BlackRock Inc. Purchases Shares of 457,797 Plumas Bancorp $PLBC

Key Points

• BlackRock acquired 457,797 shares of Plumas Bancorp in the second quarter, valued at approximately $26.8 million, giving it a 6.57% stake. Institutional investors collectively own 41.68% of the company.
• Analysts maintain a favorable outlook, with Plumas Bancorp carrying a consensus “Buy” rating and an average price target of $66.33. Recent targets range from $64 to $69.
• Plumas Bancorp reported quarterly earnings of $1.41 per share, exceeding estimates, and revenue of $28.76 million. The company also pays a quarterly dividend of $0.33, equivalent to a 2.1% annual yield.

BlackRock Inc. purchased a new stake in shares of Plumas Bancorp (NASDAQ:PLBC - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 457,797 shares of the financial services provider's stock, valued at approximately $26,754,000. BlackRock Inc. owned about 6.57% of Plumas Bancorp at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Fourthstone LLC increased its stake in Plumas Bancorp by 125.9% in the fourth quarter. Fourthstone LLC now owns 102,585 shares of the financial services provider's stock valued at $4,585,000 after acquiring an additional 57,167 shares during the last quarter. Rice Hall James & Associates LLC purchased a new stake in shares of Plumas Bancorp in the 2nd quarter valued at $2,479,000. The Manufacturers Life Insurance Company grew its holdings in shares of Plumas Bancorp by 19.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 235,916 shares of the financial services provider's stock valued at $11,517,000 after purchasing an additional 39,176 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Plumas Bancorp in the 2nd quarter worth $1,588,000. Finally, Punch & Associates Investment Management Inc. raised its position in Plumas Bancorp by 42.3% in the 3rd quarter. Punch & Associates Investment Management Inc. now owns 62,535 shares of the financial services provider's stock worth $2,698,000 after purchasing an additional 18,595 shares during the period. 41.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Plumas Bancorp

In related news, EVP Kevin Craig Kaiser sold 1,200 shares of the company's stock in a transaction 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 sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 7.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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

Plumas Bancorp Trading Up 2.5%

Shares of PLBC opened at $62.36 on Thursday. The firm's 50-day moving average price is $60.71 and its 200-day moving average price is $54.89. The firm has a market capitalization of $434.03 million, a price-to-earnings ratio of 12.28 and a beta of 0.59. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.06. Plumas Bancorp has a 1-year low of $39.80 and a 1-year high of $64.00.

Plumas Bancorp (NASDAQ:PLBC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $1.41 EPS for the quarter, topping the consensus estimate of $1.37 by $0.04. The business had revenue of $28.76 million during the quarter, compared to analyst estimates of $28.02 million. Plumas Bancorp had a net margin of 27.39% and a return on equity of 15.41%. Sell-side analysts anticipate that Plumas Bancorp will post 5.71 EPS for the current year.

Plumas Bancorp Dividend Announcement

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

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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