The Manufacturers Life Insurance Company Buys New Shares in Plumas Bancorp $PLBC

The Manufacturers Life Insurance Company purchased a new stake in shares of Plumas Bancorp (NASDAQ:PLBC) in the 2nd quarter, Holdings Channel reports. The institutional investor purchased 234,503 shares of the financial services provider’s stock, valued at approximately $13,704,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Jane Street Group LLC bought a new position in shares of Plumas Bancorp in the first quarter worth about $255,000. Acadian Asset Management LLC purchased a new position in shares of Plumas Bancorp during the 1st quarter valued at about $78,000. Tower Research Capital LLC TRC grew its stake in shares of Plumas Bancorp by 623.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,636 shares of the financial services provider’s stock valued at $73,000 after acquiring an additional 1,410 shares during the period. Vanguard Group Inc. grew its stake in shares of Plumas Bancorp by 5.2% during the 3rd quarter. Vanguard Group Inc. now owns 306,458 shares of the financial services provider’s stock valued at $13,221,000 after acquiring an additional 15,080 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Plumas Bancorp by 5.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 103,639 shares of the financial services provider’s stock valued at $4,471,000 after acquiring an additional 5,124 shares during the period. Hedge funds and other institutional investors own 41.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PLBC shares. Stephens raised their target price on shares of Plumas Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Raymond James Financial reiterated an “outperform” rating and issued a $66.00 price target on shares of Plumas Bancorp in a research report on Thursday, July 16th. Wall Street Zen upgraded shares of Plumas Bancorp from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. Piper Sandler increased their price objective on shares of Plumas Bancorp from $66.00 to $69.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Finally, Weiss Ratings upgraded shares of Plumas Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research report on Friday, August 7th. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $66.33.

Plumas Bancorp Stock Up 1.0%

NASDAQ PLBC opened at $61.83 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $430.34 million, a P/E ratio of 12.17 and a beta of 0.60. Plumas Bancorp has a one year low of $39.80 and a one year high of $64.00. The stock has a 50 day moving average price of $60.44 and a 200-day moving average price of $54.68.

Plumas Bancorp (NASDAQ:PLBC) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.04. Plumas Bancorp had a net margin of 27.39% and a return on equity of 15.41%. The business had revenue of $28.76 million during the quarter, compared to analysts’ expectations of $28.02 million. As a group, equities analysts predict that Plumas Bancorp will post 5.71 EPS for the current fiscal year.

Plumas Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Monday, August 3rd were given a $0.33 dividend. The ex-dividend date was Monday, August 3rd. This represents a $1.32 annualized dividend and a yield of 2.1%. Plumas Bancorp’s dividend payout ratio (DPR) is currently 25.98%.

Insiders Place Their Bets

In other Plumas Bancorp news, EVP Kevin Craig Kaiser sold 1,200 shares of the company’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $61.50, for a total transaction of $73,800.00. Following the sale, the executive vice president directly owned 719 shares in the company, valued at $44,218.50. This represents a 62.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 7.40% of the stock is owned by insiders.

Plumas Bancorp Company Profile

Plumas Bancorp (NASDAQ:PLBC) is a bank holding company headquartered in Quincy, California, and the parent of Plumas Bank. The company focuses on community banking, delivering personalized financial solutions to individuals, families, small businesses and agricultural clients. Through its subsidiary, Plumas Bank offers a comprehensive range of deposit and lending products designed to meet the unique needs of customers in Northern California’s rural and semi-rural markets.

Plumas Bank’s product lineup includes checking and savings accounts, money market funds and certificates of deposit, alongside a variety of consumer lending options such as residential mortgages, home equity lines of credit and installment loans.