Piper Sandler Has Lowered Expectations for Plumas Bancorp (NASDAQ:PLBC) Stock Price

Plumas Bancorp (NASDAQ:PLBC) had its price objective dropped by equities research analysts at Piper Sandler from $60.00 to $59.00 in a report released on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price target indicates a potential upside of 43.80% from the stock’s current price.

Separately, Raymond James reaffirmed an “outperform” rating and set a $54.00 target price (up from $49.00) on shares of Plumas Bancorp in a report on Thursday, January 30th.

Plumas Bancorp Stock Performance

NASDAQ:PLBC traded up $1.14 during mid-day trading on Thursday, hitting $41.03. 4,775 shares of the company’s stock traded hands, compared to its average volume of 10,985. The company has a fifty day moving average of $43.44 and a 200 day moving average of $44.61. Plumas Bancorp has a twelve month low of $32.50 and a twelve month high of $51.33. The company has a market capitalization of $242.90 million, a P/E ratio of 8.57 and a beta of 0.55.

Plumas Bancorp (NASDAQ:PLBC) last issued its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.07. The company had revenue of $21.50 million during the quarter, compared to analysts’ expectations of $20.62 million. Plumas Bancorp had a return on equity of 16.88% and a net margin of 30.74%. During the same quarter in the previous year, the firm posted $1.05 EPS. On average, research analysts expect that Plumas Bancorp will post 4.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Michael Kevin Foster purchased 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were purchased at an average cost of $45.67 per share, with a total value of $45,670.00. Following the purchase, the director now owns 1,000 shares of the company’s stock, valued at $45,670. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 9.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Plumas Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the company. Albert D Mason Inc. lifted its holdings in Plumas Bancorp by 354.3% in the 1st quarter. Albert D Mason Inc. now owns 33,979 shares of the financial services provider’s stock valued at $1,470,000 after purchasing an additional 26,500 shares in the last quarter. Angel Oak Capital Advisors LLC purchased a new position in shares of Plumas Bancorp in the fourth quarter worth about $1,026,000. Raymond James Financial Inc. acquired a new position in Plumas Bancorp during the fourth quarter worth about $899,000. Elizabeth Park Capital Advisors Ltd. grew its stake in Plumas Bancorp by 46.5% during the 4th quarter. Elizabeth Park Capital Advisors Ltd. now owns 50,778 shares of the financial services provider’s stock valued at $2,400,000 after acquiring an additional 16,110 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Plumas Bancorp by 185.4% in the 4th quarter. JPMorgan Chase & Co. now owns 21,750 shares of the financial services provider’s stock valued at $1,028,000 after acquiring an additional 14,128 shares during the last quarter. Hedge funds and other institutional investors own 41.68% of the company’s stock.

About Plumas Bancorp

Plumas Bancorp operates as the bank holding company for the Plumas Bank that provides various banking products and services for small and middle market businesses, and individuals in Northeastern California and Northwestern Nevada. The company accepts various deposits, such as checking, money market checking, business sweep, public funds sweep, savings, time deposit, and retirement accounts.