Wells Fargo & Company MN grew its stake in Sandy Spring Bancorp Inc. (NASDAQ:SASR) by 101.8% during the second quarter, HoldingsChannel.com reports. The firm owned 137,332 shares of the bank’s stock after purchasing an additional 69,279 shares during the period. Wells Fargo & Company MN’s holdings in Sandy Spring Bancorp were worth $4,790,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Coastal Investment Advisors Inc. raised its stake in shares of Sandy Spring Bancorp by 87.4% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 937 shares of the bank’s stock valued at $32,000 after purchasing an additional 437 shares in the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in shares of Sandy Spring Bancorp in the 2nd quarter valued at about $44,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Sandy Spring Bancorp by 60.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,062 shares of the bank’s stock valued at $107,000 after purchasing an additional 1,153 shares in the last quarter. Sullivan Bruyette Speros & Blaney LLC acquired a new stake in shares of Sandy Spring Bancorp in the 2nd quarter valued at about $206,000. Finally, BNP Paribas Arbitrage SA raised its stake in Sandy Spring Bancorp by 60,008.3% during the first quarter. BNP Paribas Arbitrage SA now owns 7,213 shares of the bank’s stock worth $226,000 after acquiring an additional 7,201 shares during the period. Institutional investors and hedge funds own 69.78% of the company’s stock.
Several equities research analysts recently weighed in on SASR shares. BidaskClub upgraded shares of Sandy Spring Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday. Boenning Scattergood started coverage on shares of Sandy Spring Bancorp in a research note on Monday, June 24th. They set a “buy” rating and a $37.25 price objective on the stock. Finally, Zacks Investment Research upgraded shares of Sandy Spring Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, August 16th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. Sandy Spring Bancorp has an average rating of “Hold” and a consensus target price of $37.85.
Sandy Spring Bancorp (NASDAQ:SASR) last released its quarterly earnings data on Thursday, July 18th. The bank reported $0.79 earnings per share for the quarter, hitting the consensus estimate of $0.79. The firm had revenue of $82.74 million for the quarter, compared to analyst estimates of $82.39 million. Sandy Spring Bancorp had a net margin of 27.80% and a return on equity of 10.14%. Sandy Spring Bancorp’s quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.68 earnings per share. On average, analysts predict that Sandy Spring Bancorp Inc. will post 3.24 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 21st. Investors of record on Wednesday, August 14th were paid a dividend of $0.30 per share. The ex-dividend date was Tuesday, August 13th. This represents a $1.20 annualized dividend and a yield of 3.29%. Sandy Spring Bancorp’s dividend payout ratio (DPR) is 41.96%.
About Sandy Spring Bancorp
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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