Zacks Investment Research Downgrades Sandy Spring Bancorp, Inc. (NASDAQ:SASR) to Hold

Zacks Investment Research lowered shares of Sandy Spring Bancorp, Inc. (NASDAQ:SASR) from a strong-buy rating to a hold rating in a research note published on Wednesday morning.

According to Zacks, “SANDY SPRING is a bank holding company for Sandy Spring National Bank of Maryland. The bank is community oriented, and conducts a full-service commercial banking business through community offices located in Montgomery, Howard, Prince George’s and Anne Arundel counties in Maryland. “

A number of other brokerages have also weighed in on SASR. ValuEngine upgraded shares of Sandy Spring Bancorp from a hold rating to a buy rating in a research report on Wednesday, May 17th. Keefe, Bruyette & Woods reiterated a hold rating and set a $40.00 target price on shares of Sandy Spring Bancorp in a research report on Friday, April 21st. Finally, BidaskClub lowered shares of Sandy Spring Bancorp from a buy rating to a hold rating in a research report on Sunday, July 16th.

Sandy Spring Bancorp (SASR) traded down 0.55% during mid-day trading on Wednesday, reaching $39.79. 116,579 shares of the company’s stock were exchanged. The company has a 50-day moving average of $39.85 and a 200-day moving average of $40.98. Sandy Spring Bancorp has a 52-week low of $27.86 and a 52-week high of $45.64. The stock has a market cap of $953.93 million, a price-to-earnings ratio of 18.29 and a beta of 1.02.

Sandy Spring Bancorp (NASDAQ:SASR) last issued its earnings results on Thursday, July 20th. The bank reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.03. The firm had revenue of $55.90 million during the quarter, compared to analyst estimates of $55.53 million. Sandy Spring Bancorp had a net margin of 24.33% and a return on equity of 10.52%. During the same quarter last year, the business earned $0.44 earnings per share. Equities research analysts anticipate that Sandy Spring Bancorp will post $2.45 earnings per share for the current year.

WARNING: This piece of content was originally posted by Transcript Daily and is the sole property of of Transcript Daily. If you are reading this piece of content on another domain, it was copied illegally and reposted in violation of U.S. and international trademark and copyright legislation. The legal version of this piece of content can be accessed at https://transcriptdaily.com/2017/07/22/zacks-investment-research-downgrades-sandy-spring-bancorp-inc-nasdaqsasr-to-hold.html.

Several institutional investors have recently added to or reduced their stakes in SASR. Janney Montgomery Scott LLC raised its position in Sandy Spring Bancorp by 5.4% in the first quarter. Janney Montgomery Scott LLC now owns 9,694 shares of the bank’s stock worth $397,000 after buying an additional 500 shares during the period. Stratos Wealth Partners LTD. raised its position in Sandy Spring Bancorp by 5.2% in the first quarter. Stratos Wealth Partners LTD. now owns 6,115 shares of the bank’s stock worth $251,000 after buying an additional 301 shares during the period. Creative Planning raised its position in Sandy Spring Bancorp by 21.2% in the first quarter. Creative Planning now owns 8,604 shares of the bank’s stock worth $353,000 after buying an additional 1,503 shares during the period. AQR Capital Management LLC raised its position in Sandy Spring Bancorp by 71.3% in the fourth quarter. AQR Capital Management LLC now owns 84,832 shares of the bank’s stock worth $3,392,000 after buying an additional 35,314 shares during the period. Finally, GSA Capital Partners LLP purchased a new position in Sandy Spring Bancorp during the fourth quarter worth approximately $339,000. Institutional investors own 66.34% of the company’s stock.

About Sandy Spring Bancorp

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.

Get a free copy of the Zacks research report on Sandy Spring Bancorp (SASR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Sandy Spring Bancorp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sandy Spring Bancorp Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply