Sandy Spring Bancorp, Inc. (NASDAQ:SASR) – Research analysts at Boenning Scattergood boosted their Q3 2021 earnings estimates for Sandy Spring Bancorp in a research report issued on Monday, October 11th. Boenning Scattergood analyst E. Zwick now expects that the bank will post earnings per share of $1.03 for the quarter, up from their previous estimate of $0.99. Boenning Scattergood also issued estimates for Sandy Spring Bancorp’s Q4 2021 earnings at $0.99 EPS and FY2021 earnings at $4.38 EPS.
Separately, Zacks Investment Research upgraded shares of Sandy Spring Bancorp from a “hold” rating to a “buy” rating and set a $53.00 price objective for the company in a research report on Thursday, October 7th. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $47.00.
Sandy Spring Bancorp (NASDAQ:SASR) last posted its quarterly earnings results on Wednesday, July 21st. The bank reported $1.19 EPS for the quarter, missing the Zacks’ consensus estimate of $1.22 by ($0.03). Sandy Spring Bancorp had a net margin of 41.01% and a return on equity of 13.81%. The business had revenue of $135.16 million for the quarter, compared to the consensus estimate of $134.82 million. During the same period in the prior year, the business earned $1.10 earnings per share. Sandy Spring Bancorp’s revenue was up 7.7% compared to the same quarter last year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 18th. Stockholders of record on Wednesday, August 11th were issued a $0.32 dividend. The ex-dividend date of this dividend was Tuesday, August 10th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.73%. Sandy Spring Bancorp’s payout ratio is 34.13%.
In related news, EVP Kenneth C. Cook sold 3,625 shares of Sandy Spring Bancorp stock in a transaction on Friday, August 20th. The shares were sold at an average price of $42.48, for a total transaction of $153,990.00. Following the sale, the executive vice president now directly owns 217,861 shares in the company, valued at approximately $9,254,735.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 3.05% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Captrust Financial Advisors acquired a new position in Sandy Spring Bancorp during the first quarter worth about $28,000. Parallel Advisors LLC raised its holdings in Sandy Spring Bancorp by 59.2% in the second quarter. Parallel Advisors LLC now owns 844 shares of the bank’s stock valued at $37,000 after acquiring an additional 314 shares in the last quarter. Eaton Vance Management acquired a new stake in Sandy Spring Bancorp in the first quarter valued at $43,000. Berman Capital Advisors LLC raised its holdings in shares of Sandy Spring Bancorp by 100.0% during the second quarter. Berman Capital Advisors LLC now owns 1,448 shares of the bank’s stock worth $63,000 after purchasing an additional 724 shares during the period. Finally, Advisory Services Network LLC acquired a new stake in shares of Sandy Spring Bancorp in the 2nd quarter worth about $101,000. 64.38% of the stock is currently owned by hedge funds and other institutional investors.
About Sandy Spring Bancorp
Sandy Spring Bancorp, Inc is a bank holding company, which engages in the provision of commercial banking, retail banking, and trust services to individuals and businesses. It operates through the following segments: Community Banking, Insurance, and Investment Management. The Community Banking segment conducts its operations through Sandy Spring Bank and involves delivering financial products and services, including various loan and deposit products to both individuals and businesses.
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