Sandy Spring Bancorp, Inc. (SASR) Downgraded by Zacks Investment Research
Sandy Spring Bancorp, Inc. (NASDAQ:SASR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday.
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 research firms also recently commented on SASR. BidaskClub downgraded Sandy Spring Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, July 16th. ValuEngine raised Sandy Spring Bancorp from a “hold” rating to a “buy” rating in a research report on Wednesday, May 17th.
Shares of Sandy Spring Bancorp (NASDAQ:SASR) traded up 0.95% during mid-day trading on Friday, hitting $37.23. The stock had a trading volume of 65,975 shares. The stock has a market capitalization of $893.04 million, a P/E ratio of 15.94 and a beta of 1.02. The stock has a 50 day moving average of $38.84 and a 200-day moving average of $40.53. 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 EPS for the quarter, beating the consensus estimate of $0.58 by $0.03. Sandy Spring Bancorp had a return on equity of 10.44% and a net margin of 24.33%. The company had revenue of $55.90 million for the quarter, compared to the consensus estimate of $55.53 million. During the same quarter in the prior year, the business earned $0.44 earnings per share. On average, equities research analysts predict that Sandy Spring Bancorp will post $2.51 earnings per share for the current year.
Several institutional investors have recently bought and sold shares of the company. Baird Financial Group Inc. grew its position in shares of Sandy Spring Bancorp by 0.5% in the first quarter. Baird Financial Group Inc. now owns 9,280 shares of the bank’s stock valued at $380,000 after purchasing an additional 44 shares during the last quarter. Legal & General Group Plc grew its position in Sandy Spring Bancorp by 2.1% during the second quarter. Legal & General Group Plc now owns 8,994 shares of the bank’s stock worth $365,000 after buying an additional 182 shares in the last quarter. Alliancebernstein L.P. grew its position in Sandy Spring Bancorp by 0.5% during the first quarter. Alliancebernstein L.P. now owns 39,491 shares of the bank’s stock worth $1,619,000 after buying an additional 200 shares in the last quarter. Stratos Wealth Partners LTD. grew its position in Sandy Spring Bancorp by 5.2% during the first quarter. Stratos Wealth Partners LTD. now owns 6,115 shares of the bank’s stock worth $251,000 after buying an additional 301 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its position in Sandy Spring Bancorp by 5.4% during the first quarter. Janney Montgomery Scott LLC now owns 9,694 shares of the bank’s stock worth $397,000 after buying an additional 500 shares in the last quarter. 68.14% of the stock is currently owned by 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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