Piper Sandler Initiates Coverage on Sierra Bancorp (NASDAQ:BSRR)

Research analysts at Piper Sandler started coverage on shares of Sierra Bancorp (NASDAQ:BSRR) in a note issued to investors on Wednesday, MarketBeat.com reports. The brokerage set a “neutral” rating and a $30.00 price target on the financial services provider’s stock. Piper Sandler’s price objective suggests a potential upside of 7.37% from the company’s current price. Piper Sandler also issued estimates for Sierra Bancorp’s Q1 2020 earnings at $0.56 EPS, Q2 2020 earnings at $0.56 EPS, Q3 2020 earnings at $0.57 EPS, Q4 2020 earnings at $0.56 EPS, FY2020 earnings at $2.25 EPS, Q1 2021 earnings at $0.55 EPS, Q2 2021 earnings at $0.55 EPS, Q3 2021 earnings at $0.55 EPS, Q4 2021 earnings at $0.54 EPS and FY2021 earnings at $2.20 EPS.

BSRR has been the topic of several other research reports. Zacks Investment Research raised shares of Sierra Bancorp from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research report on Monday, December 30th. ValuEngine raised Sierra Bancorp from a “sell” rating to a “hold” rating in a report on Friday, October 4th. Finally, BidaskClub cut Sierra Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. Sierra Bancorp has a consensus rating of “Hold” and an average target price of $30.33.

BSRR traded down $0.19 during trading on Wednesday, hitting $27.94. The company had a trading volume of 2,298 shares, compared to its average volume of 37,876. The company has a market cap of $424.22 million, a PE ratio of 12.04 and a beta of 0.95. The business has a 50-day moving average of $28.53 and a 200-day moving average of $26.80. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.83 and a quick ratio of 0.83. Sierra Bancorp has a 1-year low of $22.67 and a 1-year high of $30.15.

Sierra Bancorp (NASDAQ:BSRR) last posted its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.03. The firm had revenue of $30.67 million for the quarter, compared to the consensus estimate of $29.80 million. Sierra Bancorp had a net margin of 26.75% and a return on equity of 12.20%. Research analysts forecast that Sierra Bancorp will post 2.14 earnings per share for the current year.

In other news, EVP James F. Gardunio sold 3,162 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $27.77, for a total value of $87,808.74. Following the transaction, the executive vice president now directly owns 838 shares in the company, valued at approximately $23,271.26. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kenneth Taylor sold 5,000 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $28.39, for a total transaction of $141,950.00. Following the completion of the transaction, the executive vice president now owns 38,000 shares in the company, valued at $1,078,820. The disclosure for this sale can be found here. Insiders own 10.34% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. Zebra Capital Management LLC bought a new position in Sierra Bancorp in the third quarter worth about $221,000. Marshall Wace LLP bought a new stake in shares of Sierra Bancorp in the 2nd quarter worth approximately $253,000. Pacific Wealth Strategies Group Inc. lifted its holdings in shares of Sierra Bancorp by 12.5% in the 4th quarter. Pacific Wealth Strategies Group Inc. now owns 11,281 shares of the financial services provider’s stock worth $329,000 after purchasing an additional 1,250 shares during the last quarter. Squarepoint Ops LLC lifted its holdings in shares of Sierra Bancorp by 24.6% in the 3rd quarter. Squarepoint Ops LLC now owns 12,123 shares of the financial services provider’s stock worth $322,000 after purchasing an additional 2,394 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its position in Sierra Bancorp by 7.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 14,626 shares of the financial services provider’s stock valued at $397,000 after purchasing an additional 1,048 shares during the period. 54.50% of the stock is owned by institutional investors and hedge funds.

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. The company accepts various deposit products, such as checking accounts, savings accounts, money market demand accounts, time deposits, retirement accounts, and sweep accounts.

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