Sierra Bancorp (NASDAQ:BSRR) Shares Cross Above 200-Day Moving Average - Here's Why

Key Points

• Sierra Bancorp shares rose above their 200-day moving average, reaching $41.13 and last trading at $40.74, compared with the $37.60 average.
• Analysts remain cautious: the stock has a consensus “Hold” rating and a $38.67 target price, while the company recently missed quarterly EPS and revenue estimates.
• Sierra Bancorp increased its quarterly dividend to $0.27 per share, implying a $1.08 annualized payout and a 2.7% yield; meanwhile, insiders sold roughly $804,000 of shares over the past three months.

Sierra Bancorp (NASDAQ:BSRR - Get Free Report)'s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $37.60 and traded as high as $41.13. Sierra Bancorp shares last traded at $40.74, with a volume of 73,096 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of Sierra Bancorp in a report on Wednesday, June 24th. DA Davidson reissued a "buy" rating and set a $44.00 price objective on shares of Sierra Bancorp in a research note on Tuesday, April 28th. Finally, Piper Sandler decreased their target price on shares of Sierra Bancorp from $40.00 to $39.00 and set a "neutral" rating on the stock 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 company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $38.67.

Sierra Bancorp Price Performance

The stock has a market capitalization of $528.11 million, a price-to-earnings ratio of 11.91 and a beta of 0.77. The company has a 50 day moving average of $40.66 and a 200 day moving average of $37.60. 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 (NASDAQ:BSRR - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.89 by ($0.12). The business had revenue of $38.98 million during the quarter, compared to analyst estimates of $39.59 million. Sierra Bancorp had a return on equity of 12.38% and a net margin of 22.37%. As a group, equities research analysts forecast that Sierra Bancorp will post 3.55 EPS for the current fiscal year.

Sierra Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, August 3rd were issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Monday, August 3rd. This is an increase from Sierra Bancorp's previous quarterly dividend of $0.26. Sierra Bancorp's payout ratio is currently 31.58%.

Insider Buying and Selling

In related news, Director Vonn R. Christenson sold 1,053 shares of the firm's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $38.01, for a total value of $40,024.53. Following the sale, the director directly owned 189 shares of the company's stock, valued at approximately $7,183.89. This trade represents a 84.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Christopher G. Treece sold 10,000 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief financial officer owned 39,095 shares of the company's stock, valued at approximately $1,492,647.10. The trade was a 20.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 21,053 shares of company stock valued at $803,925. Insiders own 11.83% of the company's stock.

Institutional Trading of Sierra Bancorp

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in Sierra Bancorp during the second quarter worth about $249,473,000. Janus Henderson Group PLC purchased a new position in shares of Sierra Bancorp in the 4th quarter worth about $8,465,000. Bank of New York Mellon Corp acquired a new position in shares of Sierra Bancorp in the 2nd quarter valued at about $3,780,000. Texas Capital Bank Wealth Management Services Inc acquired a new position in shares of Sierra Bancorp in the 2nd quarter valued at about $3,510,000. Finally, Bank of America Corp DE lifted its stake in shares of Sierra Bancorp by 371.5% in the 2nd quarter. Bank of America Corp DE now owns 64,365 shares of the financial services provider's stock valued at $1,911,000 after purchasing an additional 50,714 shares in the last quarter. 55.40% of the stock is owned by hedge funds and other institutional investors.

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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