Zacks Investment Research cut shares of Sandy Spring Bancorp (NASDAQ:SASR) from a buy rating to a hold rating in a research report report published on Saturday, Zacks.com reports.

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 equities analysts have also issued research reports about the company. Boenning Scattergood reiterated an outperform rating on shares of Sandy Spring Bancorp in a research note on Thursday, June 20th. BidaskClub upgraded Sandy Spring Bancorp from a hold rating to a buy rating in a research note on Tuesday, April 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $37.85.

Shares of NASDAQ SASR opened at $33.61 on Friday. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 11.75 and a beta of 0.83. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.03 and a current ratio of 1.04. Sandy Spring Bancorp has a 1-year low of $29.83 and a 1-year high of $43.55. The business’s 50 day moving average price is $33.57.

Sandy Spring Bancorp (NASDAQ:SASR) last announced its earnings results on Thursday, April 18th. The bank reported $0.85 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.10. The company had revenue of $84.96 million for the quarter, compared to analyst estimates of $79.97 million. Sandy Spring Bancorp had a return on equity of 9.99% and a net margin of 27.54%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.79 earnings per share. On average, research analysts predict that Sandy Spring Bancorp will post 3.23 earnings per share for the current fiscal year.

In related news, Director Joe Reeder purchased 867 shares of Sandy Spring Bancorp stock in a transaction that occurred on Tuesday, April 30th. The shares were acquired at an average price of $34.57 per share, with a total value of $29,972.19. Following the completion of the transaction, the director now directly owns 56,852 shares of the company’s stock, valued at approximately $1,965,373.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.09% of the stock is currently owned by company insiders.

A number of hedge funds have recently bought and sold shares of the stock. Stratos Wealth Partners LTD. grew its stake in Sandy Spring Bancorp by 3.5% during the first quarter. Stratos Wealth Partners LTD. now owns 9,049 shares of the bank’s stock worth $283,000 after buying an additional 306 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Sandy Spring Bancorp by 1.0% during the 4th quarter. Hsbc Holdings PLC now owns 42,049 shares of the bank’s stock worth $1,317,000 after acquiring an additional 411 shares during the period. Citigroup Inc. boosted its position in shares of Sandy Spring Bancorp by 11.0% during the 4th quarter. Citigroup Inc. now owns 6,917 shares of the bank’s stock worth $217,000 after acquiring an additional 685 shares in the last quarter. Advisory Services Network LLC boosted its position in shares of Sandy Spring Bancorp by 87.7% during the 4th quarter. Advisory Services Network LLC now owns 1,520 shares of the bank’s stock worth $48,000 after acquiring an additional 710 shares in the last quarter. Finally, Meeder Asset Management Inc. bought a new position in Sandy Spring Bancorp in the first quarter valued at approximately $28,000. 68.76% 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 banking services to individuals and businesses in central Maryland, Northern Virginia, and Washington DC The company operates in three segments: Community Banking, Insurance, and Investment Management.

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Analyst Recommendations for Sandy Spring Bancorp (NASDAQ:SASR)

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