(NASDAQ:SASR) shares saw heavy trading volume with 166K shares changing hands by the end of trading on Tuesday. Shares saw a steep increase in trading volume of 118.43% over the normal average daily volume.
Investors are feeling more bullish on the company lately if you take a look at the fall in short interest. The stock experienced a fall in short interest between September 29, 2017 and October 13, 2017 of -2.52%. Short interest fell from 933,115 to 909,562 over that period. With short interest at 909,562 and short average daily volume at 75,043, days to cover is 12.0 and the percentage of shorted shares was 0.04% on October 13.
Additionally, here are a few investment firms who have increased or decreased their stake in (SASR). As of quarter end Nationwide Fund Advisors had sold 428 shares trimming its position 2.6%. The value in dollars decreased from $679,000 to $674,000 a change of $5,000 quarter to quarter. First Trust Advisors Lp divested its position by shedding 20,735 shares a decrease of 27.6% in the quarter. First Trust Advisors Lp owns 54,497 shares worth $2,258,000. The value of the position overall is down by 26.2%.
As of the end of the quarter Huntington National Bank had acquired a total of 396 shares growing its holdings by 210.6%. The value of the investment in SASR went from $8,000 to $24,000 increasing 200.0% since the last quarter. As of quarter end Aperio Group, LLC had acquired a total of 10 shares growing its stake by 0.2%. The value of the investment in (SASR) went from $244,000 to $249,000 a change of 2.0% for the reporting period.
The company is up from yesterday’s close of $40.41. Sandy Spring Bancorp, Inc. also declared a dividend for shareholders that will be paid on Wednesday the 15th of November 2017. The dividend payment will be $0.260 per share for the quarter or $1.04 on an annualized basis. The dividend yield will be $2.51. The ex-dividend date is Monday August 7th, 2017.
Company shares last traded at $40.41 a tad under $41.03, the stock’s 50 day moving average and which is marginally over the 200 day moving average of $40.30. The 50 day moving average was down $-0.62 whereas the 200 day average was up by +0.28%.
The P/E ratio is currently 17.30 and market capitalization is 969.31M. In the latest earnings report the EPS was $2.34 and is projected to be $2.50 for the current year with 23,987,000 shares presently outstanding. Next quarter’s EPS is estimated at $0.66 and the next full year EPS is anticipated to be $2.84.
Sandy Spring Bancorp, Inc., launched on January 27, 1992, is the bank holding company for Sandy Spring Bank (the Bank). The Company operates through three segments: Community Banking, Insurance and Investment Management. The Business’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. The Insurance segment operates through Sandy Spring Insurance Corporation, a subsidiary of the Bank, and offers annuities as an alternative to traditional deposit accounts. The Investment Management segment operates through West Financial Services, Inc., a subsidiary of the Bank, which provides investment management and financial planning services. As of December 31, 2016, the Bank conducted commercial banking business through 44 community offices and six financial centers located in Central Maryland, Northern Virginia and Washington D.C. The Company is a community banking organization that focuses its lending and other services on businesses and consumers in the local market area. Through its subsidiaries, Sandy Spring Insurance Corporation and West Financial Services, Inc., the Bank offers a menu of insurance and investment management services. Sandy Spring Insurance Corporation operates Sandy Spring Insurance, a general insurance agency located in Annapolis, Maryland, and Neff & Associates, an insurance agency located in Ocean City, Maryland..