Millennium Management LLC Sells 157,560 Shares of Sandy Spring Bancorp Inc. (NASDAQ:SASR)

Millennium Management LLC decreased its stake in shares of Sandy Spring Bancorp Inc. (NASDAQ:SASR) by 46.1% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 184,304 shares of the bank’s stock after selling 157,560 shares during the period. Millennium Management LLC owned 0.52% of Sandy Spring Bancorp worth $7,144,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Deutsche Bank AG raised its holdings in shares of Sandy Spring Bancorp by 36.8% in the 4th quarter. Deutsche Bank AG now owns 104,843 shares of the bank’s stock valued at $4,089,000 after acquiring an additional 28,178 shares in the last quarter. Two Sigma Investments LP raised its holdings in shares of Sandy Spring Bancorp by 8.7% during the 4th quarter. Two Sigma Investments LP now owns 71,781 shares of the bank’s stock valued at $2,801,000 after buying an additional 5,716 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Sandy Spring Bancorp by 15.5% during the 4th quarter. Wells Fargo & Company MN now owns 82,322 shares of the bank’s stock valued at $3,212,000 after buying an additional 11,078 shares in the last quarter. California Public Employees Retirement System raised its holdings in shares of Sandy Spring Bancorp by 4.2% during the 4th quarter. California Public Employees Retirement System now owns 78,544 shares of the bank’s stock valued at $3,065,000 after buying an additional 3,167 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Sandy Spring Bancorp by 26.2% during the 4th quarter. Geode Capital Management LLC now owns 354,643 shares of the bank’s stock valued at $13,838,000 after buying an additional 73,688 shares in the last quarter. 67.49% of the stock is currently owned by institutional investors and hedge funds.

Shares of SASR stock traded down $0.23 during trading hours on Tuesday, reaching $39.08. The company’s stock had a trading volume of 69,500 shares, compared to its average volume of 189,009. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.07 and a current ratio of 1.08. Sandy Spring Bancorp Inc. has a one year low of $36.41 and a one year high of $43.87. The firm has a market cap of $1.40 billion, a P/E ratio of 15.40, a P/E/G ratio of 1.13 and a beta of 0.75.

Sandy Spring Bancorp (NASDAQ:SASR) last released its quarterly earnings results on Thursday, July 19th. The bank reported $0.68 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.80 by ($0.12). The firm had revenue of $79.86 million for the quarter, compared to the consensus estimate of $81.12 million. Sandy Spring Bancorp had a net margin of 22.29% and a return on equity of 11.68%. The company’s revenue for the quarter was up 41.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.61 earnings per share. equities analysts predict that Sandy Spring Bancorp Inc. will post 3.15 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 15th. Shareholders of record on Wednesday, August 8th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend is Tuesday, August 7th. Sandy Spring Bancorp’s payout ratio is 44.09%.

In other news, Director Mark C. Michael sold 1,735 shares of the business’s stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $39.54, for a total value of $68,601.90. Following the completion of the transaction, the director now owns 22,000 shares in the company, valued at $869,880. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mark C. Michael sold 3,000 shares of the business’s stock in a transaction on Monday, May 14th. The stock was sold at an average price of $40.69, for a total value of $122,070.00. Following the completion of the transaction, the director now owns 87,590 shares of the company’s stock, valued at approximately $3,564,037.10. The disclosure for this sale can be found here. Insiders have sold 87,598 shares of company stock valued at $3,726,878 in the last quarter. 3.31% of the stock is owned by company insiders.

Several research firms recently issued reports on SASR. BidaskClub upgraded Sandy Spring Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, June 7th. Keefe, Bruyette & Woods upgraded Sandy Spring Bancorp from a “market perform” rating to an “outperform” rating and set a $47.00 price target on the stock in a research report on Tuesday, April 24th. Boenning Scattergood restated a “hold” rating on shares of Sandy Spring Bancorp in a research report on Friday, April 20th. Zacks Investment Research lowered Sandy Spring Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, April 25th. Finally, ValuEngine upgraded Sandy Spring Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, May 23rd. Three research analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $46.20.

Sandy Spring Bancorp Company Profile

Sandy Spring Bancorp, Inc operates as the bank holding company for Sandy Spring Bank that provides commercial banking services to individuals and businesses in central Maryland, Northern Virginia, and Washington DC markets. It operates through three segments: Community Banking, Insurance, and Investment Management.

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Institutional Ownership by Quarter for Sandy Spring Bancorp (NASDAQ:SASR)

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