DA Davidson Has Bearish Estimate for SASR FY2024 Earnings

Sandy Spring Bancorp, Inc. (NASDAQ:SASR) – DA Davidson dropped their FY2024 EPS estimates for shares of Sandy Spring Bancorp in a report released on Wednesday, October 23rd. DA Davidson analyst M. Navas now expects that the bank will post earnings of $1.80 per share for the year, down from their prior 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.

A number of other equities research analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of Sandy Spring Bancorp from $25.00 to $30.00 and gave the company a “market perform” rating in a research note on Thursday, July 25th. StockNews.com downgraded shares of Sandy Spring Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, August 27th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $27.00.

Sandy Spring Bancorp Trading Down 0.6 %

Shares of SASR stock opened at $32.42 on Thursday. Sandy Spring Bancorp has a 1 year low of $19.27 and a 1 year high of $34.19. The firm has a market capitalization of $1.46 billion, a PE ratio of 15.89 and a beta of 0.95. The stock has a fifty day moving average of $31.52 and a two-hundred day moving average of $26.85. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.02 and a current ratio of 1.03.

Sandy Spring Bancorp (NASDAQ:SASR) last issued 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 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 analyst estimates of $101.60 million. During the same quarter in the prior year, the firm posted $0.62 earnings per share.

Hedge Funds Weigh In On Sandy Spring Bancorp

Several large investors have recently made changes to their positions in the business. Victory Capital Management Inc. grew its holdings in shares of 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 worth $16,927,000 after acquiring an additional 641,402 shares during the last quarter. Elizabeth Park Capital Advisors Ltd. acquired a new position in shares of Sandy Spring Bancorp in the 2nd quarter valued at $4,778,000. Great Lakes Advisors LLC increased its stake in Sandy Spring Bancorp by 432.5% in the 2nd quarter. Great Lakes Advisors LLC now owns 192,533 shares of the bank’s stock worth $4,690,000 after purchasing an additional 156,377 shares in the last quarter. American Century Companies Inc. raised 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 buying an additional 120,996 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in 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 worth $60,182,000 after buying an additional 108,703 shares during the period. Institutional investors own 66.90% of the company’s stock.

Sandy Spring Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 21st. Shareholders of record on Wednesday, August 14th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date of this dividend was Wednesday, August 14th. Sandy Spring Bancorp’s payout ratio 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.