Even though Sandy Spring Bancorp (NASDAQ:SASR) has improved in several areas in 2010, FBR Capital said when measured by value, they find Eagle Bancorp (Nasdaq:EGBN) and Cardinal Financial (Nasdaq:CFNL) in better position.
FBR said, "We are raising our 2010 estimate from $0.68 to $0.76, our 2011 estimate from $1.29 to $1.40 and initiating a 2012 estimate of $1.69. Although Sandy Spring's capital position, prospects for growth, and asset quality have improved in 2010, we continue to find better value in our Outperform-rated Eagle Bancorp and Cardinal Financial, particularly with similar valuation multiples."
Sandy Spring Bancorp closed Tuesday at $16.97, dropping $0.59, or 3.36 percent. FBR raised their price target on them from $16.50 to $18. Trading volume Tuesday was almost double the 3-month daily average.
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