Sierra Bancorp’s stock price has risen above its two-hundred-day moving average during trading on February 2, 2024. The financial services provider’s shares reached a high of $38.05 before settling at $37.27, marking a significant movement from the two-hundred-day average of $31.30. The trading volume for the day was 74,572 shares, highlighting increased investor interest.
Analyst Upgrades Boost Confidence
Several research firms have recently provided updates on Sierra Bancorp (NASDAQ: BSRR), further influencing its stock performance. DA Davidson raised its price target on the shares from $39.00 to $44.00, maintaining a “buy” rating. In another report, Keefe, Bruyette & Woods increased their price objective from $32.00 to $33.00, issuing a “market perform” rating.
On the same day, Zacks Research upgraded Sierra Bancorp from a “hold” to a “strong-buy” rating. Meanwhile, Weiss Ratings reaffirmed a “buy (b)” rating, suggesting that investor sentiment remains positive. Overall, analysts have given the stock a consensus rating of “Buy” with a target price averaging $38.50 according to MarketBeat.
Financial Performance and Dividend Announcement
Sierra Bancorp reported its latest earnings results on February 2, 2024, revealing an earnings per share (EPS) of $0.97 for the quarter. This figure surpassed analysts’ expectations of $0.85 by $0.12. The company recorded revenues of $39.16 million, slightly below the consensus estimate of $40.04 million. The firm achieved a net margin of 20.96% and a return on equity of 11.90%. Analysts predict that Sierra Bancorp will post an EPS of 2.95 for the current fiscal year.
In addition to its earnings report, Sierra Bancorp announced an increase in its quarterly dividend, which will be paid on February 17, 2024. Shareholders of record by February 9, 2024, will receive a dividend of $0.26, up from the previous $0.25 per share. This adjustment represents an annualized dividend of $1.04 and a yield of 2.8%. The company currently maintains a dividend payout ratio of 33.33%.
Insider Transactions and Institutional Investments
On February 5, 2024, Director James C. Holly sold 5,000 shares of Sierra Bancorp at an average price of $37.93, amounting to a total of $189,650. Following this transaction, his holdings decreased to 302,970 shares, valued at approximately $11,491,652.10, reflecting a 1.62% reduction in his position. Another director, Julie G. Castle, sold 750 shares on the same day for a total of $28,447.50, reducing her ownership by 23.58%.
In recent months, several institutional investors have altered their stakes in Sierra Bancorp. Notably, Raymond James Financial Inc. acquired a new position valued at approximately $26,000 in the second quarter. Russell Investments Group Ltd. significantly increased its holdings by 3,714.3% in the third quarter, now owning 1,068 shares after acquiring an additional 1,040 shares. Other notable changes include Tower Research Capital LLC, which boosted its holdings by 57.7%, and BNP Paribas Financial Markets, which raised its position by 121.6%.
Currently, approximately 55.40% of Sierra Bancorp’s stock is held by institutional investors, indicating strong institutional interest in the company.
Sierra Bancorp, headquartered in Porterville, California, operates as a bank holding company and offers a comprehensive range of financial services tailored to individual and commercial clients. With a commitment to relationship banking and local market expertise, the company continues to focus on deposit-taking and lending activities.
