Zacks Investment Research Downgrades Sierra Bancorp (BSRR) to Hold

Sierra Bancorp (NASDAQ:BSRR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.

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. “

Other equities research analysts have also recently issued reports about the company. ValuEngine upgraded Sierra Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. DA Davidson upgraded Sierra Bancorp from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a research note on Tuesday, May 23rd. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $27.00 price target on shares of Sierra Bancorp in a research note on Friday, July 14th. Hovde Group boosted their price target on Sierra Bancorp from $26.50 to $27.75 and gave the company a “market perform” rating in a research note on Friday, July 28th. Finally, Raymond James Financial, Inc. upgraded Sierra Bancorp from a “market perform” rating to an “outperform” rating and set a $27.00 price target for the company in a research note on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Sierra Bancorp presently has a consensus rating of “Hold” and an average price target of $27.95.

Sierra Bancorp (NASDAQ BSRR) traded down 0.261% during trading on Thursday, hitting $24.795. The company had a trading volume of 48,597 shares. The company has a market capitalization of $343.11 million, a price-to-earnings ratio of 17.980 and a beta of 0.88. Sierra Bancorp has a one year low of $17.25 and a one year high of $29.50. The stock has a 50-day moving average of $25.70 and a 200 day moving average of $25.71.

Sierra Bancorp (NASDAQ:BSRR) last issued its quarterly earnings results on Monday, July 24th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.02. The business had revenue of $23.20 million during the quarter, compared to analysts’ expectations of $22.80 million. Sierra Bancorp had a return on equity of 9.13% and a net margin of 20.35%. Equities analysts forecast that Sierra Bancorp will post $1.52 EPS for the current fiscal year.

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In other Sierra Bancorp news, Director Robert L. Fields sold 9,600 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $27.14, for a total transaction of $260,544.00. Following the completion of the sale, the director now directly owns 412,543 shares in the company, valued at $11,196,417.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert L. Fields sold 2,465 shares of the company’s 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 owns 410,078 shares of the company’s stock, valued at $11,125,416.14. The disclosure for this sale can be found here. Insiders have sold 12,165 shares of company stock valued at $330,119 over the last 90 days. Corporate insiders own 15.24% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC bought a new stake in Sierra Bancorp during the second quarter worth $118,000. Cornerstone Capital Management Holdings LLC. lifted its stake in Sierra Bancorp by 12.4% during the second quarter. Cornerstone Capital Management Holdings LLC. now owns 7,231 shares of the financial services provider’s stock worth $177,000 after purchasing an additional 800 shares during the last quarter. American International Group Inc. lifted its stake in Sierra Bancorp by 7.1% during the first quarter. American International Group Inc. now owns 7,174 shares of the financial services provider’s stock worth $197,000 after purchasing an additional 478 shares during the last quarter. Trexquant Investment LP bought a new stake in Sierra Bancorp during the second quarter worth $204,000. Finally, Wells Fargo & Company MN lifted its stake in Sierra Bancorp by 2.4% during the second quarter. Wells Fargo & Company MN now owns 8,321 shares of the financial services provider’s stock worth $205,000 after purchasing an additional 196 shares during the last quarter. Hedge funds and other institutional investors own 53.13% of the company’s stock.

Sierra Bancorp Company Profile

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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