357,606 Shares in Sierra Bancorp $BSRR Bought by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company acquired 357,606 Sierra Bancorp shares worth approximately $14.6 million, representing a 2.76% stake. Institutional investors collectively own 55.4% of the company.
• Analysts maintain a mixed outlook, with two Buy ratings and three Holds; the stock has an average rating of Hold and an average price target of $38.67.
• Sierra Bancorp reported quarterly earnings of $0.77 per share, below the $0.89 consensus estimate, but increased its quarterly dividend to $0.27 per share, equivalent to a 2.7% annual yield.

The Manufacturers Life Insurance Company bought a new position in shares of Sierra Bancorp (NASDAQ:BSRR - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 357,606 shares of the financial services provider's stock, valued at approximately $14,576,000. The Manufacturers Life Insurance Company owned 2.76% of Sierra Bancorp as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Sierra Bancorp during the second quarter valued at $1,420,000. Greenland Capital Management LP purchased a new position in Sierra Bancorp in the 2nd quarter worth about $393,000. Academy Capital Management purchased a new position in Sierra Bancorp in the 2nd quarter worth about $1,365,000. Ieq Capital LLC acquired a new stake in Sierra Bancorp during the 2nd quarter worth about $235,000. Finally, Patron Partners LLC acquired a new stake in Sierra Bancorp during the 2nd quarter worth about $419,000. 55.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on BSRR. Weiss Ratings reiterated a "buy (b)" rating on shares of Sierra Bancorp in a report on Wednesday, June 24th. 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 research report on Monday, August 3rd. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $38.67.

Sierra Bancorp Price Performance

BSRR opened at $39.84 on Friday. The firm has a market capitalization of $516.33 million, a P/E ratio of 11.65 and a beta of 0.77. The stock has a fifty day moving average of $40.76 and a 200-day moving average of $37.95. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.23. Sierra Bancorp has a 12-month low of $26.49 and a 12-month high of $43.13.

Sierra Bancorp (NASDAQ:BSRR - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.77 earnings per share for the quarter, missing analysts' consensus estimates of $0.89 by ($0.12). Sierra Bancorp had a net margin of 22.37% and a return on equity of 12.38%. The business had revenue of $38.98 million for the quarter, compared to analysts' expectations of $39.59 million. Equities analysts forecast that Sierra Bancorp will post 3.55 EPS for the current fiscal year.

Sierra Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, August 3rd were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Monday, August 3rd. This is a boost from Sierra Bancorp's previous quarterly dividend of $0.26. Sierra Bancorp's dividend payout ratio is 31.58%.

About Sierra Bancorp

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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