Sandy Spring Bancorp (NASDAQ:SASR) Rating Increased to Buy at BidaskClub

BidaskClub upgraded shares of Sandy Spring Bancorp (NASDAQ:SASR) from a hold rating to a buy rating in a research note released on Tuesday, BidAskClub reports.

Other equities research analysts have also issued reports about the stock. Boenning Scattergood started coverage on shares of Sandy Spring Bancorp in a report on Monday, June 24th. They set a buy rating and a $37.25 target price on the stock. Zacks Investment Research reissued a hold rating on shares of Western New England Bancorp in a report on Saturday, June 29th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. Sandy Spring Bancorp currently has a consensus rating of Hold and a consensus price target of $37.85.

Shares of Sandy Spring Bancorp stock opened at $35.54 on Tuesday. The company has a market cap of $1.25 billion, a price-to-earnings ratio of 11.87 and a beta of 0.85. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.70. The firm’s 50 day moving average is $33.88. Sandy Spring Bancorp has a 1 year low of $29.83 and a 1 year high of $42.79.

Sandy Spring Bancorp (NASDAQ:SASR) last posted its earnings results on Thursday, April 18th. The bank reported $0.85 earnings per share for the quarter, topping the Zacks’ 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 firm had revenue of $84.96 million for the quarter, compared to analyst estimates of $79.97 million. During the same period in the previous year, the firm posted $0.79 EPS. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, equities research analysts predict that Sandy Spring Bancorp will post 3.23 EPS for the current year.

In other Sandy Spring Bancorp news, Director Joe Reeder bought 867 shares of Sandy Spring Bancorp stock in a transaction on Tuesday, April 30th. The shares were purchased at an average cost of $34.57 per share, with a total value of $29,972.19. Following the acquisition, the director now directly owns 56,852 shares of the company’s stock, valued at approximately $1,965,373.64. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.09% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Banc Funds Co. LLC lifted its position in shares of Sandy Spring Bancorp by 1.7% in the 1st quarter. Banc Funds Co. LLC now owns 844,793 shares of the bank’s stock worth $26,425,000 after purchasing an additional 14,405 shares during the period. Penn Capital Management Co. Inc. lifted its position in shares of Sandy Spring Bancorp by 16.6% in the 4th quarter. Penn Capital Management Co. Inc. now owns 137,379 shares of the bank’s stock worth $4,305,000 after purchasing an additional 19,530 shares during the period. Northern Trust Corp lifted its position in shares of Sandy Spring Bancorp by 0.3% in the 4th quarter. Northern Trust Corp now owns 668,207 shares of the bank’s stock worth $20,942,000 after purchasing an additional 1,989 shares during the period. Thrivent Financial for Lutherans lifted its position in shares of Sandy Spring Bancorp by 9.0% in the 4th quarter. Thrivent Financial for Lutherans now owns 316,250 shares of the bank’s stock worth $9,911,000 after purchasing an additional 26,036 shares during the period. Finally, MUFG Securities EMEA plc acquired a new position in shares of Sandy Spring Bancorp in the 4th quarter worth approximately $470,000. Hedge funds and other 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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Analyst Recommendations for Sandy Spring Bancorp (NASDAQ:SASR)

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