Sandy Spring Bancorp (NASDAQ:SASR) Hits New 12-Month High at $32.14

Shares of Sandy Spring Bancorp, Inc. (NASDAQ:SASR) hit a new 52-week high during trading on Wednesday . The company traded as high as $32.14 and last traded at $31.24, with a volume of 462987 shares trading hands. The stock had previously closed at $30.75.

Analyst Upgrades and Downgrades

SASR has been the subject of a number of analyst reports. Keefe, Bruyette & Woods boosted their price objective on Sandy Spring Bancorp from $25.00 to $30.00 and gave the stock a “market perform” rating in a report on Thursday, July 25th. DA Davidson raised their target price on Sandy Spring Bancorp from $23.00 to $33.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. Finally, StockNews.com lowered Sandy Spring Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $27.00.

Sandy Spring Bancorp Trading Down 2.3 %

The firm has a 50-day moving average price of $28.61 and a 200-day moving average price of $24.36. The stock has a market cap of $1.39 billion, a PE ratio of 15.13 and a beta of 0.96. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.02 and a current ratio of 1.03.

Sandy Spring Bancorp (NASDAQ:SASR) last posted its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. The firm had revenue of $184.70 million for the quarter, compared to analysts’ expectations of $99.60 million. Sandy Spring Bancorp had a net margin of 12.31% and a return on equity of 6.41%. During the same quarter in the prior year, the company posted $0.60 earnings per share. As a group, equities analysts anticipate that Sandy Spring Bancorp, Inc. will post 1.93 EPS for the current fiscal year.

Sandy Spring Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 21st. Investors of record on Wednesday, August 14th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 4.42%. The ex-dividend date of this dividend was Wednesday, August 14th. Sandy Spring Bancorp’s dividend payout ratio is currently 66.67%.

Hedge Funds Weigh In On Sandy Spring Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the company. Carmichael Hill & Associates Inc. raised its position in Sandy Spring Bancorp by 3.6% in the second quarter. Carmichael Hill & Associates Inc. now owns 11,785 shares of the bank’s stock worth $287,000 after acquiring an additional 412 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Sandy Spring Bancorp by 2.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 25,456 shares of the bank’s stock worth $620,000 after purchasing an additional 723 shares during the period. Truist Financial Corp boosted its stake in shares of Sandy Spring Bancorp by 2.7% during the 4th quarter. Truist Financial Corp now owns 38,556 shares of the bank’s stock worth $1,050,000 after purchasing an additional 1,026 shares during the period. Commonwealth Equity Services LLC grew its stake in shares of Sandy Spring Bancorp by 9.8% during the second quarter. Commonwealth Equity Services LLC now owns 13,176 shares of the bank’s stock valued at $321,000 after buying an additional 1,176 shares during the last quarter. Finally, Inspire Investing LLC boosted its position in Sandy Spring Bancorp by 8.2% in the 1st quarter. Inspire Investing LLC now owns 17,344 shares of the bank’s stock valued at $402,000 after buying an additional 1,316 shares during the period. 66.90% of the stock is owned by institutional investors.

Sandy Spring Bancorp Company Profile

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 in the United States. It offers financial products and services, including various loan and deposit products.