Sierra Bancorp (NASDAQ:BSRR) Hits New 1-Year High on Strong Earnings

Shares of Sierra Bancorp (NASDAQ:BSRR) hit a new 52-week high during mid-day trading on Monday following a better than expected earnings announcement. The company traded as high as $38.00 and last traded at $37.6550, with a volume of 23453 shares trading hands. The stock had previously closed at $35.41.

The financial services provider reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.12. The company had revenue of $39.16 million during the quarter, compared to analyst estimates of $40.04 million. Sierra Bancorp had a net margin of 19.70% and a return on equity of 11.17%.

Sierra Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 17th. Shareholders of record on Monday, February 9th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.8%. The ex-dividend date is Monday, February 9th. This is a boost from Sierra Bancorp’s previous quarterly dividend of $0.25. Sierra Bancorp’s dividend payout ratio is 34.84%.

Analyst Upgrades and Downgrades

BSRR has been the subject of a number of research reports. DA Davidson reissued a “buy” rating and issued a $36.00 price target on shares of Sierra Bancorp in a report on Tuesday, October 28th. Keefe, Bruyette & Woods lifted their target price on Sierra Bancorp from $32.00 to $33.00 and gave the company a “market perform” rating in a research note on Wednesday, October 29th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Sierra Bancorp in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Sierra Bancorp currently has an average rating of “Moderate Buy” and an average target price of $34.50.

Insider Transactions at Sierra Bancorp

In other Sierra Bancorp news, CAO Cindy L. Dabney sold 3,443 shares of the stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $32.00, for a total value of $110,176.00. Following the transaction, the chief accounting officer owned 6,465 shares of the company’s stock, valued at approximately $206,880. This represents a 34.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Lynda Scearcy sold 5,000 shares of the business’s stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $35.00, for a total value of $175,000.00. Following the transaction, the director owned 30,133 shares of the company’s stock, valued at $1,054,655. The trade was a 14.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 10,143 shares of company stock valued at $338,544 in the last quarter. 11.63% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sierra Bancorp

Several hedge funds have recently bought and sold shares of the company. Jacobs Levy Equity Management Inc. grew its holdings in shares of Sierra Bancorp by 2.8% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 17,871 shares of the financial services provider’s stock valued at $517,000 after buying an additional 480 shares during the period. Rhumbline Advisers lifted its holdings in Sierra Bancorp by 2.7% during the second quarter. Rhumbline Advisers now owns 19,859 shares of the financial services provider’s stock worth $590,000 after acquiring an additional 527 shares in the last quarter. First Trust Advisors LP grew its stake in Sierra Bancorp by 1.2% in the second quarter. First Trust Advisors LP now owns 47,970 shares of the financial services provider’s stock valued at $1,424,000 after acquiring an additional 577 shares during the period. Federated Hermes Inc. grew its stake in Sierra Bancorp by 5.5% in the second quarter. Federated Hermes Inc. now owns 12,826 shares of the financial services provider’s stock valued at $381,000 after acquiring an additional 665 shares during the period. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Sierra Bancorp by 57.7% in the second quarter. Tower Research Capital LLC TRC now owns 2,266 shares of the financial services provider’s stock worth $67,000 after acquiring an additional 829 shares in the last quarter. 55.40% of the stock is currently owned by institutional investors and hedge funds.

Sierra Bancorp Stock Performance

The company has a debt-to-equity ratio of 0.24, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market cap of $496.49 million, a price-to-earnings ratio of 13.01 and a beta of 0.79. The stock has a 50-day moving average price of $33.41 and a 200 day moving average price of $30.78.

Sierra Bancorp Company Profile

Sierra Bancorp (NASDAQ: BSRR) is a bank holding company headquartered in Porterville, California. The company operates through its banking subsidiary, offering a full suite of financial services to individual and commercial clients. With a community-focused approach, Sierra Bancorp emphasizes relationship banking and local market expertise.

Its core business activities include deposit-taking and lending. On the deposit side, Sierra Bancorp provides checking, savings, money market and certificate of deposit accounts.