Bank of New York Mellon Corp grew its stake in Sandy Spring Bancorp, Inc. (NASDAQ:SASR – Free Report) by 4.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 346,311 shares of the bank’s stock after purchasing an additional 15,339 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.77% of Sandy Spring Bancorp worth $7,854,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently bought and sold shares of the business. BlackRock Inc. raised its stake in Sandy Spring Bancorp by 3.2% during the third quarter. BlackRock Inc. now owns 4,277,133 shares of the bank’s stock worth $150,812,000 after acquiring an additional 133,565 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Sandy Spring Bancorp by 0.7% during the second quarter. Price T Rowe Associates Inc. MD now owns 2,986,559 shares of the bank’s stock worth $116,685,000 after acquiring an additional 22,123 shares during the period. Vanguard Group Inc. raised its stake in Sandy Spring Bancorp by 0.9% during the third quarter. Vanguard Group Inc. now owns 2,800,845 shares of the bank’s stock worth $98,758,000 after acquiring an additional 25,086 shares during the period. Dimensional Fund Advisors LP raised its stake in Sandy Spring Bancorp by 5.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,635,944 shares of the bank’s stock worth $68,482,000 after acquiring an additional 127,698 shares during the period. Finally, State Street Corp raised its stake in Sandy Spring Bancorp by 26.0% during the first quarter. State Street Corp now owns 1,544,678 shares of the bank’s stock worth $40,131,000 after acquiring an additional 318,446 shares during the period. Institutional investors and hedge funds own 68.57% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research firms recently weighed in on SASR. StockNews.com upgraded shares of Sandy Spring Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, November 10th. Piper Sandler decreased their target price on shares of Sandy Spring Bancorp from $24.00 to $22.00 and set a “neutral” rating for the company in a research report on Monday, October 30th. Finally, DA Davidson cut shares of Sandy Spring Bancorp from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $28.00 to $22.00 in a research report on Monday, October 2nd. Five analysts have rated the stock with a hold rating, According to data from MarketBeat, Sandy Spring Bancorp has a consensus rating of “Hold” and a consensus price target of $25.25.
Sandy Spring Bancorp Trading Up 2.7 %
Sandy Spring Bancorp stock opened at $23.21 on Monday. The firm has a 50 day simple moving average of $21.12 and a 200-day simple moving average of $22.34. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $1.04 billion, a PE ratio of 7.98 and a beta of 0.93. Sandy Spring Bancorp, Inc. has a 12-month low of $19.27 and a 12-month high of $36.18.
Sandy Spring Bancorp (NASDAQ:SASR – Get Free Report) last posted its quarterly earnings data on Tuesday, October 24th. The bank reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.06. The business had revenue of $102.47 million during the quarter, compared to analysts’ expectations of $104.52 million. Sandy Spring Bancorp had a net margin of 19.17% and a return on equity of 9.35%. As a group, equities research analysts expect that Sandy Spring Bancorp, Inc. will post 2.88 EPS for the current fiscal year.
Sandy Spring Bancorp Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Wednesday, November 8th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 5.86%. The ex-dividend date was Tuesday, November 7th. Sandy Spring Bancorp’s payout ratio is 46.74%.
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 Central Maryland, Northern Virginia, and Washington, DC It operates in two segments, Community Banking and Investment Management.
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