LSV Asset Management cut its stake in shares of Sandy Spring Bancorp Inc. (NASDAQ:SASR) by 3.4% in the 1st quarter, Holdings Channel reports. The fund owned 92,100 shares of the bank’s stock after selling 3,200 shares during the quarter. LSV Asset Management’s holdings in Sandy Spring Bancorp were worth $3,569,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Basswood Capital Management L.L.C. raised its position in shares of Sandy Spring Bancorp by 252.3% in the fourth quarter. Basswood Capital Management L.L.C. now owns 476,689 shares of the bank’s stock valued at $18,600,000 after buying an additional 341,371 shares in the last quarter. Maltese Capital Management LLC acquired a new stake in shares of Sandy Spring Bancorp in the fourth quarter valued at approximately $3,906,000. BlackRock Inc. raised its position in shares of Sandy Spring Bancorp by 4.6% in the fourth quarter. BlackRock Inc. now owns 2,156,143 shares of the bank’s stock valued at $84,134,000 after buying an additional 95,615 shares in the last quarter. Bronfman E.L. Rothschild L.P. raised its position in shares of Sandy Spring Bancorp by 2,418.6% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 83,542 shares of the bank’s stock valued at $3,238,000 after buying an additional 80,225 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Sandy Spring Bancorp by 26.2% in the fourth quarter. Geode Capital Management LLC now owns 354,643 shares of the bank’s stock valued at $13,838,000 after buying an additional 73,688 shares in the last quarter. Hedge funds and other institutional investors own 66.03% of the company’s stock.
Get Sandy Spring Bancorp alerts:A number of research firms have recently weighed in on SASR. Zacks Investment Research downgraded shares of Sandy Spring Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, April 25th. Keefe, Bruyette & Woods upgraded shares of Sandy Spring Bancorp from a “market perform” rating to an “outperform” rating and set a $47.00 price target for the company in a research report on Tuesday, April 24th. ValuEngine cut shares of Sandy Spring Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. BidaskClub cut shares of Sandy Spring Bancorp from a “sell” rating to a “strong sell” rating in a research note on Thursday, January 25th. Finally, Stephens raised shares of Sandy Spring Bancorp from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a research note on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. Sandy Spring Bancorp has a consensus rating of “Hold” and an average price target of $46.20.
In other Sandy Spring Bancorp news, Director Mark C. Michael sold 1,000 shares of the business’s stock in a transaction on Friday, May 18th. The shares were sold at an average price of $41.30, for a total transaction of $41,300.00. Following the sale, the director now owns 81,590 shares of the company’s stock, valued at $3,369,667. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joseph S. Bracewell sold 50,000 shares of the business’s stock in a transaction on Monday, March 5th. The stock was sold at an average price of $39.21, for a total transaction of $1,960,500.00. Following the sale, the director now directly owns 42,173 shares in the company, valued at approximately $1,653,603.33. The disclosure for this sale can be found here. Insiders sold 90,400 shares of company stock worth $3,571,967 over the last three months. 3.31% of the stock is currently owned by insiders.
Shares of Sandy Spring Bancorp opened at $41.93 on Tuesday, Marketbeat Ratings reports. The company has a market capitalization of $1.47 billion, a P/E ratio of 16.51, a PEG ratio of 1.15 and a beta of 0.85. The company has a current ratio of 1.08, a quick ratio of 1.07 and a debt-to-equity ratio of 1.03. Sandy Spring Bancorp Inc. has a 1 year low of $36.41 and a 1 year high of $43.13.
Sandy Spring Bancorp (NASDAQ:SASR) last announced its quarterly earnings data on Thursday, April 19th. The bank reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.05. The business had revenue of $81.03 million for the quarter, compared to analysts’ expectations of $78.10 million. Sandy Spring Bancorp had a net margin of 21.34% and a return on equity of 10.94%. The firm’s quarterly revenue was up 48.2% compared to the same quarter last year. During the same period last year, the firm posted $0.63 earnings per share. equities analysts predict that Sandy Spring Bancorp Inc. will post 3.25 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 16th. Investors of record on Wednesday, May 9th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.67%. This is a boost from Sandy Spring Bancorp’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Tuesday, May 8th. Sandy Spring Bancorp’s dividend payout ratio (DPR) is 44.09%.
Sandy Spring Bancorp 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 markets. It operates through three segments: Community Banking, Insurance, and Investment Management.
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