State Street Corp Purchases 2,160 Shares of Sandy Spring Bancorp, Inc. (SASR)
State Street Corp boosted its position in Sandy Spring Bancorp, Inc. (NASDAQ:SASR) by 0.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 448,049 shares of the bank’s stock after buying an additional 2,160 shares during the period. State Street Corp’s holdings in Sandy Spring Bancorp were worth $18,364,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. bought a new position in shares of Sandy Spring Bancorp during the first quarter valued at approximately $177,000. 361 Capital LLC bought a new position in shares of Sandy Spring Bancorp during the first quarter valued at approximately $205,000. Stratos Wealth Partners LTD. raised its position in shares of Sandy Spring Bancorp by 5.2% in the first quarter. Stratos Wealth Partners LTD. now owns 6,115 shares of the bank’s stock valued at $251,000 after buying an additional 301 shares in the last quarter. Karp Capital Management Corp bought a new position in shares of Sandy Spring Bancorp during the first quarter valued at approximately $267,000. Finally, Invictus RG bought a new position in shares of Sandy Spring Bancorp during the first quarter valued at approximately $289,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.
Shares of Sandy Spring Bancorp, Inc. (NASDAQ SASR) traded up 0.62% during trading on Wednesday, reaching $38.73. 8,795 shares of the company’s stock traded hands. The company has a 50 day moving average price of $39.86 and a 200 day moving average price of $40.96. Sandy Spring Bancorp, Inc. has a 1-year low of $27.86 and a 1-year high of $45.64. The stock has a market capitalization of $929.02 million, a PE ratio of 16.58 and a beta of 1.02.
Sandy Spring Bancorp (NASDAQ:SASR) last announced its earnings results on Thursday, July 20th. The bank reported $0.61 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.03. Sandy Spring Bancorp had a return on equity of 10.44% and a net margin of 24.33%. The company had revenue of $55.90 million for the quarter, compared to analyst estimates of $55.53 million. During the same period in the prior year, the company posted $0.44 EPS. On average, equities analysts forecast that Sandy Spring Bancorp, Inc. will post $2.51 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 16th. Shareholders of record on Wednesday, August 9th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date is Monday, August 7th. Sandy Spring Bancorp’s payout ratio is 44.26%.
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SASR has been the topic of several recent analyst reports. Zacks Investment Research lowered shares of Sandy Spring Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 19th. ValuEngine upgraded shares of Sandy Spring Bancorp from a “hold” rating to a “buy” rating in a research note on Wednesday, May 17th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $40.00 price target on shares of Sandy Spring Bancorp in a research note on Friday, April 21st. Finally, BidaskClub lowered shares of Sandy Spring Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th.
About Sandy Spring Bancorp
Sandy Spring Bancorp, Inc is the bank holding company for Sandy Spring Bank (the Bank). The Company operates through three segments: Community Banking, Insurance and Investment Management. The Company’s 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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