ABC Arbitrage SA Acquires New Holdings in Sandy Spring Bancorp, Inc. (NASDAQ:SASR)

ABC Arbitrage SA acquired a new stake in shares of Sandy Spring Bancorp, Inc. (NASDAQ:SASR - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 145,972 shares of the bank's stock, valued at approximately $4,921,000. ABC Arbitrage SA owned about 0.32% of Sandy Spring Bancorp as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. boosted its position in shares of Sandy Spring Bancorp by 96.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 70,599 shares of the bank's stock valued at $2,215,000 after purchasing an additional 34,735 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Sandy Spring Bancorp by 10.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 807,940 shares of the bank's stock worth $25,345,000 after buying an additional 75,596 shares during the period. Evermay Wealth Management LLC boosted its holdings in shares of Sandy Spring Bancorp by 1,296.9% in the fourth quarter. Evermay Wealth Management LLC now owns 12,572 shares of the bank's stock worth $424,000 after buying an additional 11,672 shares during the period. Geode Capital Management LLC increased its position in shares of Sandy Spring Bancorp by 3.4% in the third quarter. Geode Capital Management LLC now owns 1,072,619 shares of the bank's stock worth $33,654,000 after acquiring an additional 35,271 shares in the last quarter. Finally, Stieven Capital Advisors L.P. purchased a new position in shares of Sandy Spring Bancorp in the third quarter worth approximately $4,906,000. 66.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, StockNews.com began coverage on shares of Sandy Spring Bancorp in a research note on Wednesday, February 12th. They issued a "sell" rating for the company. One analyst has rated the stock with a sell rating and four have given a hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $28.25.

Sandy Spring Bancorp Stock Down 0.1 %

NASDAQ:SASR traded down $0.05 on Wednesday, hitting $33.83. 182,587 shares of the company's stock traded hands, compared to its average volume of 246,065. The company has a market cap of $1.53 billion, a PE ratio of 75.18 and a beta of 0.97. Sandy Spring Bancorp, Inc. has a 1 year low of $19.52 and a 1 year high of $39.55. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.50. The firm has a 50-day moving average price of $33.78 and a 200-day moving average price of $33.29.

Sandy Spring Bancorp (NASDAQ:SASR - Get Free Report) last announced its quarterly earnings data on Tuesday, January 28th. The bank reported $0.47 EPS 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%. Equities analysts anticipate that Sandy Spring Bancorp, Inc. will post 2.48 EPS for the current fiscal year.

Sandy Spring Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 19th. Stockholders of record on Wednesday, February 12th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date of this dividend is Wednesday, February 12th. Sandy Spring Bancorp's dividend payout ratio (DPR) is presently 302.23%.

Sandy Spring Bancorp Company Profile

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.