Sandy Spring Bancorp (NASDAQ:SASR) PT Raised to $33.00 at DA Davidson

Sandy Spring Bancorp (NASDAQ:SASR) had its target price upped by analysts at DA Davidson from $23.00 to $33.00 in a report released on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the bank’s stock. DA Davidson’s price objective would indicate a potential upside of 5.87% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods lifted their price objective on shares of Sandy Spring Bancorp from $25.00 to $30.00 and gave the company a “market perform” rating in a research note on Thursday. StockNews.com cut shares of Sandy Spring Bancorp from a “hold” rating to a “sell” rating in a research note on Monday, July 8th. Finally, Stephens reaffirmed an “equal weight” rating and set a $25.00 target price on shares of Sandy Spring Bancorp in a research report on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat, Sandy Spring Bancorp has an average rating of “Hold” and an average target price of $27.00.

Sandy Spring Bancorp Price Performance

Shares of NASDAQ:SASR traded up $0.91 during trading on Thursday, reaching $31.17. 118,546 shares of the company traded hands, compared to its average volume of 299,172. The firm has a market capitalization of $1.40 billion, a PE ratio of 15.25 and a beta of 0.97. Sandy Spring Bancorp has a 52 week low of $19.27 and a 52 week high of $31.71. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 0.55. The company’s 50 day moving average is $24.39 and its two-hundred day moving average is $23.26.

Sandy Spring Bancorp (NASDAQ:SASR) last posted its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.08. Sandy Spring Bancorp had a net margin of 12.31% and a return on equity of 6.44%. The business had revenue of $184.70 million during the quarter, compared to analysts’ expectations of $99.60 million. During the same quarter in the prior year, the business posted $0.60 earnings per share. As a group, sell-side analysts predict that Sandy Spring Bancorp will post 1.93 earnings per share for the current year.

Hedge Funds Weigh In On Sandy Spring Bancorp

A number of institutional investors have recently modified their holdings of SASR. Arizona State Retirement System grew its position in Sandy Spring Bancorp by 3.4% in the 4th quarter. Arizona State Retirement System now owns 12,542 shares of the bank’s stock valued at $342,000 after purchasing an additional 414 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in Sandy Spring Bancorp by 2.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 25,456 shares of the bank’s stock valued at $620,000 after acquiring an additional 723 shares in the last quarter. Truist Financial Corp raised its holdings in shares of Sandy Spring Bancorp by 2.7% in the 4th quarter. Truist Financial Corp now owns 38,556 shares of the bank’s stock worth $1,050,000 after purchasing an additional 1,026 shares during the period. Inspire Investing LLC lifted its position in shares of Sandy Spring Bancorp by 8.2% during the 1st quarter. Inspire Investing LLC now owns 17,344 shares of the bank’s stock valued at $402,000 after buying an additional 1,316 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Sandy Spring Bancorp by 7.1% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,104 shares of the bank’s stock worth $548,000 after acquiring an additional 1,327 shares during the period. 66.90% of the stock is owned by institutional investors and hedge funds.

About Sandy Spring Bancorp

Sandy Spring Bancorp, Inc operates as the bank holding company for Sandy Spring Bank that provides commercial and retail banking, mortgage, private banking, and trust services to individuals and businesses in the United States. It offers financial products and services, including various loan and deposit products.