30,569 Sierra Bancorp $BSRR Shares Sold by Private Management Group Inc.

Key Points

• Private Management Group cut its Sierra Bancorp stake by 7% in the third quarter, selling 30,569 shares; it still held 403,506 shares, worth about $15.8 million.
• Sierra Bancorp reported quarterly EPS of $1.18, beating the $0.91 analyst consensus, and revenue of $40.08 million versus estimates of $39.23 million.
• Company insiders sold 39,885 shares worth about $1.68 million over the quarter. Analysts’ consensus rating was “Moderate Buy,” with a $43.83 price target.

Private Management Group Inc. decreased its position in Sierra Bancorp (NASDAQ:BSRR - Free Report) by 7.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 403,506 shares of the financial services provider's stock after selling 30,569 shares during the quarter. Private Management Group Inc. owned 3.11% of Sierra Bancorp worth $15,757,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Sequoia Financial Advisors LLC acquired a new stake in shares of Sierra Bancorp during the 2nd quarter valued at approximately $385,000. Engineers Gate Manager LP acquired a new position in Sierra Bancorp in the second quarter worth $375,000. Integrated Wealth Concepts LLC acquired a new position in Sierra Bancorp in the second quarter worth $94,000. Corient Private Wealth LP acquired a new position in Sierra Bancorp in the second quarter worth $219,000. Finally, Ameritas Advisory Services LLC bought a new stake in Sierra Bancorp during the second quarter valued at $94,000. 55.40% of the stock is currently owned by institutional investors.

Insider Transactions at Sierra Bancorp

In related news, CEO Kevin Mcphaill sold 4,000 shares of the stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $42.85, for a total value of $171,400.00. Following the sale, the chief executive officer owned 63,807 shares of the company's stock, valued at $2,734,129.95. This trade represents a 5.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Christopher Treece sold 4,000 shares of the stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $42.51, for a total transaction of $170,040.00. Following the completion of the sale, the chief financial officer directly owned 35,095 shares in the company, valued at approximately $1,491,888.45. This trade represents a 10.23% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 39,885 shares of company stock worth $1,677,757. Insiders own 11.83% of the company's stock.

Analysts Set New Price Targets

BSRR has been the topic of a number of research reports. Piper Sandler dropped their target price on shares of Sierra Bancorp from $40.00 to $39.00 and set a "neutral" rating on the stock in a report on Monday, August 3rd. Raymond James Financial reaffirmed a "market perform" rating on shares of Sierra Bancorp in a report on Monday, October 26th. DA Davidson boosted their price objective on shares of Sierra Bancorp from $47.00 to $48.50 and gave the company a "buy" rating in a research report on Tuesday, October 27th. Keefe, Bruyette & Woods increased their price objective on shares of Sierra Bancorp from $42.00 to $44.00 and gave the stock a "market perform" rating in a research note on Tuesday, November 3rd. Finally, Weiss Ratings upgraded shares of Sierra Bancorp from a "buy (b)" rating to a "buy (b+)" rating in a research note on Monday, November 2nd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Sierra Bancorp has a consensus rating of "Moderate Buy" and a consensus price target of $43.83.

Sierra Bancorp Trading Up 1.2%

NASDAQ:BSRR opened at $41.92 on Tuesday. The firm has a market capitalization of $543.70 million, a P/E ratio of 11.04 and a beta of 0.75. The business has a 50 day simple moving average of $40.44 and a 200 day simple moving average of $38.44. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.81 and a quick ratio of 0.80. Sierra Bancorp has a 12-month low of $28.35 and a 12-month high of $44.00.

Sierra Bancorp (NASDAQ:BSRR - Get Free Report) last issued its earnings results on Monday, October 26th. The financial services provider reported $1.18 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.27. The firm had revenue of $40.08 million for the quarter, compared to analyst estimates of $39.23 million. Sierra Bancorp had a return on equity of 13.89% and a net margin of 25.32%. Equities research analysts predict that Sierra Bancorp will post 3.86 EPS for the current year.

Sierra Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 9th. Stockholders of record on Monday, November 2nd were given a dividend of $0.27 per share. The ex-dividend date was Monday, November 2nd. This represents a $1.08 annualized dividend and a dividend yield of 2.6%. Sierra Bancorp's dividend payout ratio is currently 27.84%.

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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