Private Management Group Inc. Sells 90,149 Shares of Sierra Bancorp $BSRR

Key Points

• Private Management Group reduced its Sierra Bancorp stake by 17.2%, selling 90,149 shares and retaining 434,075 shares worth approximately $17.7 million. Institutional investors collectively own 55.4% of BSRR.
• Analysts maintain a consensus “Hold” rating, with an average price target of $38.67; Piper Sandler recently lowered its target to $39.00. Sierra Bancorp’s latest quarterly earnings of $0.77 per share missed estimates of $0.89.
• Sierra Bancorp increased its quarterly dividend to $0.27 per share, equivalent to an annualized $1.08 dividend and a 2.7% yield.

Private Management Group Inc. cut its holdings in Sierra Bancorp (NASDAQ:BSRR - Free Report) by 17.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 434,075 shares of the financial services provider's stock after selling 90,149 shares during the quarter. Private Management Group Inc. owned about 3.35% of Sierra Bancorp worth $17,693,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in BSRR. AQR Capital Management LLC raised its holdings in shares of Sierra Bancorp by 71.6% during the 1st quarter. AQR Capital Management LLC now owns 24,072 shares of the financial services provider's stock valued at $671,000 after purchasing an additional 10,046 shares in the last quarter. Jane Street Group LLC acquired a new stake in shares of Sierra Bancorp in the 1st quarter valued at $784,000. Rhumbline Advisers boosted its holdings in Sierra Bancorp by 2.7% in the second quarter. Rhumbline Advisers now owns 19,859 shares of the financial services provider's stock worth $590,000 after purchasing an additional 527 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Sierra Bancorp by 3.0% in the second quarter. Arrowstreet Capital Limited Partnership now owns 60,262 shares of the financial services provider's stock worth $1,789,000 after purchasing an additional 1,744 shares in the last quarter. Finally, Invesco Ltd. increased its position in Sierra Bancorp by 13.6% during the second quarter. Invesco Ltd. now owns 9,852 shares of the financial services provider's stock worth $293,000 after buying an additional 1,177 shares during the last quarter. 55.40% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BSRR has been the topic of several recent research reports. Weiss Ratings restated a "buy (b)" rating on shares of Sierra Bancorp in a report on Wednesday, June 24th. 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 report on Monday, August 3rd. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Sierra Bancorp presently has an average rating of "Hold" and a consensus price target of $38.67.

Sierra Bancorp Price Performance

NASDAQ BSRR opened at $39.84 on Friday. Sierra Bancorp has a 1 year low of $26.49 and a 1 year high of $43.13. The company has a fifty day simple moving average of $40.76 and a 200 day simple moving average of $37.95. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.23. The company has a market cap 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 announced 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 return on equity of 12.38% and a net margin of 22.37%.The firm had revenue of $38.98 million during the quarter, compared to the consensus estimate of $39.59 million. On average, sell-side analysts predict that Sierra Bancorp will post 3.55 EPS for the current year.

Sierra Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Monday, August 3rd were given 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 dividend yield of 2.7%. This is a boost from Sierra Bancorp's previous quarterly dividend of $0.26. Sierra Bancorp's payout ratio is presently 31.58%.

Sierra Bancorp Company 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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