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Wedge Capital Management LLP NC reduced its position in shares of Sandy Spring Bancorp, Inc. (NASDAQ: SASR – Get a rating) by 2.5% in the 1st quarter, Holdings Channel.com reports. The fund held 101,332 shares of the bank after selling 2,593 shares during the quarter. Wedge Capital Management LLP NC’s holdings in Sandy Spring Bancorp were worth $4,552,000 when it last filed with the SEC.
Several other institutional investors and hedge funds have also recently changed their positions in SASR. Invesco Ltd. increased its position in shares of Sandy Spring Bancorp by 5.5% during the third quarter. Invesco Ltd. now owns 76,926 shares of the bank valued at $3,524,000 after acquiring 3,996 additional shares last quarter. Janus Henderson Group PLC increased its position in shares of Sandy Spring Bancorp by 15.1% during the third quarter. Janus Henderson Group PLC now owns 756,453 shares in the bank valued at $34,661,000 after acquiring an additional 99,075 shares last quarter. Captrust Financial Advisors increased its position in shares of Sandy Spring Bancorp by 50.6% during the third quarter. Captrust Financial Advisors now owns 961 shares of the bank valued at $44,000 after acquiring 323 additional shares last quarter. Colony Group LLC increased its position in shares of Sandy Spring Bancorp by 62.0% during the third quarter. Colony Group LLC now owns 16,390 shares of the bank valued at $751,000 after acquiring an additional 6,272 shares last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Sandy Spring Bancorp by 89.0% during the third quarter. Bank of New York Mellon Corp now owns 608,912 shares of the bank valued at $27,900,000 after acquiring an additional 286,705 shares last quarter. 66.43% of the shares are held by institutional investors.
SASR has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods downgraded shares of Sandy Spring Bancorp from an “outperforming” rating to a “market performance” rating and reduced their target price for the stock from $53.00 to $50.00 in a Friday, April 22 research report. StockNews.com launched a hedge on Sandy Spring Bancorp shares in a research report on Thursday, March 31. They issued a “maintaining” rating for the company. Finally, DA Davidson launched a hedge on Sandy Spring Bancorp stock in a research report on Tuesday, March 22. They issued a “buy” rating and a target price of $61.00 for the company.
NASDAQ: SASR opened at $40.17 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt ratio of 0.25. Sandy Spring Bancorp, Inc. has a 12-month low of $37.61 and a 12-month high of $52.04. The company has a market capitalization of $1.82 billion, a PE ratio of 9.26 and a beta of 1.03. The company has a 50-day simple moving average of $40.47 and a two-hundred-day simple moving average of $44.66.
Sandy Spring Bankcorp (NASDAQ: SASR – Get a rating) last released its quarterly results on Thursday, April 21. The bank reported earnings per share of $0.99 for the quarter, beating the consensus estimate of $0.92 by $0.07. The company posted revenue of $122.05 million for the quarter, compared to $126.05 million expected by analysts. Sandy Spring Bancorp had a net margin of 37.99% and a return on equity of 13.08%. During the same quarter last year, the company posted EPS of $1.20. Research analysts expect Sandy Spring Bancorp, Inc. to post earnings per share of 3.9 for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, May 18. Shareholders of record on Wednesday, May 11 received a dividend of $0.34 per share. This represents an annualized dividend of $1.36 and a dividend yield of 3.39%. The ex-dividend date was Tuesday, May 10. Sandy Spring Bancorp’s dividend payout ratio is currently 31.34%.
Profile of Sandy Spring Bancorp (Get a rating)
Sandy Spring Bancorp, Inc operates as a bank holding company for Sandy Spring Bank which provides commercial and retail banking, mortgage, private banking and trust services to individuals and businesses. It operates through three segments: Community Banking, Insurance and Investment Management. The Community Banking segment offers financial products and services, including various loan and deposit products.
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Want to see which other hedge funds hold SASRs? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Sandy Spring Bancorp, Inc. (NASDAQ: SASR – Get a rating).
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