Pasadena Private Wealth LLC Makes New Investment in Sierra Bancorp $BSRR

Pasadena Private Wealth LLC bought a new stake in shares of Sierra Bancorp (NASDAQ:BSRR) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 13,200 shares of the financial services provider’s stock, valued at approximately $538,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Sierra Bancorp in the 2nd quarter valued at $249,473,000. Janus Henderson Group PLC acquired a new stake in shares of Sierra Bancorp during the fourth quarter worth $8,465,000. Bank of New York Mellon Corp acquired a new stake in shares of Sierra Bancorp during the second quarter worth $3,780,000. Texas Capital Bank Wealth Management Services Inc acquired a new stake in shares of Sierra Bancorp during the second quarter worth $3,510,000. Finally, Bank of America Corp DE increased its holdings in Sierra Bancorp by 371.5% in the second 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 during the last quarter. Institutional investors own 55.40% of the company’s stock.

Sierra Bancorp Trading Down 2.3%

Shares of NASDAQ BSRR opened at $39.72 on Thursday. The company’s fifty day moving average is $40.79 and its 200-day moving average is $37.83. The stock has a market cap of $514.77 million, a price-to-earnings ratio of 11.61 and a beta of 0.77. Sierra Bancorp has a twelve month low of $26.49 and a twelve month high of $43.13. 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) last announced its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.12). The firm had revenue of $38.98 million during the quarter, compared to analyst estimates of $39.59 million. Sierra Bancorp had a net margin of 22.37% and a return on equity of 12.38%. Equities research analysts predict that Sierra Bancorp will post 3.55 EPS for the current year.

Sierra Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, August 3rd were paid a $0.27 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This is a positive change from Sierra Bancorp’s previous quarterly dividend of $0.26. This represents a $1.08 dividend on an annualized basis and a yield of 2.7%. Sierra Bancorp’s payout ratio is presently 31.58%.

Insider Activity

In other news, CFO Christopher G. Treece sold 10,000 shares of Sierra Bancorp stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $38.18, for a total transaction of $381,800.00. Following the transaction, the chief financial officer owned 39,095 shares in the company, valued at $1,492,647.10. The trade was a 20.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Hugh F. Boyle sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $38.21, for a total value of $382,100.00. Following the completion of the transaction, the executive vice president owned 21,781 shares of the company’s stock, valued at $832,252.01. This represents a 31.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 11.83% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on BSRR shares. Piper Sandler cut their target price on Sierra Bancorp from $40.00 to $39.00 and set a “neutral” rating on the stock in a research note on Monday, August 3rd. Weiss Ratings restated a “buy (b)” rating on shares of Sierra Bancorp in a research report on Wednesday, June 24th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $44.00 price target on shares of Sierra Bancorp in a research note on Tuesday, April 28th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Sierra Bancorp has a consensus rating of “Hold” and an average target price of $38.67.

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.