Prudential Financial Inc. lifted its stake in shares of Sandy Spring Bancorp Inc. (NASDAQ:SASR) by 23.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 92,980 shares of the bank’s stock after buying an additional 17,763 shares during the period. Prudential Financial Inc. owned approximately 0.26% of Sandy Spring Bancorp worth $2,914,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the company. Virginia Retirement Systems ET AL acquired a new stake in shares of Sandy Spring Bancorp in the fourth quarter valued at about $458,000. Victory Capital Management Inc. grew its position in shares of Sandy Spring Bancorp by 9.1% in the fourth quarter. Victory Capital Management Inc. now owns 45,485 shares of the bank’s stock valued at $1,425,000 after purchasing an additional 3,799 shares during the period. Lafayette Investments Inc. grew its position in shares of Sandy Spring Bancorp by 1.9% in the fourth quarter. Lafayette Investments Inc. now owns 95,990 shares of the bank’s stock valued at $3,008,000 after purchasing an additional 1,817 shares during the period. Rothschild & Co. Asset Management US Inc. grew its position in shares of Sandy Spring Bancorp by 4.3% in the fourth quarter. Rothschild & Co. Asset Management US Inc. now owns 167,536 shares of the bank’s stock valued at $5,251,000 after purchasing an additional 6,838 shares during the period. Finally, LSV Asset Management boosted its position in Sandy Spring Bancorp by 6.3% during the fourth quarter. LSV Asset Management now owns 97,898 shares of the bank’s stock worth $3,068,000 after acquiring an additional 5,798 shares during the last quarter. Institutional investors and hedge funds own 68.63% of the company’s stock.
SASR opened at $33.33 on Friday. The stock has a market cap of $1.18 billion, a P/E ratio of 11.65 and a beta of 0.79. Sandy Spring Bancorp Inc. has a twelve month low of $29.87 and a twelve month high of $43.87. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.83.
Sandy Spring Bancorp (NASDAQ:SASR) last posted its quarterly earnings results on Thursday, January 17th. The bank reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.07). The business had revenue of $80.18 million for the quarter, compared to analyst estimates of $81.94 million. Sandy Spring Bancorp had a return on equity of 10.00% and a net margin of 26.19%. During the same quarter in the previous year, the firm posted $0.34 earnings per share. Equities analysts predict that Sandy Spring Bancorp Inc. will post 3.14 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 20th. Investors of record on Wednesday, February 13th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Tuesday, February 12th. This represents a $1.12 dividend on an annualized basis and a yield of 3.36%. Sandy Spring Bancorp’s payout ratio is presently 39.16%.
A number of equities analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Sandy Spring Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, January 15th. BidaskClub upgraded shares of Sandy Spring Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, February 20th. Finally, Boenning Scattergood upgraded shares of Sandy Spring Bancorp from a “neutral” rating to an “outperform” rating and set a $41.00 price target on the stock in a research report on Monday, November 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. Sandy Spring Bancorp has a consensus rating of “Hold” and an average target price of $40.00.
In other news, Director Mark E. Friis bought 1,000 shares of the firm’s stock in a transaction on Tuesday, January 22nd. The shares were bought at an average cost of $31.86 per share, for a total transaction of $31,860.00. Following the acquisition, the director now directly owns 11,235 shares of the company’s stock, valued at approximately $357,947.10. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ronda M. Mcdowell sold 744 shares of the business’s stock in a transaction dated Wednesday, February 27th. The shares were sold at an average price of $35.02, for a total transaction of $26,054.88. Following the completion of the transaction, the executive vice president now owns 6,034 shares in the company, valued at $211,310.68. The disclosure for this sale can be found here. Insiders own 3.31% of the company’s stock.
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Sandy Spring Bancorp Profile
Sandy Spring Bancorp, Inc operates as the bank holding company for Sandy Spring Bank that provides commercial banking services to individuals and businesses in central Maryland, Northern Virginia, and Washington DC The company operates in three segments: Community Banking, Insurance, and Investment Management.
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