Polar Asset Management Partners Inc. Takes $15.68 Million Position in Sierra Bancorp $BSRR

Polar Asset Management Partners Inc. bought a new position in shares of Sierra Bancorp (NASDAQ:BSRR - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 398,737 shares of the financial services provider's stock, valued at approximately $15,678,000. Polar Asset Management Partners Inc. owned 3.08% of Sierra Bancorp as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new position in shares of Sierra Bancorp in the second quarter worth $26,000. Russell Investments Group Ltd. increased its position in shares of 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 acquiring an additional 1,040 shares during the period. Legal & General Group Plc acquired a new stake in shares of Sierra Bancorp in the second quarter valued at $45,000. Tower Research Capital LLC TRC raised its stake in shares of Sierra Bancorp by 57.7% in the second 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. Finally, Deutsche Bank AG acquired a new stake in shares of Sierra Bancorp in the second quarter valued at $76,000. 55.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently commented on the company. Piper Sandler lowered their target price on Sierra Bancorp from $40.00 to $39.00 and set a "neutral" rating for the company in a research note on Monday, August 3rd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Sierra Bancorp in a research report on Wednesday, June 24th. Finally, DA Davidson reiterated a "buy" rating and issued a $44.00 price objective on shares of Sierra Bancorp in a research note on Tuesday, April 28th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $38.67.

Insider Buying and Selling at Sierra Bancorp

In other news, EVP Hugh F. Boyle sold 10,000 shares of the business's stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $38.21, for a total transaction of $382,100.00. Following the completion of the sale, the executive vice president owned 21,781 shares in the company, valued at approximately $832,252.01. The trade was a 31.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 11.83% of the company's stock.

Sierra Bancorp Stock Performance

NASDAQ:BSRR opened at $39.46 on Wednesday. The firm has a market capitalization of $511.40 million, a PE ratio of 11.54 and a beta of 0.77. The business's fifty day moving average price is $40.75 and its 200 day moving average price is $37.91. 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 has a 12 month low of $26.49 and a 12 month high of $43.13.

Sierra Bancorp (NASDAQ:BSRR - Get Free Report) last announced its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.89 by ($0.12). Sierra Bancorp had a return on equity of 12.38% and a net margin of 22.37%.The business had revenue of $38.98 million for the quarter, compared to analysts' expectations of $39.59 million. On average, sell-side analysts anticipate that Sierra Bancorp will post 3.55 earnings per share for the current fiscal 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 issued a dividend of $0.27 per share. The ex-dividend date of this dividend was Monday, August 3rd. This is an increase 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%. Sierra Bancorp's dividend payout ratio is 31.58%.

Sierra Bancorp Profile

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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