Plumas Bancorp (NASDAQ:PLBC) Sees Significant Increase in Short Interest

Key Points

• Plumas Bancorp (NASDAQ:PLBC) experienced a significant increase in short interest of 64.6% in September, with totals reaching 63,200 shares by month-end.
• Executive VP Aaron M. Boigon sold 1,500 shares of the company's stock at an average price of $41.09, which reflects a 26.79% decrease in his ownership.
• The company announced a quarterly dividend of $0.30 per share, payable on November 17th, with a dividend yield of 2.8% based on an annualized rate of $1.20.

Plumas Bancorp (NASDAQ:PLBC - Get Free Report) saw a significant increase in short interest in the month of September. As of September 30th, there was short interest totaling 63,200 shares, an increase of 64.6% from the September 15th total of 38,400 shares. Based on an average daily trading volume, of 15,200 shares, the days-to-cover ratio is presently 4.2 days. Based on an average daily trading volume, of 15,200 shares, the days-to-cover ratio is presently 4.2 days.

Insider Transactions at Plumas Bancorp

In other Plumas Bancorp news, EVP Aaron M. Boigon sold 1,500 shares of the company's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $41.09, for a total transaction of $61,635.00. Following the sale, the executive vice president owned 4,100 shares of the company's stock, valued at approximately $168,469. This represents a 26.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 9.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Plumas Bancorp

A number of large investors have recently modified their holdings of the company. Nuveen LLC bought a new position in Plumas Bancorp during the first quarter valued at approximately $103,720,000. The Manufacturers Life Insurance Company raised its position in Plumas Bancorp by 3.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 180,291 shares of the financial services provider's stock worth $8,016,000 after purchasing an additional 6,637 shares during the period. De Lisle Partners LLP lifted its stake in Plumas Bancorp by 1.2% in the second quarter. De Lisle Partners LLP now owns 166,818 shares of the financial services provider's stock worth $7,429,000 after purchasing an additional 2,000 shares during the last quarter. Elizabeth Park Capital Advisors Ltd. boosted its holdings in Plumas Bancorp by 5.9% during the 1st quarter. Elizabeth Park Capital Advisors Ltd. now owns 53,778 shares of the financial services provider's stock valued at $2,327,000 after acquiring an additional 3,000 shares during the period. Finally, Albert D Mason Inc. raised its holdings in Plumas Bancorp by 41.7% during the 3rd quarter. Albert D Mason Inc. now owns 44,778 shares of the financial services provider's stock valued at $1,932,000 after buying an additional 13,185 shares during the last quarter. 41.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PLBC. Piper Sandler cut their price objective on shares of Plumas Bancorp from $64.00 to $61.00 and set an "overweight" rating on the stock in a research report on Thursday, October 16th. Weiss Ratings reiterated a "buy (b)" rating on shares of Plumas Bancorp in a report on Wednesday, October 8th. Finally, Raymond James Financial restated an "outperform" rating and set a $50.00 price target (up previously from $48.00) on shares of Plumas Bancorp in a research note on Tuesday, July 8th. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat, Plumas Bancorp has a consensus rating of "Buy" and an average target price of $57.00.

Plumas Bancorp Price Performance

Shares of Plumas Bancorp stock traded up $0.73 during trading hours on Wednesday, hitting $42.16. 1,691 shares of the company's stock traded hands, compared to its average volume of 12,989. The company has a fifty day simple moving average of $42.95 and a 200-day simple moving average of $43.03. The stock has a market capitalization of $292.85 million, a price-to-earnings ratio of 9.87 and a beta of 0.68. Plumas Bancorp has a 12-month low of $38.71 and a 12-month high of $51.33.

Plumas Bancorp (NASDAQ:PLBC - Get Free Report) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.35 EPS for the quarter, topping the consensus estimate of $0.66 by $0.69. The business had revenue of $27.42 million for the quarter, compared to analyst estimates of $28.07 million. Plumas Bancorp had a net margin of 25.80% and a return on equity of 16.52%. On average, analysts forecast that Plumas Bancorp will post 4.51 EPS for the current fiscal year.

Plumas Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Monday, November 3rd will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, November 3rd. This represents a $1.20 annualized dividend and a yield of 2.8%. Plumas Bancorp's payout ratio is 28.10%.

About Plumas Bancorp

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.

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