Sierra Bancorp (NASDAQ:BSRR) Stock Rating Raised to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of Sierra Bancorp (NASDAQ:BSRR) from a hold rating to a strong-buy rating in a report released on Wednesday,Zacks reports.

A number of other equities analysts also recently issued reports on BSRR. DA Davidson increased their price objective on shares of Sierra Bancorp from $47.00 to $48.50 and gave the company a “buy” rating in a research note on Tuesday. Raymond James Financial reissued a “market perform” rating on shares of Sierra Bancorp in a research note on Monday. Piper Sandler lowered their target price on Sierra Bancorp from $40.00 to $39.00 and set a “neutral” rating for the company in a report on Monday, August 3rd. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Sierra Bancorp in a report on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $43.75.

Sierra Bancorp Trading Up 0.2%

BSRR opened at $42.43 on Wednesday. The company has a market capitalization of $549.89 million, a P/E ratio of 10.94 and a beta of 0.76. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.23. Sierra Bancorp has a 52 week low of $27.93 and a 52 week high of $44.00. The stock’s fifty day moving average is $40.10 and its two-hundred day moving average is $38.19.

Sierra Bancorp (NASDAQ:BSRR) last released its quarterly earnings data on Monday, October 26th. The financial services provider reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.27. Sierra Bancorp had a net margin of 25.32% and a return on equity of 13.86%. The company had revenue of $40.08 million during the quarter, compared to analyst estimates of $39.23 million. Analysts forecast that Sierra Bancorp will post 3.86 earnings per share for the current year.

Sierra Bancorp Dividend Announcement

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

Insider Activity at Sierra Bancorp

In other Sierra Bancorp news, CEO Kevin Mcphaill sold 4,000 shares of Sierra Bancorp stock in a transaction on 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 directly owned 63,807 shares of the company’s stock, valued at approximately $2,734,129.95. The trade was a 5.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lynda Scearcy sold 5,850 shares of Sierra Bancorp stock in a transaction on Thursday, October 29th. The stock was sold at an average price of $42.34, for a total transaction of $247,689.00. Following the completion of the transaction, the director directly owned 24,283 shares in the company, valued at $1,028,142.22. This represents a 19.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 11.83% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sierra Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc purchased a new stake in shares of Sierra Bancorp during the second quarter worth about $45,000. Ameritas Advisory Services LLC acquired a new position in Sierra Bancorp during the 2nd quarter valued at approximately $94,000. Integrated Wealth Concepts LLC acquired a new position in Sierra Bancorp during the 2nd quarter valued at approximately $94,000. Public Employees Retirement System of Ohio purchased a new position in shares of Sierra Bancorp in the second quarter worth $149,000. Finally, Corient Private Wealth LP acquired a new position in shares of Sierra Bancorp in the 2nd quarter valued at $216,000. 55.40% of the stock is currently owned by hedge funds and other institutional investors.

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.