PNC Financial Services Group Inc. lifted its position in shares of Sandy Spring Bancorp, Inc. (NASDAQ:SASR – Get Rating) by 40.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 64,090 shares of the bank's stock after purchasing an additional 18,537 shares during the period. PNC Financial Services Group Inc.'s holdings in Sandy Spring Bancorp were worth $2,879,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Allianz Asset Management GmbH grew its holdings in shares of Sandy Spring Bancorp by 0.6% during the fourth quarter. Allianz Asset Management GmbH now owns 48,496 shares of the bank's stock worth $2,332,000 after purchasing an additional 305 shares during the last quarter. Raymond James & Associates lifted its stake in shares of Sandy Spring Bancorp by 3.5% in the first quarter. Raymond James & Associates now owns 9,584 shares of the bank's stock worth $431,000 after acquiring an additional 321 shares during the period. Teacher Retirement System of Texas lifted its stake in shares of Sandy Spring Bancorp by 3.9% in the first quarter. Teacher Retirement System of Texas now owns 9,427 shares of the bank's stock worth $423,000 after acquiring an additional 353 shares during the period. Envestnet Asset Management Inc. lifted its stake in shares of Sandy Spring Bancorp by 2.5% in the first quarter. Envestnet Asset Management Inc. now owns 24,749 shares of the bank's stock worth $1,112,000 after acquiring an additional 608 shares during the period. Finally, Allworth Financial LP lifted its stake in shares of Sandy Spring Bancorp by 5,790.9% in the first quarter. Allworth Financial LP now owns 648 shares of the bank's stock worth $29,000 after acquiring an additional 637 shares during the period. 65.20% of the stock is currently owned by institutional investors.

Sandy Spring Bancorp Price Performance

Sandy Spring Bancorp stock opened at $38.39 on Monday. Sandy Spring Bancorp, Inc. has a one year low of $36.84 and a one year high of $52.04. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.97 and a quick ratio of 0.97. The stock's 50 day moving average is $39.92 and its 200 day moving average is $41.76. The firm has a market cap of $1.71 billion, a P/E ratio of 8.81 and a beta of 1.01.

Sandy Spring Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 17th. Shareholders of record on Wednesday, August 10th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 3.54%. The ex-dividend date of this dividend was Tuesday, August 9th. Sandy Spring Bancorp's dividend payout ratio (DPR) is presently 31.19%.

Wall Street Analysts Forecast Growth

Separately, DA Davidson reaffirmed a "buy" rating on shares of Sandy Spring Bancorp in a research note on Wednesday, July 27th.

About Sandy Spring Bancorp

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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. It operates through three segments: Community Banking, Insurance, and Investment Management. The Community Banking segment offers financial products and services, including various loan and deposit products.

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