Sierra Bancorp (NASDAQ:BSRR) Posts Quarterly Earnings Results, Misses Expectations By $0.12 EPS

Key Points

• Sierra Bancorp reported quarterly EPS of $0.77, missing the $0.89 consensus estimate by $0.12. The company posted a 22.53% net margin and 12.67% return on equity.
• Shares fell 7.8% to open at $38.63 following the earnings miss. Analysts maintain a consensus “Hold” rating with an average price target of $37.00.
• The company raised its quarterly dividend from $0.26 to $0.27 per share, equivalent to a $1.08 annualized payout and an approximately 2.8% yield.

Sierra Bancorp (NASDAQ:BSRR - Get Free Report) announced its earnings results on Monday. The financial services provider reported $0.77 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.12), Zacks reports. Sierra Bancorp had a net margin of 22.53% and a return on equity of 12.67%.

Sierra Bancorp Trading Down 7.8%

Shares of Sierra Bancorp stock opened at $38.63 on Monday. The company has a market capitalization of $505.28 million, a P/E ratio of 11.26 and a beta of 0.76. The stock has a fifty day simple moving average of $40.00 and a 200 day simple moving average of $37.05. Sierra Bancorp has a 12-month low of $26.49 and a 12-month high of $43.13. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.24.

Sierra Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 10th. Investors of record on Monday, August 3rd will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 2.8%. This is an increase from Sierra Bancorp's previous quarterly dividend of $0.26. The ex-dividend date is Monday, August 3rd. Sierra Bancorp's dividend payout ratio is currently 30.32%.

Insider Buying and Selling at Sierra Bancorp

In other Sierra Bancorp news, CFO Christopher G. Treece sold 10,000 shares of Sierra Bancorp stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $38.18, for a total transaction of $381,800.00. Following the transaction, the chief financial officer directly owned 39,095 shares of the company's stock, valued at $1,492,647.10. The trade was a 20.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vonn R. Christenson sold 3,947 shares of the company's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $38.05, for a total transaction of $150,183.35. Following the completion of the sale, the director owned 189 shares of the company's stock, valued at approximately $7,191.45. The trade was a 95.43% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 25,000 shares of company stock worth $954,108. Corporate insiders own 11.83% of the company's stock.

Institutional Investors Weigh In On Sierra Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its stake in shares of Sierra Bancorp by 8.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 41,624 shares of the financial services provider's stock worth $1,203,000 after buying an additional 3,127 shares during the last quarter. Federated Hermes Inc. increased its position in shares of Sierra Bancorp by 175.8% during the fourth quarter. Federated Hermes Inc. now owns 35,739 shares of the financial services provider's stock valued at $1,168,000 after acquiring an additional 22,779 shares during the last quarter. Marshall Wace LLP increased its position in shares of Sierra Bancorp by 78.9% during the fourth quarter. Marshall Wace LLP now owns 20,318 shares of the financial services provider's stock valued at $664,000 after acquiring an additional 8,963 shares during the last quarter. Rhumbline Advisers lifted its holdings in Sierra Bancorp by 2.7% during the second quarter. Rhumbline Advisers now owns 19,859 shares of the financial services provider's stock worth $590,000 after acquiring an additional 527 shares during the period. Finally, Trexquant Investment LP lifted its holdings in Sierra Bancorp by 83.5% during the fourth quarter. Trexquant Investment LP now owns 13,309 shares of the financial services provider's stock worth $435,000 after acquiring an additional 6,056 shares during the period. Hedge funds and other institutional investors own 55.40% of the company's stock.

Analyst Upgrades and Downgrades

BSRR has been the topic of several recent analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of Sierra Bancorp in a research note on Wednesday, June 24th. Piper Sandler reduced their price objective on shares of Sierra Bancorp from $36.00 to $34.00 and set a "neutral" rating for the company in a research report on Thursday, April 2nd. Zacks Research lowered shares of Sierra Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 6th. Finally, DA Davidson reiterated a "buy" rating and set a $44.00 target price on shares of Sierra Bancorp in a research report on Tuesday, April 28th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $37.00.

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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