$58.34 Million in Sales Expected for Sandy Spring Bancorp, Inc. (SASR) This Quarter
Brokerages expect Sandy Spring Bancorp, Inc. (NASDAQ:SASR) to announce sales of $58.34 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Sandy Spring Bancorp’s earnings, with the lowest sales estimate coming in at $58.19 million and the highest estimate coming in at $58.49 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 company is expected to issue its next quarterly earnings report before the market opens 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 fiscal year, with estimates ranging from $229.88 million to $236.83 million. For the next fiscal year, analysts forecast that the firm 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 analysts that cover Sandy Spring Bancorp.
Sandy Spring Bancorp (NASDAQ:SASR) last announced its quarterly earnings results on Thursday, July 20th. The bank reported $0.61 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.03. The company had revenue of $55.90 million during the quarter, compared to analyst estimates 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 period in the prior year, the firm posted $0.44 earnings per share.
Several analysts recently issued reports on SASR shares. Zacks Investment Research upgraded Sandy Spring Bancorp from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a report on Saturday, September 9th. ValuEngine upgraded Sandy Spring Bancorp from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Finally, BidaskClub lowered Sandy Spring Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, July 16th.
Shares of Sandy Spring Bancorp (NASDAQ:SASR) opened at 42.85 on Thursday. Sandy Spring Bancorp has a 52 week low of $27.86 and a 52 week high of $45.64. The firm’s 50-day moving average price is $39.71 and its 200 day moving average price is $40.17. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of 18.34 and a beta of 1.03.
A number of hedge funds and other institutional investors have recently bought and sold shares of SASR. Thrivent Financial For Lutherans raised its holdings in Sandy Spring Bancorp by 90.7% during the second quarter. Thrivent Financial For Lutherans now owns 309,182 shares of the bank’s stock valued at $12,571,000 after buying an additional 147,030 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Sandy Spring Bancorp by 2,369.7% during the first quarter. Principal Financial Group Inc. now owns 151,984 shares of the bank’s stock valued at $6,229,000 after buying an additional 145,830 shares in the last quarter. Robeco Institutional Asset Management B.V. bought a new position in Sandy Spring Bancorp during the second quarter valued at about $5,524,000. Goldman Sachs Group Inc. raised its holdings in Sandy Spring Bancorp by 13.9% during the second quarter. Goldman Sachs Group Inc. now owns 808,009 shares of the bank’s stock valued at $32,854,000 after buying an additional 98,650 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Sandy Spring Bancorp by 59.0% during the first quarter. Bank of New York Mellon Corp now owns 251,438 shares of the bank’s stock valued at $10,306,000 after buying an additional 93,343 shares in the last quarter. Institutional investors own 67.60% of the company’s stock.
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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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