Alps Advisors Inc. bought a new stake in shares of Sandy Spring Bancorp Inc. (NASDAQ:SASR) during the first quarter, Holdings Channel reports. The fund bought 12,093 shares of the bank’s stock, valued at approximately $378,000.
A number of other hedge funds have also modified their holdings of the business. BlackRock Inc. raised its holdings in Sandy Spring Bancorp by 1.2% during the 4th quarter. BlackRock Inc. now owns 2,686,579 shares of the bank’s stock valued at $84,197,000 after acquiring an additional 32,074 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Sandy Spring Bancorp by 5.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,520,969 shares of the bank’s stock worth $79,007,000 after purchasing an additional 137,653 shares during the period. Vanguard Group Inc. increased its holdings in shares of Sandy Spring Bancorp by 2.7% in the third quarter. Vanguard Group Inc. now owns 1,645,043 shares of the bank’s stock worth $64,666,000 after purchasing an additional 43,886 shares during the period. Vanguard Group Inc increased its holdings in shares of Sandy Spring Bancorp by 2.7% in the third quarter. Vanguard Group Inc now owns 1,645,043 shares of the bank’s stock worth $64,666,000 after purchasing an additional 43,886 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Sandy Spring Bancorp by 0.3% in the fourth quarter. Northern Trust Corp now owns 668,207 shares of the bank’s stock worth $20,942,000 after purchasing an additional 1,989 shares during the period. 69.74% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Sandy Spring Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, April 25th. BidaskClub raised shares of Sandy Spring Bancorp from a “hold” rating to a “buy” rating in a report on Tuesday, April 30th. Finally, Boenning Scattergood set a $37.00 price target on shares of Sandy Spring Bancorp and gave the stock a “buy” rating in a report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $37.75.
Sandy Spring Bancorp (NASDAQ:SASR) last released its quarterly earnings results on Thursday, April 18th. The bank reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.10. The firm had revenue of $84.96 million for the quarter, compared to analysts’ expectations of $79.97 million. Sandy Spring Bancorp had a net margin of 27.54% and a return on equity of 9.99%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.79 earnings per share. As a group, sell-side analysts anticipate that Sandy Spring Bancorp Inc. will post 3.21 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Wednesday, May 8th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend was Tuesday, May 7th. This is a boost from Sandy Spring Bancorp’s previous quarterly dividend of $0.28. Sandy Spring Bancorp’s dividend payout ratio is currently 41.96%.
In other news, Director Joe Reeder bought 867 shares of Sandy Spring Bancorp stock in a transaction that occurred on Tuesday, April 30th. The shares were acquired at an average price of $34.57 per share, with a total value of $29,972.19. Following the completion of the purchase, the director now directly owns 56,852 shares in the company, valued at $1,965,373.64. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Ronda M. Mcdowell sold 744 shares of the stock in a transaction on Wednesday, February 27th. The shares were sold at an average price of $35.02, for a total value of $26,054.88. Following the completion of the transaction, the executive vice president now directly owns 6,034 shares in the company, valued at approximately $211,310.68. The disclosure for this sale can be found here. 2.09% of the stock is owned by corporate insiders.
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About Sandy Spring Bancorp
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 The company operates in three segments: Community Banking, Insurance, and Investment Management.
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Want to see what other hedge funds are holding SASR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sandy Spring Bancorp Inc. (NASDAQ:SASR).
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