Sierra Bancorp (NASDAQ:BSRR) Hits New 52-Week High on Strong Earnings

Sierra Bancorp (NASDAQ:BSRR)’s stock price reached a new 52-week high during trading on Monday following a stronger than expected earnings report. The company traded as high as $44.00 and last traded at $43.1350, with a volume of 6,799 shares traded. The stock had previously closed at $40.41.

The financial services provider reported $1.18 EPS for the quarter, beating the consensus estimate of $0.91 by $0.27. Sierra Bancorp had a net margin of 22.37% and a return on equity of 12.38%. The business had revenue of $40.08 million during the quarter, compared to analyst estimates of $39.23 million.

Sierra Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 9th. Investors of record on Monday, November 2nd will be issued a $0.27 dividend. The ex-dividend date of this dividend is Monday, November 2nd. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.5%. Sierra Bancorp’s dividend payout ratio (DPR) is presently 31.58%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Piper Sandler decreased their price target on Sierra Bancorp from $40.00 to $39.00 and set a “neutral” rating on the stock in a report on Monday, August 3rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Sierra Bancorp in a research note on Monday, September 21st. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $38.67.

Institutional Investors Weigh In On Sierra Bancorp

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

Sierra Bancorp Price Performance

The firm’s 50-day moving average price is $39.95 and its two-hundred day moving average price is $39.40. The stock has a market cap of $556.31 million, a PE ratio of 12.55 and a beta of 0.76. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.23.

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.