The Manufacturers Life Insurance Company Acquires New Position in Sierra Bancorp $BSRR

The Manufacturers Life Insurance Company acquired a new stake in Sierra Bancorp (NASDAQ:BSRR) during the 2nd quarter, HoldingsChannel reports. The firm acquired 357,606 shares of the financial services provider’s stock, valued at approximately $14,576,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Sierra Bancorp during the 2nd quarter valued at $1,420,000. Greenland Capital Management LP purchased a new position in shares of Sierra Bancorp during the 2nd quarter valued at $393,000. Academy Capital Management acquired a new position in shares of Sierra Bancorp in the second quarter worth $1,365,000. Ieq Capital LLC acquired a new position in shares of Sierra Bancorp in the second quarter worth $235,000. Finally, Patron Partners LLC acquired a new position in shares of Sierra Bancorp in the second quarter worth $419,000. Hedge funds and other institutional investors own 55.40% of the company’s stock.

Sierra Bancorp Price Performance

Shares of BSRR opened at $39.84 on Friday. 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 firm has a market cap of $516.33 million, a PE ratio of 11.65 and a beta of 0.77. The firm’s 50 day moving average price is $40.76 and its 200 day moving average price is $37.95. Sierra Bancorp has a twelve month low of $26.49 and a twelve month high of $43.13.

Sierra Bancorp (NASDAQ:BSRR) last posted its earnings results on Monday, July 27th. The financial services provider reported $0.77 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.12). The business had revenue of $38.98 million during the quarter, compared to the consensus estimate of $39.59 million. Sierra Bancorp had a return on equity of 12.38% and a net margin of 22.37%. As a group, research analysts expect that Sierra Bancorp will post 3.55 EPS for the current fiscal year.

Sierra Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Monday, August 3rd were paid a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Monday, August 3rd. This is a boost from Sierra Bancorp’s previous quarterly dividend of $0.26. Sierra Bancorp’s dividend payout ratio (DPR) is presently 31.58%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Sierra Bancorp in a research report on Wednesday, June 24th. Piper Sandler dropped their target price on Sierra Bancorp from $40.00 to $39.00 and set a “neutral” rating on the stock in a research report on Monday, August 3rd. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $38.67.

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.