Short Interest in Plumas Bancorp (NASDAQ:PLBC) Rises By 63.2%

Key Points

• Short interest surged 63.2% to 268,771 shares as of July 31, representing 4.2% of Plumas Bancorp’s outstanding shares and 4.1 days of average trading volume.
• Institutional ownership stands at 41.68%, with BlackRock initiating a sizable position and Vanguard and Manufacturers Life Insurance increasing their holdings.
• Plumas Bancorp exceeded quarterly earnings and revenue estimates, announced a $0.33 quarterly dividend, and maintained a favorable analyst outlook with an average “Buy” rating and a $66.33 price target.

Plumas Bancorp (NASDAQ:PLBC - Get Free Report) was the target of a significant increase in short interest in the month of July. As of July 31st, there was short interest totaling 268,771 shares, an increase of 63.2% from the July 15th total of 164,664 shares. Based on an average daily volume of 65,044 shares, the short-interest ratio is presently 4.1 days. Currently, 4.2% of the shares of the company are sold short.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PLBC. BlackRock Inc. bought a new stake in Plumas Bancorp during the second quarter valued at $26,754,000. Vanguard Group Inc. grew its holdings in shares of Plumas Bancorp by 5.2% during the third 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. The Manufacturers Life Insurance Company grew its holdings in shares of Plumas Bancorp by 19.9% during the first quarter. The Manufacturers Life Insurance Company now owns 235,916 shares of the financial services provider's stock worth $11,517,000 after purchasing an additional 39,176 shares in the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Plumas Bancorp in the second quarter worth approximately $13,704,000. Finally, De Lisle Partners LLP bought a new position in shares of Plumas Bancorp in the second quarter worth approximately $13,318,000. 41.68% of the stock is currently owned by hedge funds and other institutional investors.

Plumas Bancorp Price Performance

PLBC traded down $1.23 during trading on Monday, reaching $61.85. 87,154 shares of the company were exchanged, compared to its average volume of 48,737. Plumas Bancorp has a 12-month low of $39.80 and a 12-month high of $64.00. The company's 50-day moving average is $59.22 and its two-hundred day moving average is $53.99. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.06. The company has a market cap of $430.48 million, a price-to-earnings ratio of 12.18 and a beta of 0.59.

Plumas Bancorp (NASDAQ:PLBC - Get Free Report) last posted its earnings results 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. Plumas Bancorp had a return on equity of 15.41% and a net margin of 27.39%.The business had revenue of $28.76 million during the quarter, compared to analyst estimates of $28.02 million. Research analysts forecast that Plumas Bancorp will post 5.71 earnings per share for the current fiscal year.

Plumas Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Monday, August 3rd will be paid a $0.33 dividend. The ex-dividend date is Monday, August 3rd. This represents a $1.32 annualized dividend and a yield of 2.1%. Plumas Bancorp's dividend payout ratio is currently 25.98%.

Wall Street Analyst Weigh In

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

About Plumas Bancorp

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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