, a PEG ratio of 1.12 and a beta of 0.86.

Sandy Spring Bancorp (NASDAQ:SASR) last posted its earnings results on Thursday, April 19th. The bank reported $0.80 EPS for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.05. Sandy Spring Bancorp had a return on equity of 10.94% and a net margin of 21.34%. The business had revenue of $81.03 million for the quarter, compared to analysts’ expectations of $78.10 million. During the same quarter in the previous year, the firm earned $0.63 earnings per share. The business’s revenue was up 48.2% compared to the same quarter last year. equities research analysts anticipate that Sandy Spring Bancorp will post 3.33 EPS for the current year.

In related news, Director Mark C. Michael sold 2,000 shares of the firm’s stock in a transaction dated Thursday, June 28th. The stock was sold at an average price of $41.80, for a total transaction of $83,600.00. Following the transaction, the director now owns 33,000 shares of the company’s stock, valued at $1,379,400. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Shaza L. Andersen sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 8th. The stock was sold at an average price of $43.37, for a total value of $433,700.00. Following the transaction, the director now directly owns 53,590 shares in the company, valued at approximately $2,324,198.30. The disclosure for this sale can be found here. In the last three months, insiders have sold 91,863 shares of company stock worth $3,890,086. Corporate insiders own 3.31% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Endicott Management Co. purchased a new stake in Sandy Spring Bancorp in the 1st quarter valued at approximately $23,574,000. EJF Capital LLC purchased a new stake in Sandy Spring Bancorp in the 1st quarter valued at approximately $21,512,000. BlackRock Inc. boosted its holdings in Sandy Spring Bancorp by 21.6% in the 1st quarter. BlackRock Inc. now owns 2,621,617 shares of the bank’s stock valued at $101,614,000 after purchasing an additional 465,474 shares in the last quarter. Basswood Capital Management L.L.C. boosted its holdings in Sandy Spring Bancorp by 252.3% in the 4th quarter. Basswood Capital Management L.L.C. now owns 476,689 shares of the bank’s stock valued at $18,600,000 after purchasing an additional 341,371 shares in the last quarter. Finally, Banc Funds Co. LLC boosted its holdings in Sandy Spring Bancorp by 33.9% in the 1st quarter. Banc Funds Co. LLC now owns 977,103 shares of the bank’s stock valued at $37,873,000 after purchasing an additional 247,180 shares in the last quarter. 66.60% of the stock is currently owned by hedge funds and other institutional investors.

Sandy Spring Bancorp Company Profile

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 markets. It operates through three segments: Community Banking, Insurance, and Investment Management.

Analyst Recommendations for Sandy Spring Bancorp (NASDAQ:SASR)

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