Sandy Spring Bancorp, Inc. (SASR) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Sandy Spring Bancorp, Inc. (NASDAQ:SASR) from a buy rating to a hold rating in a research report released on Tuesday.
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 brokerages have also recently weighed in on SASR. BidaskClub cut shares of Sandy Spring Bancorp from a buy rating to a hold rating in a research note on Sunday, July 16th. ValuEngine cut shares of Sandy Spring Bancorp from a buy rating to a hold rating in a research note on Thursday, September 7th.
Sandy Spring Bancorp (NASDAQ SASR) remained flat at $39.47 during mid-day trading on Tuesday. The stock had a trading volume of 1,557 shares. The company has a 50 day moving average of $38.58 and a 200-day moving average of $40.24. The firm has a market cap of $946.77 million, a P/E ratio of 16.90 and a beta of 1.02. Sandy Spring Bancorp has a 52 week low of $27.86 and a 52 week high of $45.64.
Sandy Spring Bancorp (NASDAQ:SASR) last posted its earnings results on Thursday, July 20th. The bank reported $0.61 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.03. The business had revenue of $55.90 million for the quarter, compared to analysts’ expectations of $55.53 million. Sandy Spring Bancorp had a net margin of 24.33% and a return on equity of 10.44%. During the same quarter in the prior year, the business earned $0.44 EPS. On average, analysts forecast that Sandy Spring Bancorp will post $2.51 EPS for the current fiscal year.
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Large investors have recently modified their holdings of the company. Bank of Montreal Can lifted its stake in shares of Sandy Spring Bancorp by 197,021.4% in the 2nd quarter. Bank of Montreal Can now owns 27,597 shares of the bank’s stock worth $1,123,000 after purchasing an additional 27,583 shares during the period. WBI Investments Inc. bought a new position in shares of Sandy Spring Bancorp in the 2nd quarter worth approximately $1,113,000. Stratos Wealth Partners LTD. lifted its stake in shares of Sandy Spring Bancorp by 5.2% in the 1st quarter. Stratos Wealth Partners LTD. now owns 6,115 shares of the bank’s stock worth $251,000 after purchasing an additional 301 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Sandy Spring Bancorp by 0.5% in the 1st quarter. Alliancebernstein L.P. now owns 39,491 shares of the bank’s stock worth $1,619,000 after purchasing an additional 200 shares during the period. Finally, Robeco Institutional Asset Management B.V. bought a new position in shares of Sandy Spring Bancorp in the 2nd quarter worth approximately $5,524,000. Hedge funds and other institutional investors own 67.60% of the company’s stock.
Sandy Spring Bancorp Company Profile
Sandy Spring Bancorp, Inc is the bank holding company for Sandy Spring Bank (the Bank). The Company operates through three segments: Community Banking, Insurance and Investment Management. The Company’s Community Banking segment operates through Sandy Spring Bank and involves delivering a range of financial products and services, including various loan and deposit products to both individuals and businesses.
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