Morris A. Tharp, a director at Sierra Bancorp (NASDAQ:), recently sold 5,000 shares of the company’s common stock. The shares were sold at an average price of $32.4543 each, totaling approximately $162,271. Following this transaction, Tharp retains direct ownership of 475,060 shares. Sierra Bancorp, based in Porterville, California, is a state commercial bank known for its financial services.
In other recent news, Sierra Bancorp has been experiencing significant developments. The company’s Director, Gordon Woods, has announced his immediate retirement from both Sierra Bancorp and its subsidiary, as per a recent SEC filing. The transition details or the appointment of a new director were not disclosed.
In addition to this, Sierra Bancorp’s Board of Directors has approved a new share repurchase program. This initiative, authorizing the repurchase of up to one million shares of its common stock, will commence after the existing program concludes and will continue through the following year. The company’s Board also declared a regular quarterly cash dividend of $0.24 per share, maintaining its tradition of consistent dividend payments.
Furthermore, DA Davidson reaffirmed a Buy rating for Sierra Bancorp, reflecting confidence in the company’s growth and profitability. However, Keefe, Bruyette & Woods lowered its stock price target while maintaining a Market Perform rating, and Janney upgraded the company from Neutral to Buy, despite reducing the fair value estimate. These analyst notes provide insights into the evolving financial landscape for Sierra Bancorp.
Lastly, Sierra Bancorp reported strong quarterly results, primarily driven by its successful mortgage warehouse strategy. This strategy contributed to an unexpected expansion in net interest margin and top-line revenue growth. These recent developments provide essential insights into the company’s current status and strategic direction.
InvestingPro Insights
The recent sale of shares by Sierra Bancorp director Morris A. Tharp comes at a time when the company’s stock has shown strong performance. According to InvestingPro data, Sierra Bancorp has experienced a remarkable 70.37% price total return over the past year, with a 44.32% return in just the last six months. This robust performance is reflected in the stock’s current price, which stands at 89.38% of its 52-week high.
Despite the recent insider sale, Sierra Bancorp maintains some attractive fundamentals. The company boasts a P/E ratio of 12.54, which is relatively modest compared to many in the banking sector. Additionally, Sierra Bancorp has demonstrated its commitment to shareholder value, with an InvestingPro Tip noting that the company has maintained dividend payments for 29 consecutive years. The current dividend yield stands at 2.98%, with a dividend growth rate of 4.35% over the last twelve months.
However, investors should be aware that Sierra Bancorp is trading at a high P/E ratio relative to its near-term earnings growth, as highlighted by another InvestingPro Tip. This suggests that the stock may be currently priced at a premium compared to its expected earnings performance.
For a more comprehensive analysis, InvestingPro offers 6 additional tips that could provide valuable insights into Sierra Bancorp’s financial health and future prospects. These tips, along with real-time metrics and expert analysis, are available to InvestingPro subscribers, offering a deeper understanding of the company’s position in the market.
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