Sandy Spring Bancorp (NASDAQ:SASR) was downgraded by investment analysts at BidaskClub from a "hold" rating to a "sell" rating in a research note issued on Tuesday, BidAskClub reports.
A number of other research analysts have also recently commented on SASR. Keefe, Bruyette & Woods raised Sandy Spring Bancorp from a "market perform" rating to an "outperform" rating and set a $32.00 target price on the stock in a research note on Wednesday, April 1st. Zacks Investment Research lowered Sandy Spring Bancorp from a "hold" rating to a "sell" rating in a research report on Tuesday, April 21st. Finally, Stephens reissued an "equal weight" rating and set a $29.00 price objective on shares of Sandy Spring Bancorp in a report on Tuesday, June 30th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company's stock. The stock has an average rating of "Hold" and a consensus target price of $34.25.
SASR stock opened at $23.66 on Tuesday. The company's 50 day moving average is $24.84 and its 200 day moving average is $28.61. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of 8.80, a price-to-earnings-growth ratio of 1.37 and a beta of 1.11. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.85. Sandy Spring Bancorp has a 1-year low of $18.00 and a 1-year high of $38.45.
Sandy Spring Bancorp (NASDAQ:SASR) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $0.28 EPS for the quarter, missing the Zacks' consensus estimate of $0.65 by ($0.37). The company had revenue of $82.50 million during the quarter, compared to analysts' expectations of $86.20 million. Sandy Spring Bancorp had a return on equity of 8.59% and a net margin of 23.10%. As a group, sell-side analysts forecast that Sandy Spring Bancorp will post 2.49 EPS for the current fiscal year.
In related news, Director Mark C. Michael bought 1,300 shares of the stock in a transaction dated Thursday, May 14th. The stock was bought at an average price of $20.00 per share, with a total value of $26,000.00. Following the purchase, the director now owns 24,447 shares in the company, valued at approximately $488,940. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Pamela A. Little bought 3,580 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The shares were bought at an average price of $19.89 per share, with a total value of $71,206.20. Following the completion of the acquisition, the director now directly owns 23,685 shares in the company, valued at $471,094.65. The disclosure for this purchase can be found here. Insiders acquired 5,880 shares of company stock valued at $120,576 over the last three months. 3.15% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new stake in shares of Sandy Spring Bancorp during the fourth quarter valued at approximately $17,589,000. Westwood Holdings Group Inc. bought a new stake in Sandy Spring Bancorp during the 4th quarter valued at $11,954,000. Lord Abbett & CO. LLC purchased a new stake in Sandy Spring Bancorp during the 4th quarter valued at $6,365,000. JPMorgan Chase & Co. grew its holdings in Sandy Spring Bancorp by 185.8% in the 1st quarter. JPMorgan Chase & Co. now owns 127,802 shares of the bank's stock worth $2,893,000 after acquiring an additional 83,087 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Sandy Spring Bancorp by 16.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 512,201 shares of the bank's stock valued at $11,596,000 after acquiring an additional 71,118 shares during the period. Hedge funds and other institutional investors own 56.51% 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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View the "The Next 5 Retailers on the Edge of Bankruptcy".