Sandy Spring Bancorp (NASDAQ:SASR) Shares Gap Down Following Weak Earnings

Sandy Spring Bancorp, Inc. (NASDAQ:SASR - Get Free Report)'s stock price gapped down prior to trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $33.73, but opened at $32.50. Sandy Spring Bancorp shares last traded at $33.67, with a volume of 42,228 shares.

The bank reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.01). Sandy Spring Bancorp had a net margin of 2.65% and a return on equity of 5.31%.

Sandy Spring Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 19th. Investors of record on Wednesday, February 12th will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 4.02%. Sandy Spring Bancorp's dividend payout ratio is currently 302.23%.

Wall Street Analyst Weigh In

Separately, StockNews.com began coverage on Sandy Spring Bancorp in a research note on Monday. They issued a "sell" rating on the stock. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $28.25.

Hedge Funds Weigh In On Sandy Spring Bancorp

Large investors have recently modified their holdings of the business. Sei Investments Co. boosted its holdings in shares of Sandy Spring Bancorp by 198.7% in the 2nd quarter. Sei Investments Co. now owns 63,574 shares of the bank's stock valued at $1,549,000 after buying an additional 42,290 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Sandy Spring Bancorp by 8.2% during the second quarter. The Manufacturers Life Insurance Company now owns 23,438 shares of the bank's stock worth $571,000 after acquiring an additional 1,774 shares in the last quarter. Algert Global LLC lifted its stake in Sandy Spring Bancorp by 368.2% in the second quarter. Algert Global LLC now owns 64,419 shares of the bank's stock valued at $1,569,000 after acquiring an additional 50,659 shares during the last quarter. Creative Planning grew its position in shares of Sandy Spring Bancorp by 4.8% in the 2nd quarter. Creative Planning now owns 59,184 shares of the bank's stock valued at $1,442,000 after acquiring an additional 2,701 shares during the period. Finally, Truist Financial Corp increased its stake in shares of Sandy Spring Bancorp by 2.6% during the 2nd quarter. Truist Financial Corp now owns 43,713 shares of the bank's stock worth $1,065,000 after purchasing an additional 1,104 shares during the last quarter. 66.90% of the stock is currently owned by institutional investors and hedge funds.

Sandy Spring Bancorp Stock Performance

The company has a market capitalization of $1.53 billion, a P/E ratio of 75.20 and a beta of 0.98. The stock's fifty day moving average price is $34.81 and its 200-day moving average price is $32.87. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.02 and a current ratio of 1.02.

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.