Sandy Spring Bancorp, Inc. (SASR) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Sandy Spring Bancorp, Inc. (NASDAQ:SASR) from a hold rating to a buy rating in a research report report published on Saturday morning. They currently have $44.00 target price on the stock.
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. “
Shares of Sandy Spring Bancorp (NASDAQ:SASR) opened at 39.63 on Friday. Sandy Spring Bancorp has a 1-year low of $24.17 and a 1-year high of $40.86. The firm’s 50 day moving average is $38.53 and its 200-day moving average is $32.44. The company has a market cap of $946.72 million, a PE ratio of 20.08 and a beta of 0.88.
Sandy Spring Bancorp (NASDAQ:SASR) last issued its quarterly earnings results on Thursday, October 20th. The company reported $0.56 EPS for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.07. Sandy Spring Bancorp had a net margin of 21.86% and a return on equity of 9.58%. During the same period last year, the business posted $0.45 EPS. Equities analysts expect that Sandy Spring Bancorp will post $1.95 earnings per share for the current year.
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In other news, insider R Louis Caceres sold 14,200 shares of the stock in a transaction on Tuesday, November 8th. The shares were sold at an average price of $31.62, for a total value of $449,004.00. Following the transaction, the insider now owns 17,299 shares of the company’s stock, valued at approximately $546,994.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.50% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the company. Emerald Acquisition Ltd. acquired a new position in Sandy Spring Bancorp during the second quarter valued at approximately $189,000. First Trust Advisors LP raised its position in Sandy Spring Bancorp by 1.4% in the second quarter. First Trust Advisors LP now owns 23,636 shares of the company’s stock valued at $687,000 after buying an additional 334 shares in the last quarter. Prudential Financial Inc. raised its position in Sandy Spring Bancorp by 3.1% in the second quarter. Prudential Financial Inc. now owns 56,426 shares of the company’s stock valued at $1,640,000 after buying an additional 1,700 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Sandy Spring Bancorp by 3.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,624,272 shares of the company’s stock valued at $47,201,000 after buying an additional 49,479 shares in the last quarter. Finally, Strs Ohio raised its position in Sandy Spring Bancorp by 4.3% in the second quarter. Strs Ohio now owns 26,600 shares of the company’s stock valued at $772,000 after buying an additional 1,100 shares in the last quarter. 65.17% of the stock is currently owned by hedge funds and other institutional investors.
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 business segments Community Banking, Insurance and Investment Management. Its 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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