Analysts Issue Forecasts for Sandy Spring Bancorp, Inc.’s Q2 2024 Earnings (NASDAQ:SASR)

Sandy Spring Bancorp, Inc. (NASDAQ:SASR) – DA Davidson issued their Q2 2024 earnings per share (EPS) estimates for shares of Sandy Spring Bancorp in a note issued to investors on Tuesday, April 30th. DA Davidson analyst M. Navas anticipates that the bank will post earnings of $0.45 per share for the quarter. The consensus estimate for Sandy Spring Bancorp’s current full-year earnings is $2.03 per share. DA Davidson also issued estimates for Sandy Spring Bancorp’s FY2025 earnings at $2.85 EPS.

SASR has been the subject of several other research reports. Janney Montgomery Scott began coverage on shares of Sandy Spring Bancorp in a research report on Friday, March 1st. They issued a “neutral” rating and a $25.00 price objective for the company. StockNews.com cut shares of Sandy Spring Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th. Finally, Stephens reissued an “equal weight” rating and issued a $25.00 price target on shares of Sandy Spring Bancorp in a report on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $23.50.

Sandy Spring Bancorp Stock Performance

Sandy Spring Bancorp stock opened at $21.15 on Wednesday. The stock has a 50-day simple moving average of $21.50 and a 200 day simple moving average of $22.96. The stock has a market capitalization of $951.75 million, a price-to-earnings ratio of 10.22 and a beta of 0.94. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.77. Sandy Spring Bancorp has a 12-month low of $19.27 and a 12-month high of $27.90.

Sandy Spring Bancorp (NASDAQ:SASR) last issued its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.03. The firm had revenue of $184.38 million during the quarter, compared to the consensus estimate of $97.45 million. Sandy Spring Bancorp had a return on equity of 6.69% and a net margin of 12.74%. During the same quarter in the previous year, the company posted $1.16 EPS.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. SteelPeak Wealth LLC raised its stake in shares of Sandy Spring Bancorp by 22.9% during the first quarter. SteelPeak Wealth LLC now owns 9,845 shares of the bank’s stock worth $228,000 after buying an additional 1,836 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its position in shares of Sandy Spring Bancorp by 19.0% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 15,450 shares of the bank’s stock valued at $358,000 after acquiring an additional 2,464 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new position in shares of Sandy Spring Bancorp in the 1st quarter valued at $220,000. PNC Financial Services Group Inc. lifted its stake in shares of Sandy Spring Bancorp by 3.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 50,876 shares of the bank’s stock valued at $1,386,000 after purchasing an additional 1,578 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of Sandy Spring Bancorp by 16.3% in the 4th quarter. Wellington Management Group LLP now owns 313,534 shares of the bank’s stock valued at $8,541,000 after purchasing an additional 43,987 shares during the period. 66.90% of the stock is currently owned by institutional investors and hedge funds.

Sandy Spring Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 8th will be issued a dividend of $0.34 per share. The ex-dividend date of this dividend is Tuesday, May 7th. This represents a $1.36 annualized dividend and a yield of 6.43%. Sandy Spring Bancorp’s dividend payout ratio is currently 66.67%.

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.