Sandy Spring Bancorp initiated with an Equal Weight at Stephens

Stephens analyst Russell Gunther initiated coverage of Sandy Spring Bancorp with an Equal Weight rating and $28 price target as the analyst launches coverage on 10 Southeast/MidAtlantic banks. A loan-to-deposit ratio of 104%, resulting in above peer deposit betas, and an operating environment dominated by liquidity and asset quality concerns "makes for a more challenging narrative" for Sandy Spring, the firm argues.