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Stock Market & Financial Investment News

News Breaks
May 16, 2014
16:46 EDTSASRSandy Spring Bancorp to reserve funds in Q2, sees negative impact to earnings
Sandy Spring Bancorp announced that it will reserve funds in the second quarter in response to a verdict from a jury in the Anne Arundel County Circuit Court in the matter of Ashley, et al vs. CommerceFirst Bank, which involved claims based on the actions of a former employee of CommerceFirst Bank. Sandy Spring Bank acquired CommerceFirst Bank in 2012. The jury entered a verdict for damages totaling $6,050,000, including $5M in punitive damages. Compensatory damages of $1,050,000 are expected to be covered by insurance. "While we respect the judicial process, we do not believe that Sandy Spring Bank should be held liable for the actions of a former CommerceFirst Bank employee who acted outside the scope of his employment," said Daniel J. Schrider, Sandy Spring Bank President and CEO. "Because this outcome is not in the best interest of our shareholders, we will continue to fight it through the appropriate legal channels." Sandy Spring Bank will reserve the funds for these damages in the second quarter, which will negatively impact quarterly earnings.
News For SASR From The Last 14 Days
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July 18, 2014
10:03 EDTSASROn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: American Homes 4 Rent (AMH) upgraded to Strong Buy from Outperform at Raymond James... Andersons (ANDE) upgraded to Buy from Hold at BB&T... Brunswick (BC) upgraded at B. Riley... Burberry (BURBY) upgraded to Outperform from Neutral at Exane BNP Paribas... Colfax (CFX) upgraded at Stifel... ITV Plc (ITVPF) upgraded to Neutral from Sell at Citigroup... Olin Corp. (OLN) upgraded to Neutral from Underperform at Macquarie... Plexus (PLXS) upgraded to Buy from Neutral at Longbow... Resources Connection (RECN) upgraded to Outperform from Neutral at RW Baird... Sandy Spring Bancorp (SASR) upgraded at RW Baird... Seagate (STX) upgraded to Buy from Hold at Craig-Hallum... easyJet (ESYJY) upgraded to Outperform from Sector Perform at RBC Capital.
08:59 EDTSASRSandy Spring Bancorp upgraded at RW Baird
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06:10 EDTSASRSandy Spring Bancorp upgraded to Outperform from Market Perform at Raymond James
Raymond James upgraded Sandy Spring Bancorp to Outperform from Market Perform citing valuation. Price target is $27. Note that RW Baird also upgraded shares this morning.
06:07 EDTSASRSandy Spring Bancorp upgraded to Outperform from Neutral at RW Baird
July 17, 2014
08:41 EDTSASRSandy Spring Bancorp reports Q2 EPS 28c, consensus 39c
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