$55.53 Million in Sales Expected for Sandy Spring Bancorp Inc. (SASR) This Quarter
Equities research analysts predict that Sandy Spring Bancorp Inc. (NASDAQ:SASR) will post $55.53 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Sandy Spring Bancorp’s earnings, with estimates ranging from $54.98 million to $56.08 million. Sandy Spring Bancorp reported sales of $49.48 million during the same quarter last year, which indicates a positive year over year growth rate of 12.2%. The company is expected to announce its next earnings report on Thursday, July 20th.
According to Zacks, analysts expect that Sandy Spring Bancorp will report full year sales of $55.53 million for the current year, with estimates ranging from $226.09 million to $237.45 million. For the next fiscal year, analysts forecast that the firm will report sales of $344.51 million per share, with estimates ranging from $343.60 million to $345.42 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Sandy Spring Bancorp.
Sandy Spring Bancorp (NASDAQ:SASR) last issued its earnings results on Thursday, April 20th. The bank reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.09. Sandy Spring Bancorp had a return on equity of 9.11% and a net margin of 21.77%. The business had revenue of $52.89 million during the quarter, compared to analysts’ expectations of $53.46 million. During the same quarter in the prior year, the firm earned $0.45 EPS.
A number of equities research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Sandy Spring Bancorp from a “hold” rating to a “strong-buy” rating and set a $45.00 target price for the company in a research note on Friday, May 19th. ValuEngine upgraded shares of Sandy Spring Bancorp from a “hold” rating to a “buy” rating in a research note on Wednesday, May 17th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $40.00 target price on shares of Sandy Spring Bancorp in a research note on Friday, April 21st.
Large investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. raised its stake in shares of Sandy Spring Bancorp by 0.4% in the first quarter. Goldman Sachs Group Inc. now owns 709,359 shares of the bank’s stock worth $29,076,000 after buying an additional 2,573 shares in the last quarter. AQR Capital Management LLC raised its stake in Sandy Spring Bancorp by 86.3% in the first quarter. AQR Capital Management LLC now owns 158,053 shares of the bank’s stock valued at $6,479,000 after buying an additional 73,221 shares during the period. Highbridge Capital Management LLC bought a new stake in Sandy Spring Bancorp during the first quarter valued at approximately $383,000. State Street Corp raised its stake in Sandy Spring Bancorp by 0.5% in the first quarter. State Street Corp now owns 448,049 shares of the bank’s stock valued at $18,364,000 after buying an additional 2,160 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its stake in Sandy Spring Bancorp by 13.6% in the first quarter. Schwab Charles Investment Management Inc. now owns 100,929 shares of the bank’s stock valued at $4,138,000 after buying an additional 12,044 shares during the period. Institutional investors and hedge funds own 65.16% of the company’s stock.
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Sandy Spring Bancorp (NASDAQ:SASR) opened at 39.86 on Friday. The firm has a market cap of $955.60 million, a PE ratio of 18.33 and a beta of 0.88. Sandy Spring Bancorp has a one year low of $27.06 and a one year high of $45.64. The firm has a 50-day moving average price of $41.19 and a 200-day moving average price of $40.69.
The business also recently announced a quarterly dividend, which was paid on Wednesday, May 17th. Shareholders of record on Wednesday, May 10th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, May 8th. This represents a $1.04 dividend on an annualized basis and a yield of 2.61%. Sandy Spring Bancorp’s dividend payout ratio is presently 52.00%.
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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