Pinnacle Associates Ltd. increased its position in Sandy Spring Bancorp Inc. (NASDAQ:SASR) by 52.6% during the second quarter, Holdings Channel reports. The institutional investor owned 162,955 shares of the bank’s stock after acquiring an additional 56,180 shares during the period. Pinnacle Associates Ltd.’s holdings in Sandy Spring Bancorp were worth $6,683,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in SASR. Endicott Management Co. acquired a new position in Sandy Spring Bancorp in the first quarter worth approximately $23,574,000. EJF Capital LLC acquired a new position in Sandy Spring Bancorp in the first quarter worth approximately $21,512,000. BlackRock Inc. increased its holdings in Sandy Spring Bancorp by 21.6% in the first quarter. BlackRock Inc. now owns 2,621,617 shares of the bank’s stock worth $101,614,000 after buying an additional 465,474 shares during the last quarter. Banc Funds Co. LLC increased its holdings in Sandy Spring Bancorp by 33.9% in the first quarter. Banc Funds Co. LLC now owns 977,103 shares of the bank’s stock worth $37,873,000 after buying an additional 247,180 shares during the last quarter. Finally, Wedge Capital Management L L P NC acquired a new position in Sandy Spring Bancorp in the second quarter worth approximately $9,714,000. Hedge funds and other institutional investors own 68.61% of the company’s stock.
In other Sandy Spring Bancorp news, Director Mark C. Michael sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 22nd. The stock was sold at an average price of $41.74, for a total transaction of $83,480.00. Following the completion of the sale, the director now owns 80,590 shares of the company’s stock, valued at $3,363,826.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mark C. Michael sold 1,735 shares of the company’s stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $39.54, for a total value of $68,601.90. Following the sale, the director now directly owns 22,000 shares of the company’s stock, valued at approximately $869,880. The disclosure for this sale can be found here. Insiders have sold 79,498 shares of company stock valued at $3,397,428 in the last ninety days. Company insiders own 3.31% of the company’s stock.
Shares of Sandy Spring Bancorp stock opened at $39.37 on Monday. The company has a market cap of $1.39 billion, a price-to-earnings ratio of 15.50, a P/E/G ratio of 1.12 and a beta of 0.75. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.09 and a quick ratio of 1.08. Sandy Spring Bancorp Inc. has a 12-month low of $36.41 and a 12-month high of $43.87.
Sandy Spring Bancorp (NASDAQ:SASR) last announced its earnings results on Thursday, July 19th. The bank reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.12). The company had revenue of $79.86 million for the quarter, compared to the consensus estimate of $81.12 million. Sandy Spring Bancorp had a return on equity of 10.53% and a net margin of 22.29%. The firm’s revenue for the quarter was up 41.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.61 EPS. equities analysts predict that Sandy Spring Bancorp Inc. will post 3.15 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, August 15th. Shareholders of record on Wednesday, August 8th were given a dividend of $0.28 per share. The ex-dividend date was Tuesday, August 7th. This represents a $1.12 dividend on an annualized basis and a yield of 2.84%. Sandy Spring Bancorp’s payout ratio is currently 44.09%.
A number of research firms recently commented on SASR. BidaskClub upgraded Sandy Spring Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, June 7th. ValuEngine upgraded Sandy Spring Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, May 23rd. Keefe, Bruyette & Woods raised Sandy Spring Bancorp from a “market perform” rating to an “outperform” rating and set a $47.00 target price for the company in a research report on Tuesday, April 24th. Zacks Investment Research cut Sandy Spring Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 24th. Finally, Sandler O’Neill raised Sandy Spring Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, June 26th. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $46.20.
About Sandy Spring Bancorp
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 markets. It operates through three segments: Community Banking, Insurance, and Investment Management.
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