Pinnacle Associates Ltd. Has $549,000 Holdings in Sandy Spring Bancorp, Inc. (NASDAQ:SASR)

Pinnacle Associates Ltd. grew its position in shares of Sandy Spring Bancorp, Inc. (NASDAQ:SASR) by 55.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,487 shares of the bank’s stock after acquiring an additional 6,224 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Sandy Spring Bancorp were worth $549,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Carmichael Hill & Associates Inc. increased its stake in Sandy Spring Bancorp by 3.6% during the 2nd quarter. Carmichael Hill & Associates Inc. now owns 11,785 shares of the bank’s stock valued at $287,000 after purchasing an additional 412 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Sandy Spring Bancorp by 2.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 26,065 shares of the bank’s stock worth $818,000 after acquiring an additional 609 shares in the last quarter. Truist Financial Corp raised its holdings in shares of Sandy Spring Bancorp by 2.6% in the 2nd quarter. Truist Financial Corp now owns 43,713 shares of the bank’s stock worth $1,065,000 after acquiring an additional 1,104 shares during the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of Sandy Spring Bancorp by 9.8% in the 2nd quarter. Commonwealth Equity Services LLC now owns 13,176 shares of the bank’s stock worth $321,000 after acquiring an additional 1,176 shares during the last quarter. Finally, Inspire Investing LLC lifted its position in Sandy Spring Bancorp by 8.2% in the 1st quarter. Inspire Investing LLC now owns 17,344 shares of the bank’s stock valued at $402,000 after acquiring an additional 1,316 shares in the last quarter. 66.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SASR. StockNews.com began coverage on Sandy Spring Bancorp in a research note on Thursday. They issued a “sell” rating for the company. Keefe, Bruyette & Woods increased their price target on Sandy Spring Bancorp from $25.00 to $30.00 and gave the company a “market perform” rating in a research report on Thursday, July 25th. Finally, DA Davidson lifted their price objective on shares of Sandy Spring Bancorp from $23.00 to $33.00 and gave the stock a “neutral” rating in a report on Thursday, July 25th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $28.25.

Sandy Spring Bancorp Price Performance

Shares of NASDAQ SASR opened at $33.35 on Friday. The company has a market capitalization of $1.50 billion, a PE ratio of 17.55 and a beta of 0.94. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 0.54. The stock’s 50 day moving average price is $31.91 and its 200-day moving average price is $27.31. Sandy Spring Bancorp, Inc. has a twelve month low of $19.52 and a twelve month high of $34.63.

Sandy Spring Bancorp (NASDAQ:SASR) last announced its quarterly earnings data on Monday, October 21st. The bank reported $0.40 earnings per share (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 5.74%. The business had revenue of $189.81 million during the quarter, compared to the consensus estimate of $101.60 million. During the same quarter last year, the company earned $0.62 EPS. On average, equities analysts anticipate that Sandy Spring Bancorp, Inc. will post 1.85 EPS for the current year.

Sandy Spring Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 4.08%. The ex-dividend date is Thursday, November 14th. Sandy Spring Bancorp’s dividend payout ratio is 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.