Sierra Bancorp (NASDAQ:BSRR) Shares Gap Down – Here’s What Happened

Sierra Bancorp (NASDAQ:BSRR)’s share price gapped down prior to trading on Friday . The stock had previously closed at $41.72, but opened at $38.43. Sierra Bancorp shares last traded at $41.6320, with a volume of 6,994 shares trading hands.

Analysts Set New Price Targets

BSRR has been the topic of a number of research analyst reports. Piper Sandler lowered their target price on Sierra Bancorp from $36.00 to $34.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Zacks Research downgraded shares of Sierra Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, April 6th. DA Davidson restated a “buy” rating and set a $44.00 price objective on shares of Sierra Bancorp in a research report on Tuesday, April 28th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Sierra Bancorp in a research note on Wednesday, June 24th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Sierra Bancorp currently has an average rating of “Hold” and an average price target of $37.00.

Sierra Bancorp Stock Performance

The firm has a market capitalization of $547.79 million, a PE ratio of 12.21 and a beta of 0.76. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a fifty day moving average price of $40.00 and a 200 day moving average price of $37.03.

Sierra Bancorp (NASDAQ:BSRR) last released its quarterly earnings results on Monday, April 27th. The financial services provider reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.14. The business had revenue of $38.66 million during the quarter, compared to analyst estimates of $39.68 million. Sierra Bancorp had a return on equity of 12.67% and a net margin of 22.53%. Research analysts anticipate that Sierra Bancorp will post 3.73 earnings per share for the current fiscal year.

Sierra Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Monday, August 3rd will be issued a dividend of $0.27 per share. This is an increase from Sierra Bancorp’s previous quarterly dividend of $0.26. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Monday, August 3rd. Sierra Bancorp’s dividend payout ratio (DPR) is presently 30.32%.

Insider Activity at Sierra Bancorp

In related news, CFO Christopher G. Treece sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $38.18, for a total value of $381,800.00. Following the completion of the sale, the chief financial officer owned 39,095 shares in the company, valued at approximately $1,492,647.10. This represents a 20.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Hugh F. Boyle sold 10,000 shares of the stock in a transaction on Friday, May 29th. The shares were sold at an average price of $38.21, for a total value of $382,100.00. Following the completion of the sale, the executive vice president owned 21,781 shares of the company’s stock, valued at $832,252.01. The trade was a 31.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 25,000 shares of company stock worth $954,108. 11.83% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sierra Bancorp

A number of institutional investors have recently bought and sold shares of the business. Invesco Ltd. increased its holdings in shares of Sierra Bancorp by 13.6% in the 2nd quarter. Invesco Ltd. now owns 9,852 shares of the financial services provider’s stock valued at $293,000 after purchasing an additional 1,177 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Sierra Bancorp by 25.7% during the third quarter. Franklin Resources Inc. now owns 9,578 shares of the financial services provider’s stock worth $277,000 after purchasing an additional 1,960 shares during the period. Price T Rowe Associates Inc. MD acquired a new stake in shares of Sierra Bancorp during the fourth quarter worth approximately $247,000. Occudo Quantitative Strategies LP acquired a new stake in shares of Sierra Bancorp during the fourth quarter worth approximately $217,000. Finally, BNP Paribas Financial Markets grew its position in Sierra Bancorp by 121.6% during the third quarter. BNP Paribas Financial Markets now owns 3,565 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 1,956 shares in the last quarter. 55.40% of the stock is currently owned by institutional investors and hedge funds.

Sierra Bancorp Company Profile

Sierra Bancorp (NASDAQ: BSRR) is a bank holding company headquartered in Porterville, California. The company operates through its banking subsidiary, offering a full suite of financial services to individual and commercial clients. With a community-focused approach, Sierra Bancorp emphasizes relationship banking and local market expertise.

Its core business activities include deposit-taking and lending. On the deposit side, Sierra Bancorp provides checking, savings, money market and certificate of deposit accounts.