Sierra Bancorp (NASDAQ:BSRR) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Sierra Bancorp (NASDAQ:BSRR) from a hold rating to a buy rating in a report issued on Wednesday morning, Zacks.com reports. They currently have $22.00 price objective on the financial services provider’s stock.

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 brokerages also recently commented on BSRR. ValuEngine downgraded Sierra Bancorp from a hold rating to a sell rating in a research note on Tuesday, September 22nd. Janney Montgomery Scott upgraded Sierra Bancorp from a neutral rating to a buy rating in a research note on Tuesday, October 20th. Raymond James upped their price objective on Sierra Bancorp from $20.00 to $21.50 and gave the stock an outperform rating in a research note on Tuesday, October 20th. Piper Sandler lowered their price objective on Sierra Bancorp from $19.00 to $18.00 and set a neutral rating for the company in a research note on Thursday, October 1st. Finally, BidaskClub upgraded Sierra Bancorp from a sell rating to a hold rating in a research report on Tuesday, October 20th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $20.50.

Shares of NASDAQ BSRR opened at $21.26 on Wednesday. Sierra Bancorp has a twelve month low of $13.05 and a twelve month high of $30.15. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $322.94 million, a price-to-earnings ratio of 9.16 and a beta of 1.16. The business has a 50 day simple moving average of $17.65 and a 200-day simple moving average of $18.02.

Sierra Bancorp (NASDAQ:BSRR) last issued its quarterly earnings results on Monday, October 19th. The financial services provider reported $0.67 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.21. Sierra Bancorp had a return on equity of 11.22% and a net margin of 26.64%. As a group, equities analysts predict that Sierra Bancorp will post 2.29 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 12th. Shareholders of record on Friday, October 30th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, October 29th. This represents a $0.80 dividend on an annualized basis and a yield of 3.76%. Sierra Bancorp’s dividend payout ratio (DPR) is presently 34.33%.

In other Sierra Bancorp news, EVP James F. Gardunio sold 4,250 shares of the business’s stock in a transaction on Friday, October 23rd. The stock was sold at an average price of $20.75, for a total transaction of $88,187.50. Following the completion of the transaction, the executive vice president now owns 5,000 shares in the company, valued at approximately $103,750. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 10.34% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC acquired a new stake in shares of Sierra Bancorp in the third quarter valued at $34,000. Ameritas Investment Company LLC acquired a new stake in shares of Sierra Bancorp in the first quarter valued at $35,000. BNP Paribas Arbitrage SA lifted its holdings in shares of Sierra Bancorp by 28.6% in the first quarter. BNP Paribas Arbitrage SA now owns 4,382 shares of the financial services provider’s stock valued at $77,000 after buying an additional 975 shares during the period. Meeder Asset Management Inc. lifted its holdings in shares of Sierra Bancorp by 23.5% in the first quarter. Meeder Asset Management Inc. now owns 4,500 shares of the financial services provider’s stock valued at $79,000 after buying an additional 856 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in shares of Sierra Bancorp in the second quarter valued at $144,000. Institutional investors and hedge funds own 55.35% of the company’s stock.

About Sierra Bancorp

Sierra Bancorp operates as the bank holding company for Bank of the Sierra that provides retail and commercial banking services to individuals and businesses in California. The company accepts various deposit products, such as checking accounts, savings accounts, money market demand accounts, time deposits, retirement accounts, and sweep accounts.

Further Reading: Swap

Get a free copy of the Zacks research report on Sierra Bancorp (BSRR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Sierra Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sierra Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.