Rhumbline Advisers Buys 2,325 Shares of Sandy Spring Bancorp, Inc. (NASDAQ:SASR)

Rhumbline Advisers grew its stake in shares of Sandy Spring Bancorp, Inc. (NASDAQ:SASR) by 3.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 74,906 shares of the bank’s stock after acquiring an additional 2,325 shares during the quarter. Rhumbline Advisers’ holdings in Sandy Spring Bancorp were worth $1,825,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of SASR. Charles Schwab Investment Management Inc. boosted its position in shares of 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 last quarter. Dimensional Fund Advisors LP lifted its position in shares of Sandy Spring Bancorp by 2.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,240,530 shares of the bank’s stock valued at $61,033,000 after buying an additional 52,454 shares in the last quarter. Norges Bank purchased a new position in shares of Sandy Spring Bancorp during the 4th quarter valued at about $8,423,000. PNC Financial Services Group Inc. boosted its stake in Sandy Spring Bancorp by 3.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 50,876 shares of the bank’s stock worth $1,386,000 after purchasing an additional 1,578 shares during the period. Finally, Trexquant Investment LP grew its holdings in Sandy Spring Bancorp by 30.6% during the 4th quarter. Trexquant Investment LP now owns 42,483 shares of the bank’s stock valued at $1,157,000 after buying an additional 9,949 shares in the last quarter. 66.90% of the stock is currently owned by institutional investors.

Sandy Spring Bancorp Price Performance

Sandy Spring Bancorp stock opened at $32.54 on Friday. The company has a market cap of $1.47 billion, a price-to-earnings ratio of 16.17 and a beta of 0.96. The firm’s fifty day moving average is $30.11 and its 200 day moving average is $25.06. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 0.54. Sandy Spring Bancorp, Inc. has a 52-week low of $19.27 and a 52-week high of $34.19.

Sandy Spring Bancorp (NASDAQ:SASR) last announced its earnings results on Tuesday, July 23rd. The bank reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.08. The business had revenue of $184.70 million for the quarter, compared to the consensus estimate of $99.60 million. Sandy Spring Bancorp had a net margin of 12.31% and a return on equity of 6.41%. During the same quarter in the prior year, the firm posted $0.60 earnings per share. Sell-side analysts forecast that Sandy Spring Bancorp, Inc. will post 1.93 EPS for the current fiscal year.

Sandy Spring Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 21st. Investors of record on Wednesday, August 14th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 4.18%. The ex-dividend date was Wednesday, August 14th. Sandy Spring Bancorp’s dividend payout ratio is presently 66.67%.

Analyst Ratings Changes

A number of brokerages recently weighed in on SASR. Keefe, Bruyette & Woods upped their target price on shares of Sandy Spring Bancorp from $25.00 to $30.00 and gave the stock a “market perform” rating in a research report on Thursday, July 25th. DA Davidson lifted their target price on Sandy Spring Bancorp from $23.00 to $33.00 and gave the stock a “neutral” rating in a report on Thursday, July 25th. Finally, StockNews.com lowered Sandy Spring Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat, Sandy Spring Bancorp has an average rating of “Hold” and a consensus target price of $27.00.

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.