Sandy Spring Bancorp Stock (NASDAQ: SASR)

Sandy Spring Bancorp (NASDAQ:SASR) Stock, Quote.Headers.trade-ideas

Sandy Spring Bancorp

Sandy Spring Bancorp Inc is a community-oriented banking organization that conducts a full-service commercial banking business in Central Maryland, Northern Virginia, and Washington D.C. It conducts business in two operating segments. The Community Banking segment, which is the key revenue driver, involves delivering a broad range of financial products and services, including loan and deposit products to individuals and businesses and The Investment Management segment provides financial planning including cash flow analysis, investment review, tax planning, retirement planning, insurance analysis, and estate planning.

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Atlantic Union Bankshares Corp has announced its acquisition of Sandy Spring Bancorp Inc for $1.6 billion, marking the fourth regional bank deal exceeding $1 billion this year. 

Atlantic Union Bankshares To Acquire Sandy Spring Bancorp For $1.6B, Creating $39B Regional Banking Powerhouse

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The Regional Banking ETF is down 13% since the collapse of Silicon Valley Bank in 2023, indicating investor distrust. Q1 earnings show resilience in the sector with positive revenue difference.

Regional Banks Yet To Recover From SVB Collapse: Time To Invest In The Top Banking ETF?

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Sandy Spring Bancorp, Inc. - Common Stock

Sandy Spring Bancorp Inc

Reported Earlier, Atlantic Union Bankshares And Sandy Spring Bancorp Secure Federal Reserve Approval For Merger

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Shares of banking-related companies are trading higher after Donald Trump won the US presidential election.

Atlantic Union Bankshares Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AUB#NYSE">AUB</a>) has announced its acquisition of Sandy Spring Bancorp Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SASR#NASDAQ">SASR</a>) for $1.6 billion, marking the fourth regional bank deal exceeding $1 billion this year. 
What Happened: The all-stock transaction will enhance Atlantic Union&#8217;s presence in Northern Virginia and Maryland, creating a regional powerhouse with $39.2 billion in assets, Reuters reported. 
Sandy Spring shareholders will receive 0.90 shares of Atlantic for each share held, valuing Sandy Spring at $34.93 per share, a 7.1% premium. The deal is expected to boost Atlantic&#8217;s earnings per share by 23% by the end of 2026, with completion anticipated by the third quarter of 2025.
Price Action: Atlantic Union Bankshares closed at $36.81 on Wednesday, gaining 1.02% during the day. Year to date, the stock has risen by 0.99%. Meanwhile, Sandy Spring Bancorp stock finished at $32.36 on the same day, up 1.00%. Year to date, Sandy Spring has seen an increase of 18.27%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Atlantic Union Bankshares Corporation ("Atlantic Union") (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AUB#NYSE">AUB</a>) and Sandy Spring Bancorp ("Sandy Spring") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SASR#NASDAQ">SASR</a>) jointly announced today that they have entered into a definitive merger agreement for Atlantic Union to acquire Sandy Spring in an all-stock transaction valued at approximately $1.6 billion. Combining the two organizations will create the largest regional bank headquartered in the lower Mid-Atlantic, and significantly enhance the combined company's presence in Northern Virginia and Maryland.
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Founded in 1868, Sandy Spring is headquartered in Olney, Maryland and has $14.4 billion in assets, $11.7 billion in total deposits and $11.5 billion in total loans as of September 30, 2024. The combined company will have pro forma total assets of $39.2 billion, total deposits of $32.0 billion and gross loans of $29.8 billion, based on financial data as of September 30, 2024. The combined company's Mid-Atlantic banking presence will be enhanced through the addition of 53 branch locations and Atlantic Union will approximately double its wealth business by increasing assets under management by more than $6.5 billion.

Atlantic Union To Acquire Sandy Spring In $1.6B Merger, Creating Largest Mid-Atlantic Regional Bank

Sandy Spring Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SASR#NASDAQ">SASR</a>) reported quarterly earnings of $0.40 per share which missed the analyst consensus estimate of $0.46 by 13.04 percent. This is a 35.48 percent decrease over earnings of $0.62 per share from the same period last year. The company reported quarterly sales of $81.41 million which missed the analyst consensus estimate of $88.49 million by 8.00 percent. This is a 4.31 percent decrease over sales of $85.08 million the same period last year.

Earnings

Earnings Misses

Sandy Spring Bancorp Q3 2024 Adj EPS $0.40 Misses $0.46 Estimate, Sales $81.41M Miss $88.49M Estimate

Sandy Spring Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SASR#NASDAQ">SASR</a>) will release its quarterly earnings report on Monday, 2024-10-21. Here's a brief overview for investors ahead of the announcement.
Analysts anticipate Sandy Spring Bancorp to report an earnings per share (EPS) of $0.46.
Anticipation surrounds Sandy Spring Bancorp's announcement, with investors hoping to hear about both surpassing estimates and receiving positive guidance for the next quarter.
New investors should understand that while earnings performance is important, market reactions are often driven by guidance.
<h3>Performance in Previous Earnings</h3>
The company's EPS beat by $0.11 in the last quarter, leading to a 2.86% drop in the share price on the following day.
Here's a look at Sandy Spring Bancorp's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.43</td>
<td>0.45</td>
<td>0.52</td>
<td>0.56</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.54</td>
<td>0.49</td>
<td>0.60</td>
<td>0.62</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-3.0%</td>
<td>-2.0%</td>
<td>0.0%</td>
<td>-1.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1729267366_0.png" alt="eps graph" />
<h3>Stock Performance</h3>
Shares of Sandy Spring Bancorp were trading at $33.11 as of October 17. Over the last 52-week period, shares are up 66.74%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. 
<a href="https://www.benzinga.com/quote/SASR/earnings">To track all earnings releases for Sandy Spring Bancorp visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

A Look Ahead: Sandy Spring Bancorp's Earnings Forecast

DA Davidson analyst Manuel Navas maintains Sandy Spring Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SASR#NASDAQ">SASR</a>) with a Neutral and raises the price target from $23 to $33.

Price Target

Analyst Ratings

DA Davidson Maintains Neutral on Sandy Spring Bancorp, Raises Price Target to $33

Keefe, Bruyette &amp; Woods analyst Catherine Mealor maintains Sandy Spring Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SASR#NASDAQ">SASR</a>) with a Market Perform and raises the price target from $25 to $30.

Keefe, Bruyette & Woods Maintains Market Perform on Sandy Spring Bancorp, Raises Price Target to $30

Sandy Spring Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SASR#NASDAQ">SASR</a>) reported quarterly earnings of $0.54 per share which beat the analyst consensus estimate of $0.43 by 25.58 percent. This is a 10 percent decrease over earnings of $0.60 per share from the same period last year. The company reported quarterly sales of $80.285 million which missed the analyst consensus estimate of $81.867 million by 1.93 percent. This is a 11.26 percent decrease over sales of $90.471 million the same period last year.

Earnings Beats

Sandy Spring Bancorp Q2 2024 Adj EPS $0.54 Beats $0.43 Estimate, Sales $80.285M Miss $81.867M Estimate

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Shares of banking stocks are trading higher following recent CPI data.

Regional bank stocks, as monitored through the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>), continue to trade about 13% lower than they were prior to the collapse of Silicon Valley Bank in March 2023, indicating that investor sentiment has yet to fully regain trust in the industry following <a href="https://www.benzinga.com/topic/regional-banks">last year&#8217;s sharp drop.</a>
The first-quarter earnings season has been notably positive for the Financials sector, which showed the largest positive difference between actual revenues and estimated revenues, according to FactSet earnings insights.
Chart: Regional Bank Industry Trades 13% Lower Its Pre-SVB Levels
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="500" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/30155030/image-121-1024x500.png" alt="" class="wp-image-364041" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/30155030/image-121-1024x500.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/30155030/image-121-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/30155030/image-121-768x375.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/30155030/image-121-1536x750.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/30155030/image-121.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">A Resilient Quarter For Community Banks</h3>
&#8220;The banking industry continued to show resilience in the first quarter,&#8221; the Federal Deposit Insurance Corporation (FDIC) stated in its latest Quarterly Banking Profile report, released this week.
The banking industry reported a net income of $64.2 billion for the first quarter, reflecting a 79.5% increase from the previous quarter. This significant rise was primarily attributed to reduced expenses related to the FDIC special assessment and decreased goodwill write-downs.
Notably, &#8220;community banks reported net income of $6.3 billion, a quarterly increase of 6.1%, driven by better results on the sale of securities and lower noninterest and provision expenses,&#8221; the FDIC wrote.
While overall banking loan growth was rather shallow, up by 1.7% from last year, marking the slowest rate since Q3 2021, loan growth at community banks was more robust, increasing by 7.1% from the prior year, led by commercial real estate and residential mortgage loans.
Domestic deposits increased for a second consecutive quarter, this time by $191 billion, driven by growth in transaction accounts. The regulator highlighted an ongoing transition from noninterest-bearing deposits toward interest-bearing deposits, with the latter increasing 1.7% quarter over quarter and the former declining for the eighth consecutive quarter.
The number of banks on the Problem Bank List, increased from 52 in Q4 2023 to 63 in Q1 2024. 
Although the number of problem banks was 43 a year ago, the increase to 63 banks still represents just 1.4% of the total banks. This percentage remains within the typical range of 1-2% seen during non-crisis periods, and well below levels seen during the 2008 financial crisis and 2022 financial condition stress. 
<h3 class="wp-block-heading">Top-Performing Regional Bank Stocks In May</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Total Return (1M)</td>
</tr>
<tr>
<td>Independent Bank Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBTX#NYSE">IBTX</a>)</td>
<td>25.20%</td>
</tr>
<tr>
<td>New York Community Bancorp, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYCB#NYSE">NYCB</a>)</td>
<td>24.53%</td>
</tr>
<tr>
<td>Flushing Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFIC#NYSE">FFIC</a>)</td>
<td>14.66%</td>
</tr>
<tr>
<td>Sandy Spring Bancorp, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SASR#NYSE">SASR</a>)</td>
<td>13.47%</td>
</tr>
<tr>
<td>Coastal Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCB#NYSE">CCB</a>)</td>
<td>13.39%</td>
</tr>
<tr>
<td>National Bank Holdings Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NBHC#NYSE">NBHC</a>)</td>
<td>11.30%</td>
</tr>
<tr>
<td>Capitol Federal Financial, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CFFN#NYSE">CFFN</a>)</td>
<td>10.97%</td>
</tr>
<tr>
<td>Western Alliance Bancorporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>)</td>
<td>10.60%</td>
</tr>
<tr>
<td>TFS Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFSL#NYSE">TFSL</a>)</td>
<td>9.41%</td>
</tr>
<tr>
<td>Synovus Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNV#NYSE">SNV</a>)</td>
<td>9.11%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Data as of May 30, 2024</figcaption></figure>
Read now: <a href="https://www.benzinga.com/economics/macro-economic-events/24/05/39096164/feds-favorite-inflation-data-due-friday-how-could-markets-react-to-surprises">Fed&#8217;s Favorite Inflation Data Due Friday: How Could Markets React To Surprises?</a>
Photo: Shutterstock

Cullum was promoted from Deputy Chief Financial Officer and Treasurer. Philip J. Mantua, the outgoing Chief Financial Officer, who previously announced his retirement, will continue with the Company until the end of the year to support the leadership transition. 
&nbsp;

Management

Sandy Spring Bancorp Promotes Charles S. Cullum To CFO

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