Short Interest in Sierra Bancorp (NASDAQ:BSRR) Rises By 84.9%

Sierra Bancorp (NASDAQ:BSRR) was the target of a large growth in short interest in the month of February. As of February 28th, there was short interest totalling 105,400 shares, a growth of 84.9% from the February 13th total of 57,000 shares. Currently, 0.9% of the company’s stock are sold short. Based on an average trading volume of 46,900 shares, the days-to-cover ratio is presently 2.2 days.

Insider Activity

In other news, Director Julie G. Castle sold 1,104 shares of Sierra Bancorp stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $32.00, for a total value of $35,328.00. Following the transaction, the director now directly owns 4,157 shares in the company, valued at approximately $133,024. This trade represents a 20.98 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Michael Olague sold 3,563 shares of the business’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $31.15, for a total value of $110,987.45. Following the transaction, the executive vice president now owns 12,409 shares in the company, valued at approximately $386,540.35. This trade represents a 22.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,668 shares of company stock worth $146,346. 11.63% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sierra Bancorp

Several institutional investors and hedge funds have recently modified their holdings of BSRR. MetLife Investment Management LLC raised its holdings in Sierra Bancorp by 11.3% in the 4th quarter. MetLife Investment Management LLC now owns 8,249 shares of the financial services provider’s stock worth $239,000 after purchasing an additional 838 shares during the period. BNP Paribas Financial Markets raised its holdings in Sierra Bancorp by 8.3% in the 4th quarter. BNP Paribas Financial Markets now owns 12,547 shares of the financial services provider’s stock worth $363,000 after purchasing an additional 966 shares during the period. SG Americas Securities LLC raised its holdings in Sierra Bancorp by 20.3% in the 4th quarter. SG Americas Securities LLC now owns 5,903 shares of the financial services provider’s stock worth $171,000 after purchasing an additional 997 shares during the period. Two Sigma Advisers LP raised its holdings in Sierra Bancorp by 8.7% in the 4th quarter. Two Sigma Advisers LP now owns 12,500 shares of the financial services provider’s stock worth $362,000 after purchasing an additional 1,000 shares during the period. Finally, Jane Street Group LLC raised its holdings in Sierra Bancorp by 9.7% in the 3rd quarter. Jane Street Group LLC now owns 16,827 shares of the financial services provider’s stock worth $486,000 after purchasing an additional 1,484 shares during the period. Institutional investors and hedge funds own 55.40% of the company’s stock.

Analysts Set New Price Targets

BSRR has been the topic of several research analyst reports. StockNews.com upgraded Sierra Bancorp from a “hold” rating to a “buy” rating in a research note on Monday, March 10th. Keefe, Bruyette & Woods boosted their price target on Sierra Bancorp from $30.00 to $35.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th.

Sierra Bancorp Stock Performance

Sierra Bancorp stock traded up $0.52 during trading hours on Friday, hitting $28.56. 29,887 shares of the stock traded hands, compared to its average volume of 46,063. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.79 and a quick ratio of 0.79. The firm’s 50 day moving average price is $29.79 and its 200-day moving average price is $29.80. The stock has a market capitalization of $398.81 million, a price-to-earnings ratio of 10.16 and a beta of 0.89. Sierra Bancorp has a 1 year low of $17.69 and a 1 year high of $35.13.

Sierra Bancorp (NASDAQ:BSRR) last posted its quarterly earnings results on Monday, January 27th. The financial services provider reported $0.72 earnings per share for the quarter, meeting the consensus estimate of $0.72. Sierra Bancorp had a return on equity of 11.55% and a net margin of 19.90%. As a group, equities analysts expect that Sierra Bancorp will post 2.95 EPS for the current fiscal year.

Sierra Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 3rd were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.50%. The ex-dividend date was Monday, February 3rd. This is a boost from Sierra Bancorp’s previous quarterly dividend of $0.24. Sierra Bancorp’s payout ratio is 35.59%.

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.