Sandy Spring Bancorp (NASDAQ:SASR) Sets New 1-Year High at $51.92

Shares of Sandy Spring Bancorp, Inc. (NASDAQ:SASR) hit a new 52-week high during trading on Thursday . The stock traded as high as $51.92 and last traded at $51.92, with a volume of 1446 shares changing hands. The stock had previously closed at $50.57.

Separately, Zacks Investment Research upgraded shares of Sandy Spring Bancorp from a “hold” rating to a “buy” rating and set a $54.00 target price for the company in a report on Tuesday, January 4th.

The company’s fifty day moving average price is $49.12 and its 200 day moving average price is $45.95. The company has a market cap of $2.35 billion, a PE ratio of 10.00 and a beta of 1.07. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.96 and a quick ratio of 0.95.

Sandy Spring Bancorp (NASDAQ:SASR) last announced its earnings results on Wednesday, October 20th. The bank reported $1.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.10 by $0.10. The company had revenue of $131.00 million during the quarter, compared to the consensus estimate of $131.96 million. Sandy Spring Bancorp had a net margin of 43.70% and a return on equity of 13.94%. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.97 earnings per share. On average, analysts forecast that Sandy Spring Bancorp, Inc. will post 4.55 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 17th. Investors of record on Wednesday, November 10th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Tuesday, November 9th. This represents a $1.28 annualized dividend and a yield of 2.48%. Sandy Spring Bancorp’s payout ratio is currently 24.81%.

In other Sandy Spring Bancorp news, EVP Kenneth C. Cook sold 2,531 shares of the stock in a transaction dated Wednesday, November 10th. The shares were sold at an average price of $50.44, for a total transaction of $127,663.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Kenneth C. Cook sold 13,500 shares of the stock in a transaction dated Tuesday, October 26th. The stock was sold at an average price of $48.27, for a total transaction of $651,645.00. The disclosure for this sale can be found here. 3.05% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of SASR. Teacher Retirement System of Texas boosted its position in shares of Sandy Spring Bancorp by 17.4% in the second quarter. Teacher Retirement System of Texas now owns 5,914 shares of the bank’s stock valued at $261,000 after acquiring an additional 875 shares during the period. American Century Companies Inc. bought a new position in shares of Sandy Spring Bancorp in the second quarter valued at approximately $571,000. Swiss National Bank boosted its position in shares of Sandy Spring Bancorp by 1.7% in the second quarter. Swiss National Bank now owns 103,835 shares of the bank’s stock valued at $4,582,000 after acquiring an additional 1,700 shares during the period. Rafferty Asset Management LLC boosted its position in shares of Sandy Spring Bancorp by 36.5% in the second quarter. Rafferty Asset Management LLC now owns 27,791 shares of the bank’s stock valued at $1,226,000 after acquiring an additional 7,429 shares during the period. Finally, Citigroup Inc. boosted its position in shares of Sandy Spring Bancorp by 10.4% in the second quarter. Citigroup Inc. now owns 23,972 shares of the bank’s stock valued at $1,058,000 after acquiring an additional 2,266 shares during the period. Hedge funds and other institutional investors own 65.18% of the company’s stock.

Sandy Spring Bancorp Company Profile (NASDAQ:SASR)

Sandy Spring Bancorp, Inc is a bank holding company, which engages in the provision of commercial banking, retail banking, and trust services to individuals and businesses. It operates through the following segments: Community Banking, Insurance, and Investment Management. The Community Banking segment conducts its operations through Sandy Spring Bank and involves delivering financial products and services, including various loan and deposit products to both individuals and businesses.

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