Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Sierra Bancorp $BSRR

Key Points

• Connor Clark & Lunn Investment Management acquired 34,840 Sierra Bancorp shares in the second quarter, worth approximately $1.42 million, giving it a 0.27% stake. Institutional investors collectively own 55.4% of the company.
• Sierra Bancorp reported quarterly EPS of $0.77, below the $0.89 consensus estimate, while revenue of $38.98 million also fell short of expectations. Analysts project full-year EPS of $3.55.
• The company raised its quarterly dividend to $0.27 per share, or $1.08 annually, representing a 2.7% yield. Despite the increase, analysts maintain a consensus “Hold” rating with an average price target of $38.67, below the stock’s $39.84 opening price.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Sierra Bancorp (NASDAQ:BSRR - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 34,840 shares of the financial services provider's stock, valued at approximately $1,420,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.27% of Sierra Bancorp as of its most recent SEC filing.

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

Sierra Bancorp Stock Performance

Sierra Bancorp stock opened at $39.84 on Friday. 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 fifty day moving average price of $40.76 and a two-hundred day moving average price of $37.95. Sierra Bancorp has a 52-week low of $26.49 and a 52-week high of $43.13. The firm has a market capitalization of $516.33 million, a P/E ratio of 11.65 and a beta of 0.77.

Sierra Bancorp (NASDAQ:BSRR - Get Free Report) last issued its earnings results on Monday, July 27th. The financial services provider reported $0.77 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.12). Sierra Bancorp had a net margin of 22.37% and a return on equity of 12.38%. The firm had revenue of $38.98 million during the quarter, compared to analyst estimates of $39.59 million. As a group, analysts anticipate 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. Investors of record on Monday, August 3rd were issued a dividend of $0.27 per share. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $1.08 annualized dividend and a yield of 2.7%. This is an increase from Sierra Bancorp's previous quarterly dividend of $0.26. Sierra Bancorp's payout ratio is 31.58%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Piper Sandler lowered their price objective on Sierra Bancorp from $40.00 to $39.00 and set a "neutral" rating on the stock in a research report 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 assigned a Hold rating to the company. According to data from MarketBeat, Sierra Bancorp presently has an average rating of "Hold" and an average price target of $38.67.

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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