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

Sierra Bancorp (NASDAQ:BSRR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. The brokerage presently has a $30.00 price target on the financial services provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 12.15% from the company’s previous close.

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. “

Separately, Raymond James lifted their price target on Sierra Bancorp from $21.50 to $26.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 26th. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $24.67.

BSRR stock traded up $0.14 on Wednesday, hitting $26.75. 14,362 shares of the company’s stock were exchanged, compared to its average volume of 37,115. Sierra Bancorp has a 12-month low of $14.85 and a 12-month high of $29.42. The firm has a 50 day moving average price of $26.66 and a two-hundred day moving average price of $23.30. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market cap of $412.24 million, a P/E ratio of 11.53 and a beta of 1.14.

Sierra Bancorp (NASDAQ:BSRR) last announced its earnings results on Sunday, January 24th. The financial services provider reported $0.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by ($0.05). Sierra Bancorp had a return on equity of 11.06% and a net margin of 26.64%. The business had revenue of $34.87 million for the quarter, compared to analysts’ expectations of $34.80 million. Sell-side analysts expect that Sierra Bancorp will post 2.33 earnings per share for the current fiscal year.

In related news, EVP Michael Olague sold 1,341 shares of Sierra Bancorp stock in a transaction dated Wednesday, March 10th. The stock was sold at an average price of $27.58, for a total value of $36,984.78. Following the completion of the transaction, the executive vice president now owns 36,106 shares in the company, valued at approximately $995,803.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Julie G. Castle purchased 2,000 shares of the business’s stock in a transaction that occurred on Monday, February 1st. The stock was acquired at an average price of $21.77 per share, with a total value of $43,540.00. Following the purchase, the director now owns 4,000 shares in the company, valued at $87,080. The disclosure for this purchase can be found here. In the last three months, insiders bought 6,000 shares of company stock valued at $136,420. Insiders own 10.34% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in shares of Sierra Bancorp by 5.2% in the 4th quarter. BlackRock Inc. now owns 1,297,727 shares of the financial services provider’s stock valued at $31,041,000 after purchasing an additional 63,829 shares in the last quarter. Banc Funds Co. LLC increased its stake in Sierra Bancorp by 13.2% during the 4th quarter. Banc Funds Co. LLC now owns 195,532 shares of the financial services provider’s stock worth $4,677,000 after buying an additional 22,749 shares in the last quarter. Foundry Partners LLC increased its stake in Sierra Bancorp by 4.2% during the 4th quarter. Foundry Partners LLC now owns 183,636 shares of the financial services provider’s stock worth $4,393,000 after buying an additional 7,380 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Sierra Bancorp by 13.6% during the 4th quarter. Bank of New York Mellon Corp now owns 130,002 shares of the financial services provider’s stock worth $3,109,000 after buying an additional 15,595 shares in the last quarter. Finally, BHZ Capital Management LP increased its stake in Sierra Bancorp by 30.8% during the 4th quarter. BHZ Capital Management LP now owns 108,083 shares of the financial services provider’s stock worth $2,585,000 after buying an additional 25,453 shares in the last quarter. Hedge funds and other institutional investors own 53.93% of the company’s stock.

Sierra Bancorp Company Profile

Sierra Bancorp is a bank holding company, which engages in the provision of commercial banking services. It offers a wide range of deposit products and services for individuals and businesses including checking accounts, savings accounts, money market demand accounts, time deposits, retirement accounts, and sweep accounts.

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