Zacks Investment Research Upgrades Sierra Bancorp (BSRR) to Buy
Sierra Bancorp (NASDAQ:BSRR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The brokerage presently has a $29.00 target price on the financial services provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 10.81% from the company’s current price.
According to Zacks, “Sierra Bancorp is the bank holding company for the Bank of the Sierra. The Bank of the Sierra is the largest independent bank headquartered in the South Valley, and operates branch offices as well as real estate centers, agricultural credit centers and a bank card center. “
A number of other research firms have also recently commented on BSRR. ValuEngine upgraded Sierra Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, August 12th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $27.00 price objective on shares of Sierra Bancorp in a report on Friday, July 14th. Hovde Group upped their price objective on Sierra Bancorp from $26.50 to $27.75 and gave the company a “market perform” rating in a report on Friday, July 28th. Raymond James Financial, Inc. upgraded Sierra Bancorp from a “market perform” rating to an “outperform” rating and set a $27.00 price objective on the stock in a report on Tuesday, July 25th. Finally, BidaskClub upgraded Sierra Bancorp from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $28.15.
Sierra Bancorp (BSRR) traded up 1.20% during midday trading on Monday, hitting $26.07. The stock had a trading volume of 34,811 shares. Sierra Bancorp has a 12-month low of $17.25 and a 12-month high of $29.50. The firm has a 50-day moving average of $25.60 and a 200-day moving average of $25.63. The company has a market cap of $360.76 million, a PE ratio of 18.91 and a beta of 0.88.
Sierra Bancorp (NASDAQ:BSRR) last posted its quarterly earnings data on Monday, July 24th. The financial services provider reported $0.37 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.02. Sierra Bancorp had a return on equity of 9.13% and a net margin of 20.35%. The company had revenue of $23.20 million during the quarter, compared to analyst estimates of $22.80 million. Equities research analysts forecast that Sierra Bancorp will post $1.52 EPS for the current year.
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In other news, Director Robert L. Fields sold 2,465 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $27.13, for a total value of $66,875.45. Following the sale, the director now directly owns 410,078 shares in the company, valued at $11,125,416.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert L. Fields sold 9,600 shares of the stock in a transaction on Monday, July 31st. The shares were sold at an average price of $27.14, for a total value of $260,544.00. Following the completion of the sale, the director now owns 412,543 shares in the company, valued at $11,196,417.02. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,165 shares of company stock worth $330,119. Insiders own 15.24% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC purchased a new position in Sierra Bancorp in the second quarter valued at $118,000. American International Group Inc. increased its holdings in Sierra Bancorp by 7.1% in the first quarter. American International Group Inc. now owns 7,174 shares of the financial services provider’s stock valued at $197,000 after buying an additional 478 shares during the last quarter. Cornerstone Capital Management Holdings LLC. increased its holdings in Sierra Bancorp by 12.4% in the second quarter. Cornerstone Capital Management Holdings LLC. now owns 7,231 shares of the financial services provider’s stock valued at $177,000 after buying an additional 800 shares during the last quarter. Trexquant Investment LP purchased a new position in Sierra Bancorp in the second quarter valued at $204,000. Finally, Wells Fargo & Company MN increased its holdings in Sierra Bancorp by 2.4% in the second quarter. Wells Fargo & Company MN now owns 8,321 shares of the financial services provider’s stock valued at $205,000 after buying an additional 196 shares during the last quarter. Institutional investors and hedge funds own 53.13% of the company’s stock.
About Sierra Bancorp
Sierra Bancorp is a bank holding company for Bank of the Sierra (the Bank). The Bank is a state-chartered bank, which offers a range of retail and commercial banking services. The Bank’s products and services are related to the business of lending money and accepting deposits. Its customers have access to electronic point-of-sale payment alternatives around the country through the Pulse Electronic Funds Transfer (EFT) network.
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