Nuveen LLC Invests $103.72 Million 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 stake in Plumas Bancorp (NASDAQ:PLBC - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,397,034 shares of the financial services provider's stock, valued at approximately $103,720,000. Nuveen LLC owned 40.49% of Plumas Bancorp at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. The Manufacturers Life Insurance Company boosted its holdings in Plumas Bancorp by 0.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 171,063 shares of the financial services provider's stock valued at $8,084,000 after purchasing an additional 537 shares during the last quarter. De Lisle Partners LLP boosted its holdings in Plumas Bancorp by 1.7% in the first quarter. De Lisle Partners LLP now owns 164,818 shares of the financial services provider's stock valued at $7,183,000 after purchasing an additional 2,825 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Plumas Bancorp by 3.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 83,391 shares of the financial services provider's stock valued at $3,941,000 after purchasing an additional 3,121 shares during the last quarter. Northern Trust Corp boosted its holdings in Plumas Bancorp by 3.0% in the fourth quarter. Northern Trust Corp now owns 42,613 shares of the financial services provider's stock valued at $2,014,000 after purchasing an additional 1,227 shares during the last quarter. Finally, Albert D Mason Inc. boosted its holdings in Plumas Bancorp by 354.3% in the first quarter. Albert D Mason Inc. now owns 33,979 shares of the financial services provider's stock valued at $1,470,000 after purchasing an additional 26,500 shares during the last quarter. 41.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Plumas Bancorp Price Performance

Plumas Bancorp stock traded down $0.40 during midday trading on Friday, reaching $41.41. The company had a trading volume of 8,788 shares, compared to its average volume of 13,488. The company has a market capitalization of $287.80 million, a P/E ratio of 8.54 and a beta of 0.63. Plumas Bancorp has a 12-month low of $37.30 and a 12-month high of $51.33. The firm's fifty day simple moving average is $43.14 and its 200-day simple moving average is $43.46.

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

Plumas Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 1st were issued a $0.30 dividend. The ex-dividend date was Friday, August 1st. This represents a $1.20 dividend on an annualized basis and a yield of 2.9%. Plumas Bancorp's dividend payout ratio is presently 24.74%.

Insider Buying and Selling

In other Plumas Bancorp news, Director Michael Kevin Foster acquired 749 shares of the business's stock in a transaction on Monday, July 21st. The stock was bought at an average price of $42.56 per share, for a total transaction of $31,877.44. Following the acquisition, the director owned 2,330 shares in the company, valued at approximately $99,164.80. The trade was a 47.38% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 7.70% of the company's stock.

Plumas Bancorp Profile

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.