Sandy Spring Bancorp Inc. (NASDAQ:SASR) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Sandy Spring Bancorp Inc. (NASDAQ:SASR) have earned a consensus recommendation of “Buy” from the six ratings firms that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $37.06.

A number of brokerages have recently commented on SASR. Boenning Scattergood began coverage on shares of Sandy Spring Bancorp in a research report on Monday, June 24th. They issued a “buy” rating and a $37.25 price objective on the stock. Sandler O’Neill raised shares of Sandy Spring Bancorp from a “hold” rating to a “buy” rating and set a $38.00 price objective on the stock in a research report on Thursday, September 26th. BidaskClub raised shares of Sandy Spring Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, September 17th. Finally, Zacks Investment Research raised shares of Sandy Spring Bancorp from a “hold” rating to a “buy” rating and set a $38.00 price objective on the stock in a research report on Wednesday, October 2nd.

Shares of SASR opened at $33.85 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.01 and a current ratio of 1.02. Sandy Spring Bancorp has a twelve month low of $29.83 and a twelve month high of $37.94. The firm’s 50 day moving average price is $34.06 and its two-hundred day moving average price is $34.08. The firm has a market cap of $1.21 billion, a P/E ratio of 11.84, a PEG ratio of 1.44 and a beta of 0.84.

Sandy Spring Bancorp (NASDAQ:SASR) last announced its quarterly earnings results on Thursday, October 17th. The bank reported $0.82 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.02. Sandy Spring Bancorp had a net margin of 27.41% and a return on equity of 10.22%. The firm had revenue of $85.36 million for the quarter, compared to analyst estimates of $84.70 million. During the same quarter in the previous year, the firm posted $0.79 earnings per share. On average, sell-side analysts anticipate that Sandy Spring Bancorp will post 3.26 earnings per share for the current fiscal year.

Hedge funds have recently made changes to their positions in the company. Prudential Financial Inc. increased its holdings in Sandy Spring Bancorp by 43.4% during the second quarter. Prudential Financial Inc. now owns 208,468 shares of the bank’s stock worth $7,272,000 after buying an additional 63,063 shares during the last quarter. WBI Investments Inc. acquired a new position in Sandy Spring Bancorp during the second quarter worth $1,416,000. Envestnet Asset Management Inc. increased its holdings in Sandy Spring Bancorp by 27.8% during the second quarter. Envestnet Asset Management Inc. now owns 14,181 shares of the bank’s stock worth $495,000 after buying an additional 3,084 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Sandy Spring Bancorp by 15.1% during the second quarter. JPMorgan Chase & Co. now owns 44,700 shares of the bank’s stock worth $1,536,000 after buying an additional 5,869 shares during the last quarter. Finally, LSV Asset Management increased its holdings in Sandy Spring Bancorp by 35.5% during the second quarter. LSV Asset Management now owns 140,800 shares of the bank’s stock worth $4,911,000 after buying an additional 36,900 shares during the last quarter. 70.34% of the stock is currently owned by institutional investors and hedge funds.

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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