Evergreen Capital Management LLC Reduces Position in Sandy Spring Bancorp, Inc. (NASDAQ:SASR)

Evergreen Capital Management LLC lessened its holdings in shares of Sandy Spring Bancorp, Inc. (NASDAQ:SASR) by 7.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,066 shares of the bank’s stock after selling 926 shares during the period. Evergreen Capital Management LLC’s holdings in Sandy Spring Bancorp were worth $270,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its stake in Sandy Spring Bancorp by 16.3% in the fourth quarter. Wellington Management Group LLP now owns 313,534 shares of the bank’s stock valued at $8,541,000 after purchasing an additional 43,987 shares during the last quarter. Wedge Capital Management L L P NC grew its position in shares of Sandy Spring Bancorp by 69.1% in the 2nd quarter. Wedge Capital Management L L P NC now owns 148,921 shares of the bank’s stock valued at $3,628,000 after buying an additional 60,850 shares during the last quarter. Great Lakes Advisors LLC grew its position in shares of Sandy Spring Bancorp by 432.5% in the 2nd quarter. Great Lakes Advisors LLC now owns 192,533 shares of the bank’s stock valued at $4,690,000 after buying an additional 156,377 shares during the last quarter. ProShare Advisors LLC raised its stake in Sandy Spring Bancorp by 5.7% during the 1st quarter. ProShare Advisors LLC now owns 349,036 shares of the bank’s stock worth $8,091,000 after acquiring an additional 18,887 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in Sandy Spring Bancorp by 1,199.7% in the second 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 last quarter. Hedge funds and other institutional investors own 66.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. DA Davidson raised their price objective on Sandy Spring Bancorp from $23.00 to $33.00 and gave the stock a “neutral” rating in a report on Thursday, July 25th. Keefe, Bruyette & Woods raised their price target on Sandy Spring Bancorp from $25.00 to $30.00 and gave the stock a “market perform” rating in a research note on Thursday, July 25th. Finally, StockNews.com cut Sandy Spring Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, August 27th. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company. Based on data from MarketBeat, Sandy Spring Bancorp currently has a consensus rating of “Hold” and a consensus price target of $27.00.

Sandy Spring Bancorp Stock Performance

NASDAQ SASR opened at $31.15 on Friday. The firm has a market cap of $1.41 billion, a P/E ratio of 15.27 and a beta of 0.96. Sandy Spring Bancorp, Inc. has a 52-week low of $19.27 and a 52-week high of $34.19. The business’s 50-day moving average price is $30.46 and its 200 day moving average price is $25.45. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 0.54.

Sandy Spring Bancorp (NASDAQ:SASR) last announced its earnings results on Tuesday, July 23rd. The bank reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.08. Sandy Spring Bancorp had a return on equity of 6.41% and a net margin of 12.31%. The company had revenue of $184.70 million for the quarter, compared to the consensus estimate of $99.60 million. During the same period last year, the business posted $0.60 EPS. On average, equities research analysts expect that Sandy Spring Bancorp, Inc. will post 1.93 earnings per share for the current year.

Sandy Spring Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 21st. Shareholders of record on Wednesday, August 14th were paid a $0.34 dividend. The ex-dividend date was Wednesday, August 14th. This represents a $1.36 annualized dividend and a yield of 4.37%. Sandy Spring Bancorp’s dividend payout ratio is currently 66.67%.

About Sandy Spring Bancorp

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.