Sandy Spring Bancorp (NASDAQ:SASR) Reaches New 1-Year High Following Dividend Announcement

Sandy Spring Bancorp, Inc. (NASDAQ:SASR) hit a new 52-week high during mid-day trading on Monday after the company announced a dividend. The stock traded as high as $46.36 and last traded at $46.27, with a volume of 2213 shares changing hands. The stock had previously closed at $45.36.

The newly announced dividend which will be paid on Wednesday, May 19th. Stockholders of record on Wednesday, May 12th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, May 11th. This represents a $1.28 annualized dividend and a dividend yield of 2.72%. Sandy Spring Bancorp’s dividend payout ratio (DPR) is 39.02%.

SASR has been the subject of a number of research reports. Piper Sandler upgraded Sandy Spring Bancorp from a “neutral” rating to an “overweight” rating and increased their target price for the company from $34.00 to $41.00 in a research report on Monday, January 25th. Zacks Investment Research cut Sandy Spring Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, January 5th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $35.00.

The company has a market cap of $2.23 billion, a P/E ratio of 27.50, a P/E/G ratio of 3.01 and a beta of 1.11. The company has a 50-day simple moving average of $43.76 and a 200 day simple moving average of $35.57. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47.

Sandy Spring Bancorp (NASDAQ:SASR) last released its quarterly earnings data on Wednesday, April 21st. The bank reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.56. Sandy Spring Bancorp had a net margin of 14.12% and a return on equity of 7.29%. The company had revenue of $133.47 million during the quarter, compared to analysts’ expectations of $132.78 million. During the same period in the previous year, the company earned $0.85 EPS. The firm’s quarterly revenue was up 61.8% on a year-over-year basis. On average, equities analysts forecast that Sandy Spring Bancorp, Inc. will post 2.23 EPS for the current fiscal year.

Institutional investors have recently made changes to their positions in the company. Morgan Stanley raised its holdings in shares of Sandy Spring Bancorp by 21.0% in the 3rd quarter. Morgan Stanley now owns 108,438 shares of the bank’s stock valued at $2,503,000 after purchasing an additional 18,817 shares in the last quarter. Brinker Capital Investments LLC bought a new stake in Sandy Spring Bancorp during the third quarter valued at about $246,000. Family Firm Inc. purchased a new position in Sandy Spring Bancorp in the fourth quarter valued at about $247,000. Kestra Advisory Services LLC bought a new position in Sandy Spring Bancorp in the fourth quarter worth about $999,000. Finally, Apollon Wealth Management LLC purchased a new stake in shares of Sandy Spring Bancorp during the fourth quarter valued at about $320,000. Hedge funds and other institutional investors own 60.89% of the company’s stock.

Sandy Spring Bancorp Company Profile (NASDAQ:SASR)

Sandy Spring Bancorp, Inc operates as the bank holding company for Sandy Spring Bank that provides commercial and retail banking, mortgage, private banking, and trust services to individuals and businesses. The company operates through three segments: Community Banking, Insurance, and Investment Management.

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