Sierra Bancorp (NASDAQ:BSRR) Upgraded to "Strong-Buy" at Zacks Research

Key Points

• Zacks Research upgraded Sierra Bancorp from “hold” to “strong-buy.” Other analysts remain mixed, resulting in a “Moderate Buy” consensus rating and an average price target of $43.75.
• Sierra Bancorp reported quarterly EPS of $1.18, beating the $0.91 consensus estimate, while revenue of $40.08 million also exceeded expectations.
• The stock opened at $42.43, near its 12-month high of $44.00; institutional investors own 55.40% of shares, while two insiders recently sold stock worth a combined approximately $419,000.

Sierra Bancorp (NASDAQ:BSRR - Get Free Report) was upgraded by research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Wednesday, Zacks reports.

BSRR has been the topic of a number of other reports. Piper Sandler reduced their price target on shares of Sierra Bancorp from $40.00 to $39.00 and set a "neutral" rating on the stock in a research report on Monday, August 3rd. Raymond James Financial reaffirmed a "market perform" rating on shares of Sierra Bancorp in a research report on Monday. DA Davidson increased their price objective on shares of Sierra Bancorp from $47.00 to $48.50 and gave the stock a "buy" rating in a research note on Tuesday. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Sierra Bancorp in a report on Monday, September 21st. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Sierra Bancorp has a consensus rating of "Moderate Buy" and an average price target of $43.75.

Sierra Bancorp Stock Performance

BSRR stock opened at $42.43 on Wednesday. The stock's 50 day simple moving average is $40.10 and its 200 day simple moving average is $38.19. Sierra Bancorp has a 12-month low of $27.93 and a 12-month high of $44.00. The firm has a market cap of $549.89 million, a P/E ratio of 10.91 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.

Sierra Bancorp (NASDAQ:BSRR - Get Free Report) last released its quarterly earnings data on Monday, October 26th. The financial services provider reported $1.18 EPS 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 firm had revenue of $40.08 million during the quarter, compared to the consensus estimate of $39.23 million. As a group, equities research analysts predict that Sierra Bancorp will post 3.86 EPS for the current year.

Insider Buying and Selling at Sierra Bancorp

In other news, Director Lynda Scearcy sold 5,850 shares of the business's stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $42.34, for a total transaction of $247,689.00. Following the completion of the transaction, the director owned 24,283 shares of the company's stock, valued at approximately $1,028,142.22. The trade was a 19.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Kevin Mcphaill sold 4,000 shares of the company's stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $42.85, for a total transaction of $171,400.00. Following the transaction, the chief executive officer owned 63,807 shares of the company's stock, valued at $2,734,129.95. This represents a 5.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 11.83% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new position in Sierra Bancorp in the 2nd quarter worth approximately $53,249,000. Jupiter Topco LLC acquired a new position in Sierra Bancorp during the 2nd quarter worth $17,865,000. The Manufacturers Life Insurance Company bought a new position in shares of Sierra Bancorp in the second quarter worth $14,576,000. Janus Henderson Group PLC grew its stake in shares of Sierra Bancorp by 32.9% in the first quarter. Janus Henderson Group PLC now owns 344,133 shares of the financial services provider's stock worth $11,673,000 after purchasing an additional 85,098 shares in the last quarter. Finally, Basswood Capital Management L.L.C. bought a new position in shares of Sierra Bancorp in the second quarter worth $7,503,000. Institutional investors own 55.40% of the company's stock.

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.

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