Texas Capital Bank Wealth Management Services Inc Makes New $3.51 Million Investment in Sierra Bancorp $BSRR

Key Points

• Texas Capital Bank Wealth Management Services acquired 89,267 Sierra Bancorp shares worth approximately $3.51 million, taking a 0.69% stake. Institutional investors collectively own 55.40% of the company.
• Sierra Bancorp insiders sold 20,000 shares in two transactions totaling about $763,900, while analysts maintain an overall “Hold” rating with an average price target of $38.67.
• The bank reported quarterly EPS of $0.77, below the $0.89 consensus estimate, but increased its quarterly dividend to $0.27 per share, equivalent to a 2.6% annualized yield.

Texas Capital Bank Wealth Management Services Inc acquired a new stake in shares of Sierra Bancorp (NASDAQ:BSRR - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 89,267 shares of the financial services provider's stock, valued at approximately $3,510,000. Texas Capital Bank Wealth Management Services Inc owned approximately 0.69% of Sierra Bancorp at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of Sierra Bancorp in the 2nd quarter worth approximately $249,473,000. Vanguard Group Inc. boosted its stake in Sierra Bancorp by 3.2% in the 3rd quarter. Vanguard Group Inc. now owns 733,567 shares of the financial services provider's stock valued at $21,207,000 after buying an additional 22,931 shares in the last quarter. Janus Henderson Group PLC grew 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 acquiring an additional 85,098 shares during the period. Ameriprise Financial Inc. grew its position in Sierra Bancorp by 16.1% in the second quarter. Ameriprise Financial Inc. now owns 238,620 shares of the financial services provider's stock valued at $7,085,000 after acquiring an additional 33,048 shares during the period. Finally, Bridgeway Capital Management LLC raised its stake in Sierra Bancorp by 5.1% during the fourth quarter. Bridgeway Capital Management LLC now owns 132,990 shares of the financial services provider's stock worth $4,346,000 after acquiring an additional 6,432 shares in the last quarter. 55.40% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Sierra Bancorp

In other news, CFO Christopher G. Treece sold 10,000 shares of the firm's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $38.18, for a total value of $381,800.00. Following the completion of the sale, the chief financial officer directly owned 39,095 shares in the company, valued at approximately $1,492,647.10. This trade represents a 20.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Hugh F. Boyle sold 10,000 shares of Sierra Bancorp stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $38.21, for a total value of $382,100.00. Following the completion of the transaction, the executive vice president directly owned 21,781 shares of the company's stock, valued at $832,252.01. This represents a 31.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 11.83% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Weiss Ratings reissued a "buy (b)" rating on shares of Sierra Bancorp in a report on Wednesday, June 24th. DA Davidson reaffirmed a "buy" rating and issued a $44.00 target price on shares of Sierra Bancorp in a report on Tuesday, April 28th. Finally, Piper Sandler dropped their target price on shares of Sierra Bancorp from $40.00 to $39.00 and set a "neutral" rating for the company in a research report on Monday, August 3rd. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $38.67.

Sierra Bancorp Stock Down 0.5%

Shares of BSRR opened at $40.81 on Tuesday. The company has a market capitalization of $528.90 million, a P/E ratio of 11.93 and a beta of 0.77. 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 one year low of $26.49 and a one year high of $43.13. The business's 50 day simple moving average is $40.77 and its 200-day simple moving average is $37.74.

Sierra Bancorp (NASDAQ:BSRR - Get Free Report) last released its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.77 earnings per share for the quarter, missing analysts' consensus estimates of $0.89 by ($0.12). Sierra Bancorp had a net margin of 22.37% and a return on equity of 12.38%. The business had revenue of $38.98 million for the quarter, compared to analyst estimates of $39.59 million. As a group, sell-side analysts predict that Sierra Bancorp will post 3.55 EPS for the current fiscal year.

Sierra Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, August 3rd were issued a dividend of $0.27 per share. The ex-dividend date was Monday, August 3rd. This is a boost from Sierra Bancorp's previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a dividend yield of 2.6%. Sierra Bancorp's dividend payout ratio (DPR) is currently 31.58%.

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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