Sierra Bancorp (NASDAQ:BSRR) Sees Large Drop in Short Interest

Sierra Bancorp (NASDAQ:BSRR) was the target of a large drop in short interest in August. As of August 31st, there was short interest totalling 68,700 shares, a drop of 28.1% from the August 15th total of 95,500 shares. Approximately 0.6% of the shares of the stock are short sold. Based on an average daily volume of 39,200 shares, the short-interest ratio is currently 1.8 days.

Wall Street Analyst Weigh In

Several research firms have commented on BSRR. Keefe, Bruyette & Woods lifted their target price on shares of Sierra Bancorp from $23.00 to $29.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 23rd. StockNews.com downgraded Sierra Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th.

Sierra Bancorp Trading Up 1.9 %

Shares of BSRR stock traded up $0.55 during trading hours on Friday, hitting $29.22. 24,275 shares of the company were exchanged, compared to its average volume of 31,180. The firm has a fifty day moving average of $27.84 and a 200 day moving average of $22.80. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.24. Sierra Bancorp has a 1 year low of $16.75 and a 1 year high of $31.85. The firm has a market cap of $414.63 million, a PE ratio of 12.07 and a beta of 0.90.

Sierra Bancorp (NASDAQ:BSRR) last posted its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.11. The company had revenue of $51.13 million for the quarter, compared to the consensus estimate of $36.30 million. Sierra Bancorp had a net margin of 17.77% and a return on equity of 10.66%. Analysts expect that Sierra Bancorp will post 2.76 earnings per share for the current year.

Sierra Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were issued a $0.24 dividend. The ex-dividend date was Wednesday, July 31st. This represents a $0.96 dividend on an annualized basis and a yield of 3.29%. This is a boost from Sierra Bancorp’s previous quarterly dividend of $0.23. Sierra Bancorp’s dividend payout ratio (DPR) is presently 39.67%.

Insider Transactions at Sierra Bancorp

In related news, CEO Kevin J. Mcphaill sold 6,285 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $29.87, for a total value of $187,732.95. Following the sale, the chief executive officer now owns 20,699 shares of the company’s stock, valued at approximately $618,279.13. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Kevin J. Mcphaill sold 6,285 shares of Sierra Bancorp stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $29.87, for a total transaction of $187,732.95. Following the completion of the sale, the chief executive officer now owns 20,699 shares in the company, valued at approximately $618,279.13. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Michael Olague sold 14,088 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $30.95, for a total transaction of $436,023.60. Following the completion of the transaction, the executive vice president now owns 17,265 shares in the company, valued at $534,351.75. The disclosure for this sale can be found here. Insiders sold a total of 46,366 shares of company stock valued at $1,370,158 in the last ninety days. Corporate insiders own 11.86% of the company’s stock.

Institutional Investors Weigh In On Sierra Bancorp

Institutional investors have recently added to or reduced their stakes in the company. Panagora Asset Management Inc. increased its position in shares of Sierra Bancorp by 8.2% in the second quarter. Panagora Asset Management Inc. now owns 11,957 shares of the financial services provider’s stock worth $268,000 after acquiring an additional 904 shares in the last quarter. Lazard Asset Management LLC boosted its position in Sierra Bancorp by 45.7% during the 1st quarter. Lazard Asset Management LLC now owns 3,051 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 957 shares during the period. Dimensional Fund Advisors LP increased its holdings in Sierra Bancorp by 0.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 996,631 shares of the financial services provider’s stock valued at $22,474,000 after purchasing an additional 3,348 shares in the last quarter. Bank of New York Mellon Corp raised its position in Sierra Bancorp by 3.0% in the second quarter. Bank of New York Mellon Corp now owns 119,520 shares of the financial services provider’s stock valued at $2,675,000 after purchasing an additional 3,531 shares during the period. Finally, Acadian Asset Management LLC acquired a new position in shares of Sierra Bancorp during the first quarter worth about $94,000. Hedge funds and other institutional investors own 55.40% 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. It accepts various deposit products, such as checking accounts, savings accounts, money market demand accounts, time deposits, retirement accounts, and sweep accounts.