Norges Bank Buys Shares of 309,219 Sandy Spring Bancorp, Inc. (NASDAQ:SASR)

Norges Bank bought a new stake in Sandy Spring Bancorp, Inc. (NASDAQ:SASRFree Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 309,219 shares of the bank’s stock, valued at approximately $8,423,000. Norges Bank owned about 0.69% of Sandy Spring Bancorp as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. North Reef Capital Management LP acquired a new position in shares of Sandy Spring Bancorp during the third quarter valued at $9,319,000. AQR Capital Management LLC grew its holdings in Sandy Spring Bancorp by 408.6% during the third quarter. AQR Capital Management LLC now owns 405,821 shares of the bank’s stock worth $8,697,000 after acquiring an additional 326,036 shares during the period. Wellington Management Group LLP increased its stake in Sandy Spring Bancorp by 52.0% in the 3rd quarter. Wellington Management Group LLP now owns 269,547 shares of the bank’s stock worth $5,776,000 after purchasing an additional 92,175 shares in the last quarter. Foundry Partners LLC increased its stake in Sandy Spring Bancorp by 62.9% in the 3rd quarter. Foundry Partners LLC now owns 226,813 shares of the bank’s stock worth $4,861,000 after purchasing an additional 87,576 shares in the last quarter. Finally, Invesco Ltd. increased its stake in Sandy Spring Bancorp by 4.8% in the 3rd quarter. Invesco Ltd. now owns 1,432,995 shares of the bank’s stock worth $30,709,000 after purchasing an additional 65,841 shares in the last quarter. 66.90% of the stock is currently owned by institutional investors.

Sandy Spring Bancorp Trading Down 1.2 %

Shares of NASDAQ SASR opened at $22.38 on Friday. Sandy Spring Bancorp, Inc. has a one year low of $19.27 and a one year high of $27.90. The firm has a market capitalization of $1.01 billion, a PE ratio of 10.97 and a beta of 0.97. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 0.55. The business has a 50-day moving average price of $22.07 and a two-hundred day moving average price of $23.25.

Sandy Spring Bancorp (NASDAQ:SASRGet Free Report) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.03. The business had revenue of $184.38 million during the quarter, compared to analyst estimates of $97.45 million. Sandy Spring Bancorp had a return on equity of 6.65% and a net margin of 12.74%. During the same period in the previous year, the company earned $1.16 EPS. As a group, analysts predict that Sandy Spring Bancorp, Inc. will post 1.95 earnings per share for the current fiscal year.

Sandy Spring Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Wednesday, May 8th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 6.08%. The ex-dividend date was Tuesday, May 7th. Sandy Spring Bancorp’s payout ratio is 66.67%.

Analyst Ratings Changes

A number of brokerages recently weighed in on SASR. Janney Montgomery Scott began coverage on Sandy Spring Bancorp in a research note on Friday, March 1st. They issued a “neutral” rating and a $25.00 price target on the stock. Stephens reissued an “equal weight” rating and issued a $25.00 price target on shares of Sandy Spring Bancorp in a research note on Wednesday, April 24th. Finally, StockNews.com raised Sandy Spring Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, May 29th. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Sandy Spring Bancorp has a consensus rating of “Hold” and a consensus price target of $23.50.

View Our Latest Stock Report on Sandy Spring Bancorp

About Sandy Spring Bancorp

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Sandy Spring Bancorp (NASDAQ:SASR)

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