State Street Corp Sells 76,892 Shares of Sandy Spring Bancorp, Inc. (NASDAQ:SASR)

State Street Corp trimmed its stake in Sandy Spring Bancorp, Inc. (NASDAQ:SASR) by 5.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,394,485 shares of the bank’s stock after selling 76,892 shares during the period. State Street Corp owned approximately 3.09% of Sandy Spring Bancorp worth $43,745,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Great Lakes Advisors LLC increased its holdings in shares of Sandy Spring Bancorp by 432.5% in the 2nd quarter. Great Lakes Advisors LLC now owns 192,533 shares of the bank’s stock worth $4,690,000 after buying an additional 156,377 shares during the last quarter. AQR Capital Management LLC increased its stake in Sandy Spring Bancorp by 5.7% in the second quarter. AQR Capital Management LLC now owns 473,241 shares of the bank’s stock valued at $11,528,000 after acquiring an additional 25,546 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in Sandy Spring Bancorp by 10.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 807,940 shares of the bank’s stock valued at $25,345,000 after purchasing an additional 75,596 shares in the last quarter. Elizabeth Park Capital Advisors Ltd. bought a new stake in Sandy Spring Bancorp during the second quarter worth about $4,778,000. Finally, Victory Capital Management Inc. boosted its holdings in shares of Sandy Spring Bancorp by 1,199.7% in the 2nd quarter. Victory Capital Management Inc. now owns 694,867 shares of the bank’s stock worth $16,927,000 after purchasing an additional 641,402 shares in the last quarter. 66.90% of the stock is owned by hedge funds and other institutional investors.

Sandy Spring Bancorp Stock Performance

Sandy Spring Bancorp stock opened at $33.23 on Friday. The firm has a fifty day simple moving average of $35.69 and a two-hundred day simple moving average of $30.81. Sandy Spring Bancorp, Inc. has a twelve month low of $19.52 and a twelve month high of $39.55. The company has a market capitalization of $1.50 billion, a PE ratio of 17.49 and a beta of 0.96. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.50.

Sandy Spring Bancorp (NASDAQ:SASR) last released its earnings results on Monday, October 21st. The bank reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.06). Sandy Spring Bancorp had a net margin of 11.54% and a return on equity of 5.71%. The company had revenue of $189.81 million during the quarter, compared to the consensus estimate of $101.60 million. During the same period last year, the firm posted $0.62 EPS. Research analysts expect that Sandy Spring Bancorp, Inc. will post 1.85 EPS for the current year.

Sandy Spring Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 4.09%. The ex-dividend date was Thursday, November 14th. Sandy Spring Bancorp’s dividend payout ratio is 71.58%.

Analyst Upgrades and Downgrades

Separately, StockNews.com started coverage on Sandy Spring Bancorp in a report on Wednesday. They set a “sell” rating on the stock. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $28.25.

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.