What is DA Davidson’s Forecast for SASR FY2024 Earnings?

Sandy Spring Bancorp, Inc. (NASDAQ:SASR) – Research analysts at DA Davidson lowered their FY2024 EPS estimates for shares of Sandy Spring Bancorp in a report released on Wednesday, October 23rd. DA Davidson analyst M. Navas now forecasts that the bank will post earnings per share of $1.80 for the year, down from their previous estimate of $1.95. DA Davidson currently has a “Neutral” rating and a $33.00 target price 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.

Sandy Spring Bancorp (NASDAQ:SASR) last released its quarterly earnings data on Monday, October 21st. The bank reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.06). Sandy Spring Bancorp had a return on equity of 6.41% and a net margin of 12.31%. The firm had revenue of $189.81 million for the quarter, compared to the consensus estimate of $101.60 million. During the same period in the previous year, the business earned $0.62 EPS.

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

Sandy Spring Bancorp Stock Up 1.0 %

Sandy Spring Bancorp stock opened at $32.36 on Thursday. The company’s 50 day simple moving average is $31.37 and its 200 day simple moving average is $26.74. Sandy Spring Bancorp has a fifty-two week low of $19.27 and a fifty-two week high of $34.19. The firm has a market capitalization of $1.46 billion, a price-to-earnings ratio of 16.18 and a beta of 0.95. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.03 and a quick ratio of 1.02.

Sandy Spring Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 21st. Shareholders of record on Wednesday, August 14th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date was Wednesday, August 14th. Sandy Spring Bancorp’s payout ratio is currently 68.00%.

Institutional Trading of Sandy Spring Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its holdings in shares of Sandy Spring Bancorp by 4.6% in the second quarter. Dimensional Fund Advisors LP now owns 2,470,621 shares of the bank’s stock valued at $60,182,000 after purchasing an additional 108,703 shares during the last quarter. Systematic Financial Management LP raised its holdings in shares of Sandy Spring Bancorp by 12.0% in the second quarter. Systematic Financial Management LP now owns 904,434 shares of the bank’s stock valued at $22,032,000 after purchasing an additional 97,262 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Sandy Spring Bancorp by 18.5% in the second quarter. American Century Companies Inc. now owns 775,252 shares of the bank’s stock valued at $18,885,000 after purchasing an additional 120,996 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Sandy Spring Bancorp by 1,199.7% in the second quarter. Victory Capital Management Inc. now owns 694,867 shares of the bank’s stock valued at $16,927,000 after purchasing an additional 641,402 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Sandy Spring Bancorp by 5.7% in the second quarter. AQR Capital Management LLC now owns 473,241 shares of the bank’s stock valued at $11,528,000 after purchasing an additional 25,546 shares during the last quarter. 66.90% of the stock is currently owned by institutional investors and hedge funds.

About Sandy Spring Bancorp

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.