Sandy Spring Bancorp (NASDAQ:SASR) Shares Gap Down on Disappointing Earnings

Sandy Spring Bancorp, Inc. (NASDAQ:SASR) gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $33.73, but opened at $32.50. Sandy Spring Bancorp shares last traded at $33.67, with a volume of 42,228 shares traded.

The bank reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.01). Sandy Spring Bancorp had a net margin of 11.54% and a return on equity of 5.71%.

Wall Street Analyst Weigh In

Separately, StockNews.com started coverage on shares of Sandy Spring Bancorp in a report on Monday. They issued a “sell” rating on the stock. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $28.25.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SASR. Franklin Resources Inc. lifted its stake in shares of Sandy Spring Bancorp by 93.9% during the 3rd quarter. Franklin Resources Inc. now owns 1,271,498 shares of the bank’s stock worth $41,235,000 after purchasing an additional 615,591 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Sandy Spring Bancorp by 3.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,072,619 shares of the bank’s stock valued at $33,654,000 after buying an additional 35,271 shares in the last quarter. Systematic Financial Management LP lifted its position in Sandy Spring Bancorp by 13.4% during the third quarter. Systematic Financial Management LP now owns 1,025,227 shares of the bank’s stock valued at $32,161,000 after acquiring an additional 120,793 shares during the last quarter. Wellington Management Group LLP grew its holdings in Sandy Spring Bancorp by 17.4% in the third quarter. Wellington Management Group LLP now owns 819,475 shares of the bank’s stock worth $25,707,000 after purchasing an additional 121,574 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Sandy Spring Bancorp by 10.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 807,940 shares of the bank’s stock worth $25,345,000 after purchasing an additional 75,596 shares in the last quarter. 66.90% of the stock is currently owned by hedge funds and other institutional investors.

Sandy Spring Bancorp Stock Performance

The firm has a fifty day moving average price of $34.95 and a 200 day moving average price of $32.86. 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 stock has a market cap of $1.52 billion, a PE ratio of 17.72 and a beta of 0.98.

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.