Jupiter Topco LLC Makes New $17.86 Million Investment in Sierra Bancorp $BSRR

Key Points

• Jupiter Topco LLC acquired a new 3.38% stake in Sierra Bancorp, purchasing 438,288 shares valued at approximately $17.86 million. Institutional investors collectively own 55.4% of the company.
• Sierra Bancorp’s latest quarterly results fell short of expectations, with earnings of $0.77 per share versus the $0.89 consensus estimate and revenue of $38.98 million versus $39.59 million expected.
• The company raised its quarterly dividend to $0.27 per share, implying an annualized dividend of $1.08 and a 2.7% yield. Analysts maintain a consensus “Hold” rating with an average price target of $38.67.

Jupiter Topco LLC bought a new stake in Sierra Bancorp (NASDAQ:BSRR - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 438,288 shares of the financial services provider's stock, valued at approximately $17,865,000. Jupiter Topco LLC owned 3.38% of Sierra Bancorp at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Sierra Bancorp in the second quarter worth about $249,473,000. Janus Henderson Group PLC boosted its position in Sierra Bancorp by 32.9% in the first quarter. Janus Henderson Group PLC now owns 344,133 shares of the financial services provider's stock valued at $11,673,000 after buying an additional 85,098 shares during the last quarter. Oxbow Advisors LLC purchased a new stake in Sierra Bancorp in the second quarter valued at approximately $1,115,000. Kintayl Capital LP acquired a new position in Sierra Bancorp in the 2nd quarter worth approximately $1,354,000. Finally, Academy Capital Management acquired a new position in Sierra Bancorp in the 2nd quarter worth approximately $1,365,000. Hedge funds and other institutional investors own 55.40% of the company's stock.

Sierra Bancorp Price Performance

NASDAQ:BSRR opened at $39.84 on Friday. The company has a 50 day moving average price of $40.76 and a 200-day moving average price of $37.95. The firm has a market cap of $516.33 million, a price-to-earnings ratio of 11.65 and a beta of 0.77. Sierra Bancorp has a 1-year low of $26.49 and a 1-year high of $43.13. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.80 and a quick ratio of 0.80.

Sierra Bancorp (NASDAQ:BSRR - Get Free Report) last posted its earnings results on Monday, July 27th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.12). The firm had revenue of $38.98 million for the quarter, compared to analysts' expectations of $39.59 million. Sierra Bancorp had a return on equity of 12.38% and a net margin of 22.37%. Equities research analysts forecast that Sierra Bancorp will post 3.55 EPS for the current year.

Sierra Bancorp Increases Dividend

The business also recently disclosed 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 is a boost from Sierra Bancorp's previous quarterly dividend of $0.26. This represents a $1.08 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Monday, August 3rd. Sierra Bancorp's dividend payout ratio (DPR) is currently 31.58%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Piper Sandler dropped their price objective on shares of Sierra Bancorp from $40.00 to $39.00 and set a "neutral" rating on the stock in a report on Monday, August 3rd. Weiss Ratings reissued a "buy (b)" rating on shares of Sierra Bancorp in a report on Wednesday, June 24th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus 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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