Sandy Spring Bancorp Inc. (NASDAQ:SASR) declared a quarterly dividend on Friday, July 31st, Wall Street Journal reports. Investors of record on Wednesday, August 12th will be given a dividend of 0.30 per share by the bank on Wednesday, August 19th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 5.19%. The ex-dividend date is Tuesday, August 11th.
Sandy Spring Bancorp has raised its dividend by an average of 20.4% annually over the last three years and has raised its dividend every year for the last 9 years. Sandy Spring Bancorp has a payout ratio of 50.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Sandy Spring Bancorp to earn $3.17 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 37.9%.
NASDAQ:SASR opened at $23.12 on Friday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.01 and a current ratio of 1.02. The stock has a market capitalization of $1.09 billion, a P/E ratio of 14.54, a PEG ratio of 3.25 and a beta of 1.11. The company has a 50 day moving average price of $23.90 and a 200 day moving average price of $26.78. Sandy Spring Bancorp has a fifty-two week low of $18.00 and a fifty-two week high of $38.45.
Several equities analysts have commented on SASR shares. BidaskClub cut shares of Sandy Spring Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 7th. ValuEngine raised shares of Sandy Spring Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, July 24th. Stephens reissued an “equal weight” rating and issued a $29.00 price target on shares of Sandy Spring Bancorp in a research report on Tuesday, June 30th. Finally, Zacks Investment Research cut shares of Sandy Spring Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, July 18th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $34.25.
In other news, Director Mark C. Michael acquired 1,300 shares of Sandy Spring Bancorp stock in a transaction dated Thursday, May 14th. The shares were acquired at an average cost of $20.00 per share, for a total transaction of $26,000.00. Following the acquisition, the director now owns 24,447 shares of the company’s stock, valued at $488,940. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Pamela A. Little acquired 3,580 shares of Sandy Spring Bancorp stock in a transaction dated Tuesday, May 12th. The stock was purchased at an average price of $19.89 per share, for a total transaction of $71,206.20. Following the completion of the acquisition, the director now directly owns 23,685 shares in the company, valued at approximately $471,094.65. The disclosure for this purchase can be found here. Insiders bought a total of 5,880 shares of company stock worth $120,576 over the last 90 days. Company insiders own 2.09% 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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