Sierra Bancorp (NASDAQ: BSRR) recently crossed its 200-day moving average during trading sessions on February 2, 2024. The stock’s moving average stands at $31.30, while shares reached a peak of $38.05 before closing at $37.27. This upward movement raises questions among investors about potential selling opportunities amid shifting analyst ratings.
Several investment research firms have provided updated evaluations of Sierra Bancorp’s stock. DA Davidson has increased its price target from $39.00 to $44.00, maintaining a “buy” rating as of February 2. Meanwhile, Keefe, Bruyette & Woods has adjusted their price objective from $32.00 to $33.00, assigning a “market perform” rating on October 29, 2023. Additionally, Zacks Research upgraded Sierra Bancorp from a “hold” to a “strong-buy” rating on the same day as DA Davidson’s report. Currently, the consensus rating is “Buy” with a target price of $38.50, according to data from MarketBeat.
Sierra Bancorp’s latest earnings report, released on February 2, revealed a profit of $0.97 earnings per share, surpassing analysts’ expectations of $0.85 by $0.12. The company reported quarterly revenue of $39.16 million, slightly below the anticipated $40.04 million. The firm’s net margin stood at 20.96%, with a return on equity of 11.90%. Analysts forecast an average of $2.95 earnings per share for the current fiscal year.
In addition to its financial performance, Sierra Bancorp announced an increase in its quarterly dividend, which will now be $0.26 per share, payable on February 17, 2024. Shareholders of record on February 9 will receive this dividend, which represents an increase from the previous quarterly dividend of $0.25. The new dividend yields 2.8% annually, with a payout ratio of 33.33%.
Recent insider transactions indicate activity among board members. On February 5, Director James C. Holly sold 5,000 shares at an average price of $37.93, totaling $189,650. After the transaction, Holly retained 302,970 shares, valued at approximately $11.49 million. Similarly, Director Julie G. Castle sold 750 shares for $28,447.50, which decreased her ownership by 23.58%.
Sierra Bancorp has also seen notable changes in institutional investor holdings. Raymond James Financial Inc. acquired a new position in the second quarter, valued around $26,000. Russell Investments Group Ltd. increased its stake by over 3,700% in the third quarter, now owning 1,068 shares worth approximately $31,000. Other investors, such as Tower Research Capital LLC and BNP Paribas Financial Markets, have also expanded their holdings, contributing to the significant institutional ownership, which stands at 55.40%.
Sierra Bancorp, headquartered in Porterville, California, operates through its banking subsidiary, offering a diverse range of financial services for individual and commercial clients. The company prioritizes relationship banking and local market knowledge, focusing on deposit-taking and lending activities. As the stock performance evolves, both investors and analysts will continue to monitor Sierra Bancorp’s trajectory closely.
