Geode Capital Management LLC Raises Stock Position in Sandy Spring Bancorp, Inc. (NASDAQ:SASR)

Geode Capital Management LLC raised its stake in Sandy Spring Bancorp, Inc. (NASDAQ:SASR - Free Report) by 3.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,072,619 shares of the bank's stock after acquiring an additional 35,271 shares during the quarter. Geode Capital Management LLC owned approximately 2.38% of Sandy Spring Bancorp worth $33,654,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Carmichael Hill & Associates Inc. increased its position in shares of Sandy Spring Bancorp by 3.6% during the second quarter. Carmichael Hill & Associates Inc. now owns 11,785 shares of the bank's stock worth $287,000 after purchasing an additional 412 shares in the last quarter. First National Trust Co grew its holdings 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 buying an additional 500 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of 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. Cerity Partners LLC raised its position in shares of Sandy Spring Bancorp by 3.3% in the third quarter. Cerity Partners LLC now owns 26,209 shares of the bank's stock valued at $822,000 after buying an additional 832 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in shares of Sandy Spring Bancorp in the third quarter worth about $29,000. Hedge funds and other institutional investors own 66.90% of the company's stock.

Sandy Spring Bancorp Stock Performance

NASDAQ:SASR traded up $0.39 during mid-day trading on Thursday, reaching $34.58. 186,023 shares of the stock were exchanged, compared to its average volume of 340,100. The stock has a market capitalization of $1.56 billion, a P/E ratio of 18.20 and a beta of 0.96. Sandy Spring Bancorp, Inc. has a 1 year low of $19.52 and a 1 year high of $39.55. The company has a 50 day simple moving average of $35.83 and a 200-day simple moving average of $31.20. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.50.

Sandy Spring Bancorp (NASDAQ:SASR - Get Free Report) last announced its earnings results on Monday, October 21st. The bank reported $0.40 EPS for the quarter, missing analysts' consensus estimates of $0.46 by ($0.06). Sandy Spring Bancorp had a net margin of 11.54% and a return on equity of 5.71%. The business had revenue of $189.81 million during the quarter, compared to analyst estimates of $101.60 million. During the same period in the previous year, the firm earned $0.62 earnings per share. Analysts anticipate that Sandy Spring Bancorp, Inc. will post 1.85 earnings per share for the current fiscal year.

Sandy Spring Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 14th were given a $0.34 dividend. The ex-dividend date was Thursday, November 14th. This represents a $1.36 dividend on an annualized basis and a yield of 3.93%. Sandy Spring Bancorp's payout ratio is currently 71.58%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com started coverage on shares of Sandy Spring Bancorp in a research note on Thursday. They issued a "sell" rating on the stock. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $28.25.

Sandy Spring Bancorp 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.