Verition Fund Management LLC Purchases New Holdings in Sandy Spring Bancorp, Inc. (NASDAQ:SASR)

Verition Fund Management LLC purchased a new stake in shares of Sandy Spring Bancorp, Inc. (NASDAQ:SASR - Free Report) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 237,118 shares of the bank's stock, valued at approximately $7,438,000. Verition Fund Management LLC owned about 0.53% of Sandy Spring Bancorp at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Victory Capital Management Inc. increased its position in shares of Sandy Spring Bancorp by 1,199.7% during the second quarter. Victory Capital Management Inc. now owns 694,867 shares of the bank's stock worth $16,927,000 after acquiring an additional 641,402 shares during the period. Elizabeth Park Capital Advisors Ltd. purchased a new position in shares of Sandy Spring Bancorp in the 2nd quarter valued at about $4,778,000. Stieven Capital Advisors L.P. acquired a new stake in Sandy Spring Bancorp in the third quarter valued at approximately $4,906,000. Great Lakes Advisors LLC lifted its stake in Sandy Spring Bancorp by 432.5% in the second quarter. Great Lakes Advisors LLC now owns 192,533 shares of the bank's stock worth $4,690,000 after acquiring an additional 156,377 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in Sandy Spring Bancorp by 18.5% during the 2nd quarter. American Century Companies Inc. now owns 775,252 shares of the bank's stock worth $18,885,000 after acquiring an additional 120,996 shares in the last quarter. 66.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com initiated coverage on shares of Sandy Spring Bancorp in a report 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 given a hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $28.25.

Sandy Spring Bancorp Stock Up 1.1 %

SASR stock traded up $0.43 during midday trading on Monday, reaching $38.11. 248,620 shares of the company were exchanged, compared to its average volume of 346,391. The stock's 50-day simple moving average is $34.18 and its 200 day simple moving average is $29.60. Sandy Spring Bancorp, Inc. has a 1-year low of $19.52 and a 1-year high of $39.55. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market cap of $1.72 billion, a price-to-earnings ratio of 19.83 and a beta of 0.94.

Sandy Spring Bancorp (NASDAQ:SASR - Get Free Report) last released its quarterly earnings data 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 net margin of 11.54% and a return on equity of 5.71%. The company had revenue of $189.81 million during the quarter, compared to analyst estimates of $101.60 million. During the same quarter in the prior year, the company earned $0.62 EPS. On average, equities analysts forecast that Sandy Spring Bancorp, Inc. will post 1.85 earnings per share for the current year.

Sandy Spring Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 3.57%. The ex-dividend date of this dividend was Thursday, November 14th. Sandy Spring Bancorp's payout ratio is currently 71.58%.

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.