Nuveen LLC Acquires New Holdings in Plumas Bancorp (NASDAQ:PLBC)

Key Points

• Nuveen LLC has invested approximately $103.72 million into Plumas Bancorp, acquiring 40.49% of the company's shares.
• Plumas Bancorp recently announced a quarterly dividend of $0.30 per share, translating to an annualized yield of 2.8% for shareholders.
• The company reported a missed earnings target with $1.05 EPS compared to the consensus estimate of $1.20, alongside revenue of $20.54 million in its latest quarterly earnings.

Nuveen LLC bought a new position in Plumas Bancorp (NASDAQ:PLBC - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 2,397,034 shares of the financial services provider's stock, valued at approximately $103,720,000. Nuveen LLC owned about 40.49% of Plumas Bancorp as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of PLBC. Abound Financial LLC purchased a new position in Plumas Bancorp in the 1st quarter worth about $42,000. Tower Research Capital LLC TRC increased its position in shares of Plumas Bancorp by 447.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,106 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 904 shares during the last quarter. Copeland Capital Management LLC purchased a new stake in shares of Plumas Bancorp during the 1st quarter valued at about $53,000. GAMMA Investing LLC increased its position in shares of Plumas Bancorp by 4,382.1% during the 1st quarter. GAMMA Investing LLC now owns 1,255 shares of the financial services provider's stock valued at $54,000 after purchasing an additional 1,227 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of Plumas Bancorp by 27.9% during the 4th quarter. Wells Fargo & Company MN now owns 3,221 shares of the financial services provider's stock valued at $152,000 after purchasing an additional 703 shares during the last quarter. Hedge funds and other institutional investors own 41.68% of the company's stock.

Insider Activity at Plumas Bancorp

In related news, Director Michael Kevin Foster acquired 749 shares of the company's stock in a transaction that occurred on Monday, July 21st. The shares were bought at an average price of $42.56 per share, with a total value of $31,877.44. Following the completion of the transaction, the director directly owned 2,330 shares in the company, valued at $99,164.80. This trade represents a 47.38% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 7.70% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PLBC shares. Piper Sandler reduced their price target on shares of Plumas Bancorp from $65.00 to $64.00 and set an "overweight" rating for the company in a research report on Thursday, July 17th. Raymond James Financial restated an "outperform" rating and issued a $50.00 price target (up from $48.00) on shares of Plumas Bancorp in a research note on Tuesday, July 8th.

Plumas Bancorp Stock Performance

Plumas Bancorp stock traded down $0.40 during mid-day trading on Friday, hitting $41.41. The company's stock had a trading volume of 8,788 shares, compared to its average volume of 12,302. The company has a 50 day moving average of $43.17 and a 200-day moving average of $43.53. The stock has a market cap of $287.80 million, a PE ratio of 8.54 and a beta of 0.63. Plumas Bancorp has a one year low of $37.30 and a one year high of $51.33.

Plumas Bancorp (NASDAQ:PLBC - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $1.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.20 by ($0.15). The business had revenue of $20.54 million for the quarter, compared to the consensus estimate of $21.00 million. Plumas Bancorp had a net margin of 30.81% and a return on equity of 15.71%. During the same quarter in the prior year, the business posted $1.14 earnings per share. On average, equities research analysts forecast that Plumas Bancorp will post 4.51 EPS for the current fiscal year.

Plumas Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, August 1st will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Friday, August 1st. Plumas Bancorp's payout ratio is presently 24.74%.

About Plumas Bancorp

Plumas Bancorp operates as the bank holding company for the Plumas Bank that provides various banking products and services for small and middle market businesses, and individuals in Northeastern California and Northwestern Nevada. The company accepts various deposits, such as checking, money market checking, business sweep, public funds sweep, savings, time deposit, and retirement accounts.