Sandy Spring Bancorp, Inc. (NASDAQ:SASR) Shares Bought by Truist Financial Corp

Truist Financial Corp lifted its position in shares of Sandy Spring Bancorp, Inc. (NASDAQ:SASR) by 2.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,713 shares of the bank’s stock after purchasing an additional 1,104 shares during the quarter. Truist Financial Corp’s holdings in Sandy Spring Bancorp were worth $1,065,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Carmichael Hill & Associates Inc. grew its position in Sandy Spring Bancorp by 3.6% during the second quarter. Carmichael Hill & Associates Inc. now owns 11,785 shares of the bank’s stock valued at $287,000 after buying an additional 412 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Sandy Spring Bancorp by 2.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 25,456 shares of the bank’s stock valued at $620,000 after acquiring an additional 723 shares during the period. Commonwealth Equity Services LLC increased its stake in shares of Sandy Spring Bancorp by 9.8% in the 2nd quarter. Commonwealth Equity Services LLC now owns 13,176 shares of the bank’s stock valued at $321,000 after purchasing an additional 1,176 shares in the last quarter. Inspire Investing LLC raised its holdings in Sandy Spring Bancorp by 8.2% in the 1st quarter. Inspire Investing LLC now owns 17,344 shares of the bank’s stock worth $402,000 after purchasing an additional 1,316 shares during the period. Finally, Gabelli Funds LLC boosted its position in Sandy Spring Bancorp by 2.8% during the second quarter. Gabelli Funds LLC now owns 55,500 shares of the bank’s stock worth $1,352,000 after purchasing an additional 1,500 shares in the last quarter. Institutional investors and hedge funds own 66.90% of the company’s stock.

Sandy Spring Bancorp Price Performance

Shares of NASDAQ SASR opened at $31.90 on Monday. The firm has a 50-day simple moving average of $30.62 and a 200-day simple moving average of $26.18. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of 15.95 and a beta of 0.95. 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 released its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. The company had revenue of $184.70 million during 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 earned $0.60 EPS. On average, equities analysts predict that Sandy Spring Bancorp, Inc. will post 1.93 earnings per share for the current fiscal year.

Sandy Spring Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 21st. Shareholders of record on Wednesday, August 14th were paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 4.26%. The ex-dividend date of this dividend was Wednesday, August 14th. Sandy Spring Bancorp’s dividend payout ratio (DPR) is currently 68.00%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SASR. DA Davidson upped their target price on Sandy Spring Bancorp from $23.00 to $33.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. StockNews.com cut shares of Sandy Spring Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, August 27th. Finally, Keefe, Bruyette & Woods boosted 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 note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $27.00.

Sandy Spring Bancorp 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.