357,606 Shares in Sierra Bancorp $BSRR Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company bought a new position in shares of Sierra Bancorp (NASDAQ:BSRR) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 357,606 shares of the financial services provider’s stock, valued at approximately $14,576,000. The Manufacturers Life Insurance Company owned 2.76% of Sierra Bancorp as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Sierra Bancorp during the second quarter valued at $1,420,000. Greenland Capital Management LP purchased a new position in Sierra Bancorp in the 2nd quarter worth about $393,000. Academy Capital Management purchased a new position in Sierra Bancorp in the 2nd quarter worth about $1,365,000. Ieq Capital LLC acquired a new stake in Sierra Bancorp during the 2nd quarter worth about $235,000. Finally, Patron Partners LLC acquired a new stake in Sierra Bancorp during the 2nd quarter worth about $419,000. 55.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on BSRR. Weiss Ratings reiterated a “buy (b)” rating on shares of Sierra Bancorp in a report on Wednesday, June 24th. Piper Sandler dropped their target price on shares of Sierra Bancorp from $40.00 to $39.00 and set a “neutral” rating on the stock in a research report on Monday, August 3rd. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $38.67.

Sierra Bancorp Price Performance

BSRR opened at $39.84 on Friday. The firm has a market capitalization of $516.33 million, a P/E ratio of 11.65 and a beta of 0.77. The stock has a fifty day moving average of $40.76 and a 200-day moving average of $37.95. 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 has a 12-month low of $26.49 and a 12-month high of $43.13.

Sierra Bancorp (NASDAQ:BSRR) last issued its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.77 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.12). Sierra Bancorp had a net margin of 22.37% and a return on equity of 12.38%. The business had revenue of $38.98 million for the quarter, compared to analysts’ expectations of $39.59 million. Equities analysts forecast that Sierra Bancorp will post 3.55 EPS for the current fiscal year.

Sierra Bancorp Increases Dividend

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

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.