BidaskClub upgraded shares of Sandy Spring Bancorp (NASDAQ:SASR) from a hold rating to a buy rating in a research report sent to investors on Tuesday, BidAskClub reports.
Other equities research analysts also recently issued research reports about the company. Boenning Scattergood started coverage on Sandy Spring Bancorp in a report on Monday, June 24th. They issued a buy rating and a $37.25 price objective for the company. Zacks Investment Research reiterated a hold rating on shares of Western New England Bancorp in a report on Saturday, June 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $37.85.
SASR stock opened at $35.13 on Tuesday. The business’s fifty day moving average price is $33.84. The company has a market capitalization of $1.25 billion, a P/E ratio of 12.28 and a beta of 0.85. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.70. Sandy Spring Bancorp has a twelve month low of $29.83 and a twelve month high of $43.44.
Sandy Spring Bancorp (NASDAQ:SASR) last released its quarterly earnings data on Thursday, April 18th. The bank reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.10. The business had revenue of $84.96 million during the quarter, compared to the consensus estimate of $79.97 million. Sandy Spring Bancorp had a return on equity of 9.99% and a net margin of 27.54%. The firm’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.79 earnings per share. On average, analysts predict that Sandy Spring Bancorp will post 3.23 EPS for the current year.
In related news, Director Joe Reeder acquired 867 shares of the company’s stock in a transaction that occurred on Tuesday, April 30th. The stock was acquired at an average price of $34.57 per share, for a total transaction of $29,972.19. Following the completion of the acquisition, the director now owns 56,852 shares of the company’s stock, valued at approximately $1,965,373.64. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.09% of the company’s stock.
Several institutional investors have recently made changes to their positions in SASR. JPMorgan Chase & Co. increased its stake in Sandy Spring Bancorp by 13.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 30,643 shares of the bank’s stock valued at $1,205,000 after buying an additional 3,583 shares during the period. Prudential Financial Inc. boosted its position in shares of Sandy Spring Bancorp by 23.6% during the 4th quarter. Prudential Financial Inc. now owns 92,980 shares of the bank’s stock worth $2,914,000 after purchasing an additional 17,763 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Sandy Spring Bancorp by 2.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 38,750 shares of the bank’s stock worth $1,216,000 after purchasing an additional 1,039 shares in the last quarter. BlackRock Inc. boosted its position in shares of Sandy Spring Bancorp by 1.2% during the 4th quarter. BlackRock Inc. now owns 2,686,579 shares of the bank’s stock worth $84,197,000 after purchasing an additional 32,074 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Sandy Spring Bancorp by 3.9% during the 4th quarter. Bank of New York Mellon Corp now owns 250,122 shares of the bank’s stock worth $7,839,000 after purchasing an additional 9,353 shares in the last quarter. Institutional investors own 68.76% of the company’s stock.
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 The company operates in three segments: Community Banking, Insurance, and Investment Management.
Featured Article: Portfolio Manager
Receive News & Ratings for Sandy Spring Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sandy Spring Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.