Brokerages Expect Sandy Spring Bancorp, Inc. (SASR) Will Announce Quarterly Sales of $58.34 Million
Brokerages forecast that Sandy Spring Bancorp, Inc. (NASDAQ:SASR) will announce sales of $58.34 million for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Sandy Spring Bancorp’s earnings. The highest sales estimate is $58.49 million and the lowest is $58.19 million. Sandy Spring Bancorp posted sales of $50.32 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 15.9%. The firm is expected to report its next earnings report on Thursday, October 19th.
According to Zacks, analysts expect that Sandy Spring Bancorp will report full year sales of $58.34 million for the current financial year, with estimates ranging from $229.88 million to $236.83 million. For the next financial year, analysts anticipate that the company will report sales of $346.59 million per share, with estimates ranging from $344.73 million to $348.44 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Sandy Spring Bancorp.
Sandy Spring Bancorp (NASDAQ:SASR) last posted its earnings results on Thursday, July 20th. The bank reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.03. The firm had revenue of $55.90 million during the quarter, compared to analysts’ expectations of $55.53 million. Sandy Spring Bancorp had a return on equity of 10.44% and a net margin of 24.33%. During the same quarter in the previous year, the business earned $0.44 earnings per share.
A number of research analysts recently commented on SASR shares. Zacks Investment Research raised Sandy Spring Bancorp from a “hold” rating to a “strong-buy” rating and set a $45.00 price target for the company in a report on Friday, May 19th. ValuEngine raised Sandy Spring Bancorp from a “hold” rating to a “buy” rating in a report on Wednesday, May 17th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $40.00 price target on shares of Sandy Spring Bancorp in a report on Friday, April 21st. Finally, BidaskClub downgraded Sandy Spring Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, July 16th.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its position in Sandy Spring Bancorp by 1.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,787,390 shares of the bank’s stock worth $72,676,000 after buying an additional 28,837 shares in the last quarter. Vanguard Group Inc. increased its position in Sandy Spring Bancorp by 1.0% in the second quarter. Vanguard Group Inc. now owns 1,092,551 shares of the bank’s stock worth $44,423,000 after buying an additional 10,359 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Sandy Spring Bancorp by 13.9% in the second quarter. Goldman Sachs Group Inc. now owns 808,009 shares of the bank’s stock worth $32,854,000 after buying an additional 98,650 shares in the last quarter. Dalton Greiner Hartman Maher & Co. increased its position in Sandy Spring Bancorp by 2.9% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 611,923 shares of the bank’s stock worth $25,083,000 after buying an additional 17,239 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in Sandy Spring Bancorp by 0.3% in the second quarter. The Manufacturers Life Insurance Company now owns 535,327 shares of the bank’s stock worth $21,766,000 after buying an additional 1,429 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.
Shares of Sandy Spring Bancorp (SASR) opened at 38.64 on Thursday. The company’s 50-day moving average price is $39.83 and its 200 day moving average price is $40.94. Sandy Spring Bancorp has a 1-year low of $27.86 and a 1-year high of $45.64. The stock has a market cap of $926.86 million, a PE ratio of 16.54 and a beta of 1.02.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 16th. Investors of record on Wednesday, August 9th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date was Monday, August 7th. Sandy Spring Bancorp’s dividend payout ratio is currently 44.26%.
TRADEMARK VIOLATION WARNING: “Brokerages Expect Sandy Spring Bancorp, Inc. (SASR) Will Announce Quarterly Sales of $58.34 Million” was posted by American Banking News and is the sole property of of American Banking News. If you are reading this piece of content on another site, it was stolen and reposted in violation of United States and international copyright & trademark law. The original version of this piece of content can be accessed at https://www.americanbankingnews.com/2017/08/17/brokerages-expect-sandy-spring-bancorp-inc-sasr-will-announce-quarterly-sales-of-58-34-million.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Sandy Spring Bancorp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sandy Spring Bancorp Inc. and related companies with MarketBeat.com's FREE daily email newsletter.