SteelPeak Wealth LLC Raises Holdings in Sandy Spring Bancorp, Inc. (NASDAQ:SASR)

SteelPeak Wealth LLC lifted its position in shares of Sandy Spring Bancorp, Inc. (NASDAQ:SASR) by 22.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,845 shares of the bank’s stock after buying an additional 1,836 shares during the quarter. SteelPeak Wealth LLC’s holdings in Sandy Spring Bancorp were worth $228,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Sandy Spring Bancorp by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 2,628,937 shares of the bank’s stock worth $56,338,000 after acquiring an additional 12,576 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Sandy Spring Bancorp by 2.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,240,530 shares of the bank’s stock worth $61,033,000 after purchasing an additional 52,454 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in shares of Sandy Spring Bancorp by 0.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 854,774 shares of the bank’s stock valued at $23,284,000 after purchasing an additional 4,855 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Sandy Spring Bancorp by 7.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 580,628 shares of the bank’s stock valued at $15,816,000 after buying an additional 40,374 shares during the period. Finally, American Century Companies Inc. raised its stake in Sandy Spring Bancorp by 14.1% in the third quarter. American Century Companies Inc. now owns 434,377 shares of the bank’s stock worth $9,309,000 after buying an additional 53,655 shares in the last quarter. Hedge funds and other institutional investors own 66.90% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on SASR shares. StockNews.com raised Sandy Spring Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday. Stephens reaffirmed an “equal weight” rating and set a $25.00 price objective on shares of Sandy Spring Bancorp in a research report on Wednesday, April 24th. Five analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Sandy Spring Bancorp presently has an average rating of “Hold” and an average target price of $23.50.

Sandy Spring Bancorp Price Performance

NASDAQ SASR opened at $24.36 on Monday. The firm’s fifty day simple moving average is $22.62 and its two-hundred day simple moving average is $23.24. The firm has a market capitalization of $1.10 billion, a P/E ratio of 11.94 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. Sandy Spring Bancorp, Inc. has a 12-month low of $19.27 and a 12-month high of $27.90.

Sandy Spring Bancorp (NASDAQ:SASR) last announced its 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 company had revenue of $184.38 million for 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 prior year, the company posted $1.16 EPS. Analysts forecast that Sandy Spring Bancorp, Inc. will post 1.95 EPS for the current fiscal year.

Sandy Spring Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Wednesday, May 8th were given a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 5.58%. The ex-dividend date of this dividend was Tuesday, May 7th. Sandy Spring Bancorp’s payout ratio is currently 66.67%.

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 the United States. It offers financial products and services, including various loan and deposit products.