Sandy Spring Bancorp, Inc. Forecasted to Post FY2017 Earnings of $2.50 Per Share (NASDAQ:SASR)
Sandy Spring Bancorp, Inc. (NASDAQ:SASR) – Equities research analysts at Boenning Scattergood increased their FY2017 earnings per share (EPS) estimates for Sandy Spring Bancorp in a research note issued on Friday. Boenning Scattergood analyst M. Schultheis now forecasts that the bank will post earnings of $2.50 per share for the year, up from their previous estimate of $2.45. Boenning Scattergood also issued estimates for Sandy Spring Bancorp’s FY2018 earnings at $2.78 EPS.
Sandy Spring Bancorp (NASDAQ:SASR) last released its quarterly earnings data on Thursday, July 20th. The bank reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.03. Sandy Spring Bancorp had a net margin of 24.33% and a return on equity of 10.52%. The business had revenue of $55.90 million during the quarter, compared to analyst estimates of $55.53 million. During the same period in the previous year, the business earned $0.44 EPS.
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SASR has been the subject of a number of other reports. Zacks Investment Research cut shares of Sandy Spring Bancorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 19th. BidaskClub cut shares of Sandy Spring Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, July 16th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $40.00 target price on shares of Sandy Spring Bancorp in a report on Friday, April 21st. Finally, ValuEngine raised shares of Sandy Spring Bancorp from a “hold” rating to a “buy” rating in a report on Wednesday, May 17th.
Sandy Spring Bancorp (SASR) opened at 39.79 on Monday. The stock has a market capitalization of $954.28 million, a price-to-earnings ratio of 17.03 and a beta of 1.02. The company has a 50-day moving average of $39.85 and a 200-day moving average of $40.98. Sandy Spring Bancorp has a 1-year low of $27.86 and a 1-year high of $45.64.
Hedge funds have recently made changes to their positions in the company. William Blair Investment Management LLC purchased a new stake in shares of Sandy Spring Bancorp during the first quarter worth about $19,284,000. Norges Bank purchased a new stake in shares of Sandy Spring Bancorp during the fourth quarter worth about $13,369,000. Principal Financial Group Inc. boosted its stake in shares of Sandy Spring Bancorp by 2,369.7% in the first quarter. Principal Financial Group Inc. now owns 151,984 shares of the bank’s stock worth $6,229,000 after buying an additional 145,830 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Sandy Spring Bancorp by 59.0% in the first quarter. Bank of New York Mellon Corp now owns 251,438 shares of the bank’s stock worth $10,306,000 after buying an additional 93,343 shares during the period. Finally, AQR Capital Management LLC boosted its stake in shares of Sandy Spring Bancorp by 86.3% in the first quarter. AQR Capital Management LLC now owns 158,053 shares of the bank’s stock worth $6,479,000 after buying an additional 73,221 shares during the period. 66.36% of the stock is owned by hedge funds and other institutional investors.
About Sandy Spring Bancorp
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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