Sierra Bancorp (NASDAQ:BSRR) Reaches New 1-Year High on Earnings Beat

Key Points

• Sierra Bancorp shares reached a new 52-week high, trading as high as $44 after the company reported quarterly earnings of $1.18 per share, exceeding analyst expectations of $0.91. Revenue also topped estimates at $40.08 million.
• The company declared a quarterly dividend of $0.27 per share, equivalent to $1.08 annually and a 2.5% yield, with a payout ratio of 31.58%.
• Analyst sentiment remains mixed, with two Buy ratings and three Holds, producing an overall “Hold” consensus and a $38.67 average price target—below the stock’s recent trading level.

Sierra Bancorp (NASDAQ:BSRR - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday following a better than expected earnings announcement. The stock traded as high as $44.00 and last traded at $43.1350, with a volume of 6,799 shares changing hands. The stock had previously closed at $40.41.

The financial services provider reported $1.18 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.27. Sierra Bancorp had a return on equity of 12.38% and a net margin of 22.37%. The business had revenue of $40.08 million for the quarter, compared to analysts' expectations of $39.23 million.

Sierra Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 9th. Stockholders of record on Monday, November 2nd will be paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Monday, November 2nd. Sierra Bancorp's dividend payout ratio (DPR) is presently 31.58%.

Wall Street Analyst Weigh In

BSRR has been the topic of several recent research reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Sierra Bancorp in a research note on Monday, September 21st. Piper Sandler lowered their price objective on 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 research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Sierra Bancorp currently has an average rating of "Hold" and a consensus target price of $38.67.

Hedge Funds Weigh In On Sierra Bancorp

A number of hedge funds have recently added to or reduced their stakes in BSRR. Empowered Funds LLC purchased a new position in shares of Sierra Bancorp in the 2nd quarter worth $3,346,000. The Manufacturers Life Insurance Company bought a new stake in shares of Sierra Bancorp in the second quarter worth $14,576,000. Janus Henderson Group PLC grew its stake in shares of Sierra Bancorp by 32.9% during the 1st quarter. Janus Henderson Group PLC now owns 344,133 shares of the financial services provider's stock valued at $11,673,000 after purchasing an additional 85,098 shares during the period. Basswood Capital Management L.L.C. purchased a new stake in Sierra Bancorp during the second quarter valued at approximately $7,503,000. Finally, BlackRock Inc. bought a new position in Sierra Bancorp in the 2nd quarter worth $53,249,000. 55.40% of the stock is currently owned by hedge funds and other institutional investors.

Sierra Bancorp Price Performance

The stock has a market cap of $556.31 million, a P/E ratio of 12.55 and a beta of 0.76. The firm has a 50 day moving average price of $39.95 and a 200 day moving average price of $39.40. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.23.

Sierra Bancorp Company Profile

Sierra Bancorp is the bank holding company for Bank of the Sierra, a community bank headquartered in Porterville, California. Founded in 1977, the bank serves individuals, families, farmers, small businesses and commercial customers in California's Central Valley and surrounding communities.

Bank of the Sierra provides a range of banking products and services, including checking and savings accounts, certificates of deposit, consumer and residential lending, commercial real estate loans, business banking, agricultural financing and online and mobile banking.

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