DA Davidson Expects Weaker Earnings for Sandy Spring Bancorp

Sandy Spring Bancorp, Inc. (NASDAQ:SASR - Free Report) - Research analysts at DA Davidson dropped their FY2024 EPS estimates for shares of Sandy Spring Bancorp in a research report issued on Wednesday, October 23rd. DA Davidson analyst M. Navas now expects that the bank will earn $1.80 per share for the year, down from their previous forecast of $1.95. DA Davidson has a "Neutral" rating and a $33.00 price objective on the stock. The consensus estimate for Sandy Spring Bancorp's current full-year earnings is $1.93 per share. DA Davidson also issued estimates for Sandy Spring Bancorp's Q4 2024 earnings at $0.49 EPS.

Sandy Spring Bancorp (NASDAQ:SASR - Get Free Report) last issued its earnings results on Monday, October 21st. The bank reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.06). Sandy Spring Bancorp had a return on equity of 5.74% and a net margin of 11.54%. The business had revenue of $189.81 million for the quarter, compared to the consensus estimate of $101.60 million. During the same quarter in the previous year, the company earned $0.62 earnings per share.

A number of other research firms have also recently weighed in on SASR. Keefe, Bruyette & Woods raised their price target on shares of Sandy Spring Bancorp from $25.00 to $30.00 and gave the company a "market perform" rating in a report on Thursday, July 25th. StockNews.com cut shares of Sandy Spring Bancorp from a "hold" rating to a "sell" rating in a research note on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $27.00.

Sandy Spring Bancorp Stock Up 0.8 %

Shares of NASDAQ:SASR traded up $0.26 during trading on Thursday, reaching $32.62. The stock had a trading volume of 961,449 shares, compared to its average volume of 345,325. Sandy Spring Bancorp has a one year low of $19.27 and a one year high of $34.19. The company has a market capitalization of $1.47 billion, a P/E ratio of 16.00 and a beta of 0.95. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 0.54. The firm's 50-day simple moving average is $31.37 and its 200 day simple moving average is $26.74.

Hedge Funds Weigh In On Sandy Spring Bancorp

Several institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its holdings in shares of Sandy Spring Bancorp by 4.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,470,621 shares of the bank's stock valued at $60,182,000 after purchasing an additional 108,703 shares in the last quarter. Systematic Financial Management LP increased its holdings in shares of Sandy Spring Bancorp by 12.0% during the 2nd quarter. Systematic Financial Management LP now owns 904,434 shares of the bank's stock valued at $22,032,000 after purchasing an additional 97,262 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Sandy Spring Bancorp by 18.5% during the 2nd quarter. American Century Companies Inc. now owns 775,252 shares of the bank's stock valued at $18,885,000 after purchasing an additional 120,996 shares in the last quarter. Victory Capital Management Inc. grew its stake in Sandy Spring Bancorp by 1,199.7% in the 2nd quarter. Victory Capital Management Inc. now owns 694,867 shares of the bank's stock valued at $16,927,000 after acquiring an additional 641,402 shares during the period. Finally, AQR Capital Management LLC grew its stake in Sandy Spring Bancorp by 5.7% in the 2nd quarter. AQR Capital Management LLC now owns 473,241 shares of the bank's stock valued at $11,528,000 after acquiring an additional 25,546 shares during the period. 66.90% of the stock is owned by hedge funds and other institutional investors.

Sandy Spring Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 21st. Stockholders of record on Wednesday, August 14th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 4.17%. The ex-dividend date of this dividend was Wednesday, August 14th. Sandy Spring Bancorp's dividend payout ratio (DPR) is 66.67%.

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.