Sandy Spring Bancorp (NASDAQ:SASR) Shares Gap Down – Here’s Why

Sandy Spring Bancorp, Inc. (NASDAQ:SASR)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $33.77, but opened at $32.98. Sandy Spring Bancorp shares last traded at $33.89, with a volume of 21,153 shares trading hands.

Wall Street Analysts Forecast Growth

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

Sandy Spring Bancorp Trading Down 0.4 %

The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 74.78 and a beta of 0.97. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.02 and a current ratio of 1.02. The company has a 50 day moving average of $33.99 and a 200-day moving average of $33.20.

Sandy Spring Bancorp (NASDAQ:SASR) last announced its quarterly earnings data on Tuesday, January 28th. The bank reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.01). Sandy Spring Bancorp had a net margin of 2.65% and a return on equity of 5.31%. On average, research analysts anticipate that Sandy Spring Bancorp, Inc. will post 2.51 earnings per share for the current year.

Sandy Spring Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 19th. Investors of record on Wednesday, February 12th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Wednesday, February 12th. This represents a $1.36 annualized dividend and a yield of 4.04%. Sandy Spring Bancorp’s payout ratio is 302.23%.

Hedge Funds Weigh In On Sandy Spring Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the stock. LPL Financial LLC raised its holdings in Sandy Spring Bancorp by 1.8% in the fourth quarter. LPL Financial LLC now owns 16,987 shares of the bank’s stock valued at $573,000 after acquiring an additional 297 shares in the last quarter. Tritonpoint Wealth LLC raised its holdings in shares of Sandy Spring Bancorp by 1.5% in the 4th quarter. Tritonpoint Wealth LLC now owns 20,119 shares of the bank’s stock valued at $678,000 after purchasing an additional 302 shares in the last quarter. Cerity Partners LLC lifted its position in shares of Sandy Spring Bancorp by 1.4% during the 4th quarter. Cerity Partners LLC now owns 26,583 shares of the bank’s stock worth $895,000 after purchasing an additional 374 shares during the last quarter. First National Trust Co grew its stake in shares of Sandy Spring Bancorp by 5.2% during the third quarter. First National Trust Co now owns 10,050 shares of the bank’s stock worth $315,000 after purchasing an additional 500 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Sandy Spring Bancorp by 2.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 26,065 shares of the bank’s stock valued at $818,000 after buying an additional 609 shares during the last quarter. Hedge funds and other institutional investors own 66.90% of the company’s stock.

About Sandy Spring Bancorp

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.