Short Interest in Sierra Bancorp (NASDAQ:BSRR) Rises By 11.0%

Sierra Bancorp (NASDAQ:BSRR) saw a significant growth in short interest in July. As of July 31st, there was short interest totalling 144,600 shares, a growth of 11.0% from the July 15th total of 130,300 shares. Currently, 1.2% of the company’s stock are sold short. Based on an average daily volume of 35,800 shares, the days-to-cover ratio is currently 4.0 days.

Sierra Bancorp Stock Performance

Shares of BSRR traded up $0.41 on Friday, reaching $28.31. 32,785 shares of the company’s stock traded hands, compared to its average volume of 30,985. The stock has a market cap of $413.21 million, a PE ratio of 11.70 and a beta of 0.91. The stock’s 50 day simple moving average is $24.69 and its two-hundred day simple moving average is $21.41. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.25. Sierra Bancorp has a 52-week low of $16.75 and a 52-week high of $31.85.

Sierra Bancorp (NASDAQ:BSRR) last posted its 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 business had revenue of $51.13 million for the quarter, compared to analyst estimates of $36.30 million. Sierra Bancorp had a net margin of 17.77% and a return on equity of 10.82%. On average, analysts forecast that Sierra Bancorp will post 2.76 earnings per share for the current fiscal year.

Sierra Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.39%. This is a positive change from Sierra Bancorp’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Wednesday, July 31st. Sierra Bancorp’s dividend payout ratio (DPR) is presently 38.02%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Keefe, Bruyette & Woods boosted their target price on Sierra Bancorp from $23.00 to $29.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 23rd. StockNews.com cut shares of Sierra Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Finally, Janney Montgomery Scott downgraded Sierra Bancorp from a “buy” rating to a “neutral” rating in a report on Wednesday, May 15th.

Insider Activity at Sierra Bancorp

In related news, Director Morris A. Tharp sold 10,000 shares of Sierra Bancorp stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $29.26, for a total value of $292,600.00. Following the completion of the sale, the director now directly owns 475,060 shares in the company, valued at approximately $13,900,255.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Morris A. Tharp sold 10,000 shares of the stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $29.26, for a total transaction of $292,600.00. Following the completion of the sale, the director now owns 475,060 shares in the company, valued at $13,900,255.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Julie G. Castle sold 1,235 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $29.36, for a total value of $36,259.60. Following the sale, the director now directly owns 5,100 shares in the company, valued at $149,736. The disclosure for this sale can be found here. Insiders have sold 43,268 shares of company stock worth $1,284,343 over the last ninety days. 11.86% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Lazard Asset Management LLC increased its stake in Sierra Bancorp by 45.7% during the first quarter. Lazard Asset Management LLC now owns 3,051 shares of the financial services provider’s stock worth $61,000 after acquiring an additional 957 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of Sierra Bancorp during the 1st quarter worth about $94,000. Bfsg LLC bought a new position in Sierra Bancorp during the 4th quarter valued at about $122,000. Panagora Asset Management Inc. lifted its stake in 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 purchasing an additional 904 shares during the last quarter. Finally, Trexquant Investment LP bought a new position in shares of Sierra Bancorp during the fourth quarter valued at approximately $280,000. 55.40% of the stock is owned by hedge funds and other institutional investors.

Sierra Bancorp Company Profile

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.