Zacks: Analysts Expect Sandy Spring Bancorp Inc. (SASR) Will Post Quarterly Sales of $82.74 Million

Equities research analysts predict that Sandy Spring Bancorp Inc. (NASDAQ:SASR) will report $82.74 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Sandy Spring Bancorp’s earnings, with the highest sales estimate coming in at $83.53 million and the lowest estimate coming in at $81.94 million. Sandy Spring Bancorp posted sales of $55.44 million in the same quarter last year, which would indicate a positive year over year growth rate of 49.2%. The company is scheduled to announce its next earnings results on Thursday, October 18th.

On average, analysts expect that Sandy Spring Bancorp will report full-year sales of $324.33 million for the current fiscal year, with estimates ranging from $321.00 million to $328.93 million. For the next fiscal year, analysts anticipate that the business will post sales of $345.83 million, with estimates ranging from $337.83 million to $355.67 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Sandy Spring Bancorp.

Sandy Spring Bancorp (NASDAQ:SASR) last announced its quarterly earnings results on Thursday, July 19th. The bank reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.12). The firm had revenue of $79.86 million during the quarter, compared to the consensus estimate of $81.12 million. Sandy Spring Bancorp had a return on equity of 10.53% and a net margin of 22.29%. The firm’s revenue was up 41.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.61 EPS.

SASR has been the topic of several recent research reports. BidaskClub lowered Sandy Spring Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, June 19th. ValuEngine lowered Sandy Spring Bancorp from a “hold” rating to a “sell” rating in a report on Monday, July 2nd. Sandler O’Neill upgraded Sandy Spring Bancorp from a “hold” rating to a “buy” rating in a report on Tuesday, June 26th. Finally, Zacks Investment Research lowered Sandy Spring Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, July 24th. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $46.20.

Shares of NASDAQ:SASR opened at $39.16 on Wednesday. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of 15.52, a PEG ratio of 1.15 and a beta of 0.68. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.08 and a current ratio of 1.09. Sandy Spring Bancorp has a 52-week low of $36.41 and a 52-week high of $43.87.

In other news, Director Mark C. Michael sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 28th. The stock was sold at an average price of $41.80, for a total value of $83,600.00. Following the transaction, the director now owns 33,000 shares in the company, valued at $1,379,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mark C. Michael sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 11th. The shares were sold at an average price of $42.82, for a total value of $42,820.00. Following the completion of the transaction, the director now owns 24,000 shares in the company, valued at approximately $1,027,680. The disclosure for this sale can be found here. Insiders sold 8,735 shares of company stock worth $362,862 in the last 90 days. Corporate insiders own 3.31% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Citadel Advisors LLC increased its position in shares of Sandy Spring Bancorp by 186.3% during the second quarter. Citadel Advisors LLC now owns 92,113 shares of the bank’s stock valued at $3,777,000 after acquiring an additional 59,944 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Sandy Spring Bancorp during the second quarter valued at approximately $505,000. California State Teachers Retirement System increased its position in shares of Sandy Spring Bancorp by 584.2% during the first quarter. California State Teachers Retirement System now owns 49,206 shares of the bank’s stock valued at $1,907,000 after acquiring an additional 42,014 shares during the last quarter. Sandy Spring Bank purchased a new stake in shares of Sandy Spring Bancorp during the second quarter valued at approximately $7,107,000. Finally, Victory Capital Management Inc. increased its position in shares of Sandy Spring Bancorp by 15.9% during the second quarter. Victory Capital Management Inc. now owns 12,778 shares of the bank’s stock valued at $524,000 after acquiring an additional 1,754 shares during the last quarter. Institutional investors own 68.67% of the company’s stock.

Sandy Spring Bancorp Company Profile

Sandy Spring Bancorp, Inc operates as the bank holding company for Sandy Spring Bank that provides commercial banking services to individuals and businesses in central Maryland, Northern Virginia, and Washington DC markets. It operates through three segments: Community Banking, Insurance, and Investment Management.

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