Sandy Spring Bancorp, Inc. (NASDAQ:SASR) Shares Sold by Comerica Bank

Comerica Bank lowered its stake in shares of Sandy Spring Bancorp, Inc. (NASDAQ:SASR – Get Rating) by 2.3% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 29,782 shares of the bank’s stock after selling 694 shares during the period. Comerica Bank owned about 0.07% of Sandy Spring Bancorp worth $996,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Great West Life Assurance Co. Can grew its holdings in Sandy Spring Bancorp by 27.4% during the first quarter. Great West Life Assurance Co. Can now owns 3,967 shares of the bank’s stock worth $187,000 after acquiring an additional 853 shares during the period. Penn Capital Management Company LLC purchased a new stake in Sandy Spring Bancorp in the 2nd quarter worth approximately $208,000. Renaissance Technologies LLC acquired a new stake in shares of Sandy Spring Bancorp during the 2nd quarter worth approximately $211,000. Quantedge Capital Pte Ltd purchased a new position in shares of Sandy Spring Bancorp during the 1st quarter valued at approximately $220,000. Finally, Founders Financial Securities LLC lifted its stake in shares of Sandy Spring Bancorp by 25.0% in the 3rd quarter. Founders Financial Securities LLC now owns 8,196 shares of the bank’s stock valued at $289,000 after purchasing an additional 1,639 shares during the period. Institutional investors and hedge funds own 64.95% of the company’s stock.

Sandy Spring Bancorp Stock Performance

SASR opened at $34.48 on Wednesday. The firm’s fifty day simple moving average is $34.75 and its two-hundred day simple moving average is $36.90. Sandy Spring Bancorp, Inc. has a 52-week low of $32.33 and a 52-week high of $49.09. The company has a market cap of $1.54 billion, a price-to-earnings ratio of 8.82 and a beta of 0.93. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.83.

Sandy Spring Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 16th. Investors of record on Wednesday, November 9th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date of this dividend was Tuesday, November 8th. Sandy Spring Bancorp’s dividend payout ratio is presently 34.78%.

Analysts Set New Price Targets

A number of research analysts have weighed in on SASR shares. StockNews.com initiated coverage on shares of Sandy Spring Bancorp in a report on Wednesday, October 12th. They issued a “hold” rating for the company. DA Davidson cut their price target on Sandy Spring Bancorp to $39.00 in a research note on Thursday, October 27th. Finally, Piper Sandler reiterated a “neutral” rating and set a $39.00 price target on shares of Sandy Spring Bancorp in a research report on Monday, December 5th.

About Sandy Spring Bancorp

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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. 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.