Sierra Bancorp (NASDAQ:BSRR) Price Target Raised to $48.50

Sierra Bancorp (NASDAQ:BSRR) had its price target increased by DA Davidson from $47.00 to $48.50 in a research report report published on Tuesday,Benzinga reports. DA Davidson currently has a buy rating on the financial services provider’s stock.

Other equities analysts have also issued reports about the company. Raymond James Financial reaffirmed a “market perform” rating on shares of Sierra Bancorp in a research report on Monday. Weiss Ratings reiterated a “buy (b)” rating on shares of Sierra Bancorp in a report on Monday, September 21st. Finally, Piper Sandler reduced their price target on shares of Sierra Bancorp from $40.00 to $39.00 and set a “neutral” rating for the company in a research report on Monday, August 3rd. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Sierra Bancorp presently has an average rating of “Hold” and a consensus target price of $43.75.

Sierra Bancorp Stock Up 0.2%

BSRR stock opened at $42.43 on Tuesday. The stock’s 50 day simple moving average is $40.10 and its 200 day simple moving average is $38.19. Sierra Bancorp has a fifty-two week low of $27.93 and a fifty-two week high of $44.00. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market cap of $549.89 million, a P/E ratio of 10.91 and a beta of 0.76.

Sierra Bancorp (NASDAQ:BSRR) last announced its quarterly earnings results on Monday, October 26th. The financial services provider reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.27. Sierra Bancorp had a return on equity of 13.86% and a net margin of 25.32%. The business had revenue of $40.08 million for the quarter, compared to analyst estimates of $39.23 million. On average, research analysts expect that Sierra Bancorp will post 3.86 earnings per share for the current fiscal year.

Sierra Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 9th. Investors of record on Monday, November 2nd will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Monday, November 2nd. Sierra Bancorp’s dividend payout ratio is currently 27.84%.

Insider Transactions at Sierra Bancorp

In related news, Director Lynda Scearcy sold 5,850 shares of the firm’s stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $42.34, for a total value of $247,689.00. Following the transaction, the director owned 24,283 shares of the company’s stock, valued at approximately $1,028,142.22. This trade represents a 19.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kevin Mcphaill sold 4,000 shares of Sierra Bancorp stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $42.85, for a total value of $171,400.00. Following the transaction, the chief executive officer owned 63,807 shares of the company’s stock, valued at $2,734,129.95. This trade represents a 5.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 11.83% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in Sierra Bancorp during the second quarter worth $53,249,000. Jupiter Topco LLC bought a new position in Sierra Bancorp during the 2nd quarter valued at $17,865,000. The Manufacturers Life Insurance Company bought a new position in Sierra Bancorp during the 2nd quarter valued at $14,576,000. Janus Henderson Group PLC lifted its stake in Sierra Bancorp by 32.9% during the 1st quarter. Janus Henderson Group PLC now owns 344,133 shares of the financial services provider’s stock valued at $11,673,000 after acquiring an additional 85,098 shares in the last quarter. Finally, Basswood Capital Management L.L.C. purchased a new position in Sierra Bancorp during the 2nd quarter worth $7,503,000. Institutional investors own 55.40% of the company’s stock.

About Sierra Bancorp

Sierra Bancorp is the bank holding company for Bank of the Sierra, a community bank headquartered in Porterville, California. Founded in 1977, the bank serves individuals, families, farmers, small businesses and commercial customers in California’s Central Valley and surrounding communities.

Bank of the Sierra provides a range of banking products and services, including checking and savings accounts, certificates of deposit, consumer and residential lending, commercial real estate loans, business banking, agricultural financing and online and mobile banking.