The Sandy Spring Bancorp Inc. (SASR) Announces Earnings Results, Beats Expectations By $0.05 EPS

The Sandy Spring Bancorp Inc. (SASR) Announces  Earnings Results, Beats Expectations By $0.05 EPS

Sandy Spring Bancorp Inc. (NASDAQ:SASR) issued its quarterly earnings results on Thursday. The company reported $0.55 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.05. Sandy Spring Bancorp had a return on equity of 9.58% and a net margin of 21.86%. The firm earned $51.30 million during the quarter, compared to analysts’ expectations of $51.35 million. During the same period in the previous year, the business earned $0.52 earnings per share. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis.

Sandy Spring Bancorp (NASDAQ:SASR) opened at 38.45 on Thursday. The firm’s 50-day moving average price is $39.16 and its 200-day moving average price is $33.03. The firm has a market cap of $918.53 million, a price-to-earnings ratio of 19.48 and a beta of 0.88. Sandy Spring Bancorp has a 1-year low of $24.17 and a 1-year high of $40.86.

In other news, insider R Louis Caceres sold 14,200 shares of the firm’s stock in a transaction that occurred on Tuesday, November 8th. The stock was sold at an average price of $31.62, for a total value of $449,004.00. Following the completion of the sale, the insider now directly owns 17,299 shares of the company’s stock, valued at approximately $546,994.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.50% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of the stock. Janney Montgomery Scott LLC boosted its stake in Sandy Spring Bancorp by 100.0% in the second quarter. Janney Montgomery Scott LLC now owns 18,388 shares of the company’s stock valued at $534,000 after buying an additional 9,194 shares in the last quarter. Alliancebernstein L.P. boosted its stake in Sandy Spring Bancorp by 34.8% in the second quarter. Alliancebernstein L.P. now owns 66,061 shares of the company’s stock valued at $1,920,000 after buying an additional 17,040 shares in the last quarter. BlackRock Inc. boosted its stake in Sandy Spring Bancorp by 229.5% in the second quarter. BlackRock Inc. now owns 5,829 shares of the company’s stock valued at $169,000 after buying an additional 4,060 shares in the last quarter. BlackRock Investment Management LLC boosted its stake in Sandy Spring Bancorp by 3.6% in the second quarter. BlackRock Investment Management LLC now owns 112,675 shares of the company’s stock valued at $3,274,000 after buying an additional 3,956 shares in the last quarter. Finally, BlackRock Advisors LLC boosted its stake in Sandy Spring Bancorp by 3.9% in the second quarter. BlackRock Advisors LLC now owns 11,995 shares of the company’s stock valued at $349,000 after buying an additional 453 shares in the last quarter. 65.17% of the stock is owned by institutional investors and hedge funds.

Separately, Zacks Investment Research lowered Sandy Spring Bancorp from a “strong-buy” rating to a “sell” rating in a research note on Thursday, December 22nd.

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 business segments Community Banking, Insurance and Investment Management. Its 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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