Sandy Spring Bancorp (NASDAQ:SASR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Zacks.com reports. The brokerage presently has a $38.00 price objective on the bank’s stock. Zacks Investment Research‘s target price indicates a potential upside of 14.42% from the stock’s current price.
According to Zacks, “SANDY SPRING is a bank holding company for Sandy Spring National Bank of Maryland. The bank is community oriented, and conducts a full-service commercial banking business through community offices located in Montgomery, Howard, Prince George’s and Anne Arundel counties in Maryland. “
Several other equities analysts have also recently weighed in on SASR. BidaskClub upgraded Sandy Spring Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, September 17th. Sandler O’Neill upgraded Sandy Spring Bancorp from a “hold” rating to a “buy” rating and set a $38.00 target price for the company in a research report on Thursday, September 26th. Finally, Boenning Scattergood started coverage on Sandy Spring Bancorp in a research report on Monday, June 24th. They set a “buy” rating and a $37.25 target price for the company. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $38.45.
Sandy Spring Bancorp (NASDAQ:SASR) last announced its quarterly earnings results on Thursday, July 18th. The bank reported $0.79 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.79. The company had revenue of $82.74 million during the quarter, compared to analysts’ expectations of $82.39 million. Sandy Spring Bancorp had a return on equity of 10.14% and a net margin of 27.80%. The firm’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.68 earnings per share. As a group, equities research analysts forecast that Sandy Spring Bancorp will post 3.24 earnings per share for the current year.
A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. grew its position in Sandy Spring Bancorp by 16.6% during the second quarter. BlackRock Inc. now owns 3,436,120 shares of the bank’s stock worth $119,852,000 after buying an additional 488,194 shares in the last quarter. Banc Funds Co. LLC lifted its stake in Sandy Spring Bancorp by 1.7% during the first 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 last quarter. Northern Trust Corp lifted its stake in Sandy Spring Bancorp by 1.8% during the second quarter. Northern Trust Corp now owns 679,225 shares of the bank’s stock worth $23,691,000 after purchasing an additional 11,958 shares during the last quarter. Investment Counselors of Maryland LLC lifted its stake in Sandy Spring Bancorp by 1.1% during the second quarter. Investment Counselors of Maryland LLC now owns 557,083 shares of the bank’s stock worth $19,431,000 after purchasing an additional 6,017 shares during the last quarter. Finally, William Blair Investment Management LLC lifted its stake in Sandy Spring Bancorp by 38.4% during the first quarter. William Blair Investment Management LLC now owns 552,932 shares of the bank’s stock worth $17,296,000 after purchasing an additional 153,428 shares during the last quarter. Institutional investors and hedge funds own 70.29% of the company’s stock.
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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