Sierra Bancorp (BSRR) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Sierra Bancorp (NASDAQ:BSRR) from a hold rating to a buy rating in a report released on Friday morning. The brokerage currently has $28.00 target price on the financial services provider’s stock.

According to Zacks, “Sierra Bancorp is the bank holding company for the Bank of the Sierra. The Bank of the Sierra is the largest independent bank headquartered in the South Valley, and operates branch offices as well as real estate centers, agricultural credit centers and a bank card center. “

BSRR has been the topic of a number of other research reports. DA Davidson upgraded shares of Sierra Bancorp from a neutral rating to a buy rating and set a $30.00 target price on the stock in a research report on Tuesday, May 23rd. ValuEngine upgraded shares of Sierra Bancorp from a hold rating to a buy rating in a research report on Saturday, August 12th. Hovde Group raised their target price on shares of Sierra Bancorp from $26.50 to $27.75 and gave the company a market perform rating in a research report on Friday, July 28th. BidaskClub lowered shares of Sierra Bancorp from a sell rating to a strong sell rating in a research report on Tuesday, July 25th. Finally, Raymond James Financial, Inc. upgraded shares of Sierra Bancorp from a market perform rating to an outperform rating and set a $27.00 target price on the stock in a research report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $27.95.

Sierra Bancorp (NASDAQ:BSRR) opened at 25.28 on Friday. Sierra Bancorp has a 12-month low of $17.25 and a 12-month high of $29.50. The firm has a market cap of $349.82 million, a P/E ratio of 18.33 and a beta of 0.88. The firm’s 50-day moving average price is $25.66 and its 200 day moving average price is $25.64.

Sierra Bancorp (NASDAQ:BSRR) last issued its earnings results on Monday, July 24th. The financial services provider reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. Sierra Bancorp had a net margin of 20.35% and a return on equity of 9.13%. The firm had revenue of $23.20 million for the quarter, compared to analyst estimates of $22.80 million. Analysts forecast that Sierra Bancorp will post $1.52 earnings per share for the current fiscal year.

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In other news, Director Robert L. Fields sold 9,600 shares of Sierra Bancorp stock in a transaction on Monday, July 31st. The shares were sold at an average price of $27.14, for a total transaction of $260,544.00. Following the transaction, the director now owns 412,543 shares in the company, valued at $11,196,417.02. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robert L. Fields sold 2,465 shares of Sierra Bancorp stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $27.13, for a total transaction of $66,875.45. Following the transaction, the director now owns 410,078 shares in the company, valued at approximately $11,125,416.14. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,165 shares of company stock worth $330,119. 15.24% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the company. Tower Research Capital LLC TRC acquired a new position in shares of Sierra Bancorp during the second quarter worth $118,000. American International Group Inc. lifted its holdings in shares of Sierra Bancorp by 7.1% during the first quarter. American International Group Inc. now owns 7,174 shares of the financial services provider’s stock worth $197,000 after purchasing an additional 478 shares during the period. Cornerstone Capital Management Holdings LLC. lifted its holdings in shares of Sierra Bancorp by 12.4% during the second quarter. Cornerstone Capital Management Holdings LLC. now owns 7,231 shares of the financial services provider’s stock worth $177,000 after purchasing an additional 800 shares during the period. Trexquant Investment LP acquired a new position in shares of Sierra Bancorp during the second quarter worth $204,000. Finally, Wells Fargo & Company MN lifted its holdings in shares of Sierra Bancorp by 2.4% during the second quarter. Wells Fargo & Company MN now owns 8,321 shares of the financial services provider’s stock worth $205,000 after purchasing an additional 196 shares during the period. Institutional investors own 53.13% of the company’s stock.

About Sierra Bancorp

Sierra Bancorp is a bank holding company for Bank of the Sierra (the Bank). The Bank is a state-chartered bank, which offers a range of retail and commercial banking services. The Bank’s products and services are related to the business of lending money and accepting deposits. Its customers have access to electronic point-of-sale payment alternatives around the country through the Pulse Electronic Funds Transfer (EFT) network.

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