Sandy Spring Bancorp (SASR) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Sandy Spring Bancorp (NASDAQ:SASR) from a hold rating to a buy rating in a research report released on Saturday morning, Zacks.com reports. Zacks Investment Research currently has $37.00 price target on the bank’s 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. “
Other equities analysts have also issued research reports about the stock. BidaskClub upgraded shares of Sandy Spring Bancorp from a hold rating to a buy rating in a research report on Tuesday, April 30th. Boenning Scattergood set a $37.00 price objective on shares of Sandy Spring Bancorp and gave the company a buy rating in a research report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. Sandy Spring Bancorp presently has an average rating of Buy and a consensus price target of $37.60.
Sandy Spring Bancorp (NASDAQ:SASR) last posted its quarterly earnings data on Thursday, April 18th. The bank reported $0.85 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.10. Sandy Spring Bancorp had a net margin of 27.54% and a return on equity of 9.99%. The company had revenue of $84.96 million during the quarter, compared to analyst estimates of $79.97 million. During the same quarter last year, the firm posted $0.79 EPS. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. Equities research analysts expect that Sandy Spring Bancorp will post 3.22 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 8th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.73%. This is a boost from Sandy Spring Bancorp’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Tuesday, May 7th. Sandy Spring Bancorp’s dividend payout ratio (DPR) is presently 41.96%.
In other news, Director Joe Reeder bought 867 shares of the firm’s stock in a transaction on Tuesday, April 30th. The stock was bought at an average cost of $34.57 per share, for a total transaction of $29,972.19. Following the completion of the acquisition, the director now directly owns 56,852 shares in the company, valued at approximately $1,965,373.64. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 2.09% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the business. Stratos Wealth Partners LTD. boosted its holdings in shares of Sandy Spring Bancorp by 3.5% in the first quarter. Stratos Wealth Partners LTD. now owns 9,049 shares of the bank’s stock worth $283,000 after buying an additional 306 shares during the period. Hsbc Holdings PLC boosted its holdings in shares of Sandy Spring Bancorp by 1.0% in the fourth quarter. Hsbc Holdings PLC now owns 42,049 shares of the bank’s stock worth $1,317,000 after buying an additional 411 shares during the period. Citigroup Inc. boosted its holdings in shares of Sandy Spring Bancorp by 11.0% in the fourth quarter. Citigroup Inc. now owns 6,917 shares of the bank’s stock worth $217,000 after buying an additional 685 shares during the period. Advisory Services Network LLC boosted its holdings in shares of Sandy Spring Bancorp by 87.7% in the fourth quarter. Advisory Services Network LLC now owns 1,520 shares of the bank’s stock worth $48,000 after buying an additional 710 shares during the period. Finally, Meeder Asset Management Inc. acquired a new position in shares of Sandy Spring Bancorp in the first quarter worth about $28,000. 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.
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