Sandy Spring Bancorp (SASR) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS
Sandy Spring Bancorp (NASDAQ:SASR) announced its quarterly earnings results on Thursday. The bank reported $0.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.01, Bloomberg Earnings reports. The company had revenue of $55.79 million during the quarter, compared to analysts’ expectations of $56.21 million. Sandy Spring Bancorp had a return on equity of 10.61% and a net margin of 24.31%. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.55 earnings per share.
Shares of Sandy Spring Bancorp (NASDAQ:SASR) traded down $0.17 during mid-day trading on Friday, reaching $40.25. The company’s stock had a trading volume of 254,921 shares, compared to its average volume of 298,185. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.03 and a current ratio of 1.03. Sandy Spring Bancorp has a 52-week low of $36.50 and a 52-week high of $45.64. The company has a market capitalization of $965.74, a price-to-earnings ratio of 18.30, a P/E/G ratio of 0.89 and a beta of 0.99.
A number of hedge funds have recently modified their holdings of SASR. KBC Group NV bought a new stake in Sandy Spring Bancorp during the third quarter worth about $139,000. BNP Paribas Arbitrage SA lifted its stake in Sandy Spring Bancorp by 554.4% during the second quarter. BNP Paribas Arbitrage SA now owns 3,586 shares of the bank’s stock worth $146,000 after purchasing an additional 3,038 shares during the last quarter. Court Place Advisors LLC bought a new stake in Sandy Spring Bancorp during the third quarter worth about $200,000. Magnetar Financial LLC bought a new stake in Sandy Spring Bancorp during the third quarter worth about $203,000. Finally, Victory Capital Management Inc. lifted its stake in Sandy Spring Bancorp by 17.6% during the second quarter. Victory Capital Management Inc. now owns 5,066 shares of the bank’s stock worth $206,000 after purchasing an additional 759 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.
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About Sandy Spring Bancorp
Sandy Spring Bancorp, Inc is the bank holding company for Sandy Spring Bank (the Bank). The Company operates through three segments: Community Banking, Insurance and Investment Management. The Company’s Community Banking segment operates through Sandy Spring Bank and involves delivering a range of financial products and services, including various loan and deposit products to both individuals and businesses.
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