Bank of New York Mellon Corp Buys New Holdings in Plumas Bancorp $PLBC

Key Points

• Bank of New York Mellon acquired 27,171 Plumas Bancorp shares worth approximately $1.59 million, representing about 0.39% of the company. Institutional investors and hedge funds collectively own 41.68% of PLBC.
• Plumas Bancorp exceeded quarterly expectations, reporting $1.41 in EPS versus the $1.37 consensus and revenue of $28.76 million. The company also declared a quarterly dividend of $0.33 per share, an annualized yield of roughly 2.1%.
• Analyst sentiment remains positive, with four Buy ratings and a consensus price target of $66.33; shares recently opened at $62.44 after trading between $39.80 and $64.00 over the past year.

Bank of New York Mellon Corp purchased a new position in Plumas Bancorp (NASDAQ:PLBC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 27,171 shares of the financial services provider's stock, valued at approximately $1,588,000. Bank of New York Mellon Corp owned approximately 0.39% of Plumas Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Fourthstone LLC raised its position in shares of Plumas Bancorp by 125.9% during the fourth quarter. Fourthstone LLC now owns 102,585 shares of the financial services provider's stock worth $4,585,000 after purchasing an additional 57,167 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Plumas Bancorp by 19.9% during the first quarter. The Manufacturers Life Insurance Company now owns 235,916 shares of the financial services provider's stock worth $11,517,000 after buying an additional 39,176 shares during the last quarter. Punch & Associates Investment Management Inc. lifted its stake in shares of Plumas Bancorp by 42.3% in the third quarter. Punch & Associates Investment Management Inc. now owns 62,535 shares of the financial services provider's stock valued at $2,698,000 after buying an additional 18,595 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Plumas Bancorp by 5.2% in the third quarter. Vanguard Group Inc. now owns 306,458 shares of the financial services provider's stock valued at $13,221,000 after buying an additional 15,080 shares in the last quarter. Finally, Man Group plc acquired a new position in shares of Plumas Bancorp during the third quarter valued at about $606,000. Institutional investors and hedge funds own 41.68% of the company's stock.

Plumas Bancorp Stock Performance

Shares of PLBC stock opened at $62.44 on Wednesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a 50-day moving average of $61.09 and a 200-day moving average of $55.18. Plumas Bancorp has a one year low of $39.80 and a one year high of $64.00. The company has a market cap of $434.58 million, a P/E ratio of 12.29 and a beta of 0.59.

Plumas Bancorp (NASDAQ:PLBC - Get Free Report) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.04. Plumas Bancorp had a net margin of 27.39% and a return on equity of 15.41%. The business had revenue of $28.76 million for the quarter, compared to analysts' expectations of $28.02 million. Equities research analysts forecast that Plumas Bancorp will post 5.71 EPS for the current fiscal year.

Plumas Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Monday, August 3rd were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $1.32 annualized dividend and a dividend yield of 2.1%. Plumas Bancorp's dividend payout ratio (DPR) is currently 25.98%.

Insider Buying and Selling at Plumas Bancorp

In other news, EVP Kevin Kaiser sold 1,200 shares of the company's stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $61.50, for a total value of $73,800.00. Following the completion of the transaction, the executive vice president directly owned 719 shares of the company's stock, valued at $44,218.50. This represents a 62.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 7.40% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Piper Sandler upped their target price on shares of Plumas Bancorp from $66.00 to $69.00 and gave the stock an "overweight" rating in a report on Thursday, July 16th. Stephens boosted their price objective on Plumas Bancorp from $60.00 to $64.00 and gave the stock an "overweight" rating in a report on Thursday, July 16th. Wall Street Zen downgraded Plumas Bancorp from a "buy" rating to a "hold" rating in a research note on Saturday, August 29th. Weiss Ratings raised Plumas Bancorp from a "buy (b)" rating to a "buy (b+)" rating in a research note on Friday, August 7th. Finally, Raymond James Financial restated an "outperform" rating and issued a $66.00 target price on shares of Plumas Bancorp in a report on Thursday, July 16th. Four analysts have rated the stock with a Buy rating, According to data from MarketBeat, Plumas Bancorp currently has a consensus rating of "Buy" and an average price target of $66.33.

Plumas Bancorp Company Profile

Plumas Bancorp NASDAQ: PLBC is a bank holding company headquartered in Quincy, California, and the parent of Plumas Bank. The company focuses on community banking, delivering personalized financial solutions to individuals, families, small businesses and agricultural clients. Through its subsidiary, Plumas Bank offers a comprehensive range of deposit and lending products designed to meet the unique needs of customers in Northern California's rural and semi-rural markets.

Plumas Bank's product lineup includes checking and savings accounts, money market funds and certificates of deposit, alongside a variety of consumer lending options such as residential mortgages, home equity lines of credit and installment loans.

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