Sandy Spring Bancorp, Inc. (SASR) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Sandy Spring Bancorp, Inc. (NASDAQ:SASR) from a hold rating to a buy rating in a report issued on Wednesday. The brokerage currently has $44.00 target price on the bank’s stock.

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. “

Other analysts have also issued reports about the stock. BidaskClub lowered shares of Sandy Spring Bancorp from a buy rating to a hold rating in a research report on Sunday, July 16th. ValuEngine lowered shares of Sandy Spring Bancorp from a buy rating to a hold rating in a research report on Thursday, September 7th.

Sandy Spring Bancorp (SASR) opened at 39.90 on Wednesday. Sandy Spring Bancorp has a 12 month low of $27.86 and a 12 month high of $45.64. The company’s 50-day moving average is $38.58 and its 200 day moving average is $40.24. The firm has a market cap of $957.08 million, a price-to-earnings ratio of 17.08 and a beta of 1.02.

Sandy Spring Bancorp (NASDAQ:SASR) last posted its quarterly earnings results on Thursday, July 20th. The bank reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.03. The business 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 10.44%. During the same period in the prior year, the firm earned $0.44 earnings per share. On average, equities research analysts predict that Sandy Spring Bancorp will post $2.51 earnings per share for the current year.

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A number of institutional investors and hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company raised its position in Sandy Spring Bancorp by 0.3% during the second quarter. The Manufacturers Life Insurance Company now owns 535,327 shares of the bank’s stock valued at $21,766,000 after acquiring an additional 1,429 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in Sandy Spring Bancorp during the second quarter valued at approximately $353,000. BlueCrest Capital Management Ltd bought a new position in Sandy Spring Bancorp during the second quarter valued at approximately $263,000. State Street Corp raised its position in Sandy Spring Bancorp by 16.9% during the second quarter. State Street Corp now owns 523,549 shares of the bank’s stock valued at $21,287,000 after acquiring an additional 75,500 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Sandy Spring Bancorp by 13.9% during the second quarter. Goldman Sachs Group Inc. now owns 808,009 shares of the bank’s stock valued at $32,854,000 after acquiring an additional 98,650 shares in the last quarter. 67.60% of the stock is currently owned by hedge funds and other institutional investors.

Sandy Spring Bancorp Company Profile

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.

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