BlackRock Inc. Acquires New Position in Sierra Bancorp $BSRR

Key Points

• BlackRock acquired 1.31 million Sierra Bancorp shares worth approximately $53.2 million, giving it a 10.08% stake. Institutional investors and hedge funds collectively own 55.4% of BSRR.
• Analyst sentiment remains cautious: BSRR has an average “Hold” rating and a consensus price target of $38.67, while Piper Sandler cut its target to $39.00. The company recently missed quarterly earnings and revenue estimates.
• Sierra Bancorp raised its quarterly dividend to $0.27 per share, equivalent to a $1.08 annualized payout and a 2.7% yield.

BlackRock Inc. purchased a new position in Sierra Bancorp (NASDAQ:BSRR - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,306,403 shares of the financial services provider's stock, valued at approximately $53,249,000. BlackRock Inc. owned approximately 10.08% of Sierra Bancorp as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Raymond James Financial Inc. acquired a new position in shares of Sierra Bancorp during the second quarter worth about $26,000. Russell Investments Group Ltd. raised its holdings in Sierra Bancorp by 3,714.3% in the third quarter. Russell Investments Group Ltd. now owns 1,068 shares of the financial services provider's stock valued at $31,000 after acquiring an additional 1,040 shares in the last quarter. Deutsche Bank AG acquired a new stake in Sierra Bancorp in the second quarter valued at approximately $76,000. Longfellow Investment Management Co. LLC purchased a new position in Sierra Bancorp in the second quarter worth approximately $82,000. Finally, Tower Research Capital LLC TRC lifted its stake in Sierra Bancorp by 57.7% in the second quarter. Tower Research Capital LLC TRC now owns 2,266 shares of the financial services provider's stock worth $67,000 after acquiring an additional 829 shares during the last quarter. 55.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BSRR has been the subject of a number of analyst reports. 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 report on Wednesday, June 24th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $38.67.

Sierra Bancorp Stock Down 0.6%

Shares of NASDAQ:BSRR opened at $39.62 on Tuesday. The company has a market capitalization of $513.48 million, a PE ratio of 11.58 and a beta of 0.77. 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 has a twelve month low of $26.49 and a twelve month high of $43.13. The firm has a 50 day simple moving average of $40.77 and a 200-day simple moving average of $37.98.

Sierra Bancorp (NASDAQ:BSRR - Get Free Report) last posted its earnings results on Monday, July 27th. The financial services provider reported $0.77 EPS 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 company had revenue of $38.98 million during the quarter, compared to analysts' expectations of $39.59 million. On average, equities analysts predict that Sierra Bancorp will post 3.55 EPS for the current fiscal year.

Sierra Bancorp Increases Dividend

The company also recently declared 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 annualized dividend and a yield of 2.7%. This is a positive change from Sierra Bancorp's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Monday, August 3rd. Sierra Bancorp's dividend payout ratio is presently 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.

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