Penn Capital Management Co. Inc. increased its holdings in shares of Sandy Spring Bancorp Inc. (NASDAQ:SASR) by 8.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 149,091 shares of the bank’s stock after buying an additional 11,712 shares during the quarter. Penn Capital Management Co. Inc. owned 0.42% of Sandy Spring Bancorp worth $4,664,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the stock. Hsbc Holdings PLC raised its position in Sandy Spring Bancorp by 1.0% in the fourth quarter. Hsbc Holdings PLC now owns 42,049 shares of the bank’s stock valued at $1,317,000 after purchasing an additional 411 shares during the last quarter. Citigroup Inc. raised its position in Sandy Spring Bancorp by 11.0% in the fourth quarter. Citigroup Inc. now owns 6,917 shares of the bank’s stock valued at $217,000 after purchasing an additional 685 shares during the last quarter. Advisory Services Network LLC raised its position in Sandy Spring Bancorp by 87.7% in the fourth quarter. Advisory Services Network LLC now owns 1,520 shares of the bank’s stock valued at $48,000 after purchasing an additional 710 shares during the last quarter. Meeder Asset Management Inc. bought a new position in Sandy Spring Bancorp in the first quarter valued at about $28,000. Finally, PNC Financial Services Group Inc. raised its position in Sandy Spring Bancorp by 2.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 38,750 shares of the bank’s stock valued at $1,216,000 after purchasing an additional 1,039 shares during the last quarter. Institutional investors and hedge funds own 69.74% of the company’s stock.
In related news, Director Joe Reeder purchased 867 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The stock was bought at an average price of $34.57 per share, with a total value of $29,972.19. Following the completion of the purchase, the director now owns 56,852 shares in the company, valued at approximately $1,965,373.64. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Ronda M. Mcdowell sold 744 shares of the stock in a transaction dated Wednesday, February 27th. The shares were sold at an average price of $35.02, for a total value of $26,054.88. Following the completion of the sale, the executive vice president now directly owns 6,034 shares of the company’s stock, valued at approximately $211,310.68. The disclosure for this sale can be found here. Corporate insiders own 2.09% of the company’s stock.
SASR has been the subject of several research reports. Sandler O’Neill downgraded Sandy Spring Bancorp from a “buy” rating to a “hold” rating and set a $35.00 target price for the company. in a research report on Friday, January 18th. BidaskClub downgraded Sandy Spring Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, January 22nd. Keefe, Bruyette & Woods downgraded Sandy Spring Bancorp from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $44.00 to $35.00 in a research report on Friday, January 18th. Gabelli reiterated a “buy” rating on shares of Sandy Spring Bancorp in a research report on Friday, January 18th. Finally, Zacks Investment Research upgraded Sandy Spring Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $37.75.
Shares of SASR stock opened at $33.32 on Thursday. The stock has a market capitalization of $1.19 billion, a PE ratio of 11.81 and a beta of 0.81. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.70. Sandy Spring Bancorp Inc. has a 1-year low of $29.83 and a 1-year high of $43.87.
Sandy Spring Bancorp (NASDAQ:SASR) last issued its quarterly earnings results on Thursday, April 18th. The bank reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.10. The company had revenue of $84.96 million during the quarter, compared to analysts’ expectations of $79.97 million. Sandy Spring Bancorp had a return on equity of 9.99% and a net margin of 27.54%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.79 earnings per share. As a group, research analysts predict that Sandy Spring Bancorp Inc. will post 3.21 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 8th were paid a $0.30 dividend. This is a boost from Sandy Spring Bancorp’s previous quarterly dividend of $0.28. The ex-dividend date was Tuesday, May 7th. This represents a $1.20 annualized dividend and a dividend yield of 3.60%. Sandy Spring Bancorp’s dividend payout ratio is presently 41.96%.
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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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