Bank of New York Mellon Corp Takes Position in Sierra Bancorp $BSRR

Key Points

• Bank of New York Mellon bought 92,746 Sierra Bancorp shares worth approximately $3.78 million, giving it a 0.72% stake. Institutional investors and hedge funds collectively own 55.4% of the company.
• Analyst sentiment remains cautious, with an average rating of “Hold” and a consensus price target of $38.67; Piper Sandler recently lowered its target to $39.
• Sierra Bancorp missed quarterly earnings expectations, reporting $0.77 EPS versus a $0.89 estimate, but raised its quarterly dividend to $0.27 per share, equivalent to a 2.6% yield.

Bank of New York Mellon Corp purchased a new position in shares of Sierra Bancorp (NASDAQ:BSRR - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 92,746 shares of the financial services provider's stock, valued at approximately $3,780,000. Bank of New York Mellon Corp owned about 0.72% of Sierra Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in Sierra Bancorp by 3.2% during the third quarter. Vanguard Group Inc. now owns 733,567 shares of the financial services provider's stock valued at $21,207,000 after buying an additional 22,931 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of Sierra Bancorp by 32.9% in the 1st quarter. Janus Henderson Group PLC now owns 344,133 shares of the financial services provider's stock valued at $11,673,000 after acquiring an additional 85,098 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of Sierra Bancorp by 16.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 238,620 shares of the financial services provider's stock valued at $7,085,000 after acquiring an additional 33,048 shares in the last quarter. Bridgeway Capital Management LLC raised its position in shares of Sierra Bancorp by 5.1% during the 4th quarter. Bridgeway Capital Management LLC now owns 132,990 shares of the financial services provider's stock valued at $4,346,000 after acquiring an additional 6,432 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Sierra Bancorp by 19.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 98,619 shares of the financial services provider's stock worth $3,345,000 after purchasing an additional 15,877 shares during the last quarter. 55.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Piper Sandler lowered their target price on shares of Sierra Bancorp from $40.00 to $39.00 and set a "neutral" rating for the company in a research note on Monday, August 3rd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Sierra Bancorp in a research report on Wednesday, June 24th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $38.67.

Sierra Bancorp Price Performance

BSRR opened at $41.08 on Monday. The stock's 50 day moving average price is $40.75 and its 200 day moving average price is $38.07. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market cap of $532.40 million, a P/E ratio of 12.01 and a beta of 0.76. 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 announced its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.89 by ($0.12). Sierra Bancorp had a return on equity of 12.38% and a net margin of 22.37%.The business had revenue of $38.98 million for the quarter, compared to analyst estimates of $39.59 million. As a group, research analysts predict that Sierra Bancorp will post 3.55 earnings per share for the current year.

Sierra Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, August 3rd were paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Monday, August 3rd. This is a positive change from Sierra Bancorp's previous quarterly dividend of $0.26. Sierra Bancorp's dividend payout ratio is 31.58%.

Sierra Bancorp 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.

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