Sandy Spring Bancorp (NASDAQ:SASR) Shares Gap Down After Earnings Miss

Sandy Spring Bancorp, Inc. (NASDAQ:SASR)’s share price gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $33.73, but opened at $32.50. Sandy Spring Bancorp shares last traded at $33.67, with a volume of 42,228 shares traded.

The bank reported $0.47 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.01). Sandy Spring Bancorp had a return on equity of 5.71% and a net margin of 11.54%.

Analysts Set New Price Targets

Separately, StockNews.com began coverage on Sandy Spring Bancorp in a report on Monday. They set a “sell” rating for the company. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $28.25.

Institutional Investors Weigh In On Sandy Spring Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of SASR. Capital Performance Advisors LLP acquired a new stake in Sandy Spring Bancorp in the third quarter valued at approximately $29,000. SG Americas Securities LLC acquired a new stake in shares of Sandy Spring Bancorp in the 3rd quarter valued at $170,000. Stifel Financial Corp bought a new stake in Sandy Spring Bancorp in the third quarter worth $217,000. CWM LLC increased its position in Sandy Spring Bancorp by 27.4% during the third quarter. CWM LLC now owns 7,086 shares of the bank’s stock worth $222,000 after buying an additional 1,525 shares during the last quarter. Finally, Meeder Asset Management Inc. raised its stake in shares of Sandy Spring Bancorp by 66.2% in the 3rd quarter. Meeder Asset Management Inc. now owns 7,952 shares of the bank’s stock valued at $249,000 after acquiring an additional 3,168 shares in the last quarter. Institutional investors and hedge funds own 66.90% of the company’s stock.

Sandy Spring Bancorp Trading Down 0.2 %

The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.50. The company has a fifty day moving average of $34.95 and a two-hundred day moving average of $32.86. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 17.72 and a beta of 0.98.

Sandy Spring Bancorp Company Profile

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.