The Manufacturers Life Insurance Company Invests $13.70 Million in Plumas Bancorp $PLBC

Key Points

• The Manufacturers Life Insurance Company purchased 234,503 Plumas Bancorp shares worth approximately $13.7 million, giving it a 3.37% stake. Institutional investors collectively own 41.68% of the company.
• Plumas Bancorp exceeded quarterly expectations, reporting $1.41 in EPS versus the $1.37 consensus and $28.76 million in revenue versus $28.02 million expected. The company also pays a quarterly dividend of $0.33 per share, representing a 2.1% yield.
• Analysts maintain a positive outlook, with four Buy ratings and a consensus price target of $66.33; targets range as high as $69.00.

The Manufacturers Life Insurance Company bought a new stake in shares of Plumas Bancorp (NASDAQ:PLBC - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 234,503 shares of the financial services provider's stock, valued at approximately $13,704,000. The Manufacturers Life Insurance Company owned approximately 3.37% of Plumas Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Jane Street Group LLC purchased a new stake in shares of Plumas Bancorp in the first quarter worth $255,000. Acadian Asset Management LLC purchased a new position in shares of Plumas Bancorp in the 1st quarter worth about $78,000. Tower Research Capital LLC TRC boosted its stake in Plumas Bancorp by 623.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,636 shares of the financial services provider's stock worth $73,000 after purchasing an additional 1,410 shares in the last quarter. Vanguard Group Inc. boosted its stake in Plumas Bancorp by 5.2% in the 3rd quarter. Vanguard Group Inc. now owns 306,458 shares of the financial services provider's stock worth $13,221,000 after purchasing an additional 15,080 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Plumas Bancorp by 5.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 103,639 shares of the financial services provider's stock valued at $4,471,000 after purchasing an additional 5,124 shares during the last quarter. 41.68% of the stock is currently owned by hedge funds and other institutional investors.

Plumas Bancorp Price Performance

Shares of NASDAQ:PLBC opened at $61.83 on Friday. Plumas Bancorp has a fifty-two week low of $39.80 and a fifty-two week high of $64.00. The business has a 50-day simple moving average of $60.44 and a two-hundred day simple moving average of $54.68. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market cap of $430.34 million, a price-to-earnings ratio of 12.17 and a beta of 0.60.

Plumas Bancorp (NASDAQ:PLBC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $1.41 earnings per share for the quarter, beating analysts' consensus estimates of $1.37 by $0.04. The company had revenue of $28.76 million for the quarter, compared to the consensus estimate of $28.02 million. Plumas Bancorp had a net margin of 27.39% and a return on equity of 15.41%. On average, analysts expect that Plumas Bancorp will post 5.71 earnings per share for the current year.

Plumas Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Monday, August 3rd were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Monday, August 3rd. Plumas Bancorp's dividend payout ratio is 25.98%.

Insider Buying and Selling

In other Plumas Bancorp news, EVP Kevin Craig Kaiser sold 1,200 shares of the stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $61.50, for a total value of $73,800.00. Following the transaction, the executive vice president owned 719 shares of the company's stock, valued at approximately $44,218.50. This represents a 62.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 7.40% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Stephens lifted their target price on shares of Plumas Bancorp from $60.00 to $64.00 and gave the stock an "overweight" rating in a report on Thursday, July 16th. Raymond James Financial reiterated an "outperform" rating and set a $66.00 price target on shares of Plumas Bancorp in a report on Thursday, July 16th. Wall Street Zen raised shares of Plumas Bancorp from a "hold" rating to a "buy" rating in a research report on Sunday, July 12th. Weiss Ratings upgraded shares of Plumas Bancorp from a "buy (b)" rating to a "buy (b+)" rating in a report on Friday, August 7th. Finally, Piper Sandler upped their price objective on Plumas Bancorp from $66.00 to $69.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. Four analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $66.33.

Plumas Bancorp Company Profile

Plumas Bancorp NASDAQ: PLBC is a bank holding company headquartered in Quincy, California, and the parent of Plumas Bank. The company focuses on community banking, delivering personalized financial solutions to individuals, families, small businesses and agricultural clients. Through its subsidiary, Plumas Bank offers a comprehensive range of deposit and lending products designed to meet the unique needs of customers in Northern California's rural and semi-rural markets.

Plumas Bank's product lineup includes checking and savings accounts, money market funds and certificates of deposit, alongside a variety of consumer lending options such as residential mortgages, home equity lines of credit and installment loans.

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