Albert L. Berra, a director at Sierra Bancorp (NASDAQ:BSRR), recently reported selling a portion of his holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Berra sold 2,540 shares of common stock on November 7, 2024, at an average price of $32.24 per share, totaling approximately $81,885.
Additionally, Berra exercised stock options to acquire 5,000 shares of common stock at a price of $16.35 per share. Following these transactions, Berra holds 150,063 shares directly, with additional indirect holdings through various entities and family members.
These transactions highlight ongoing activity among insiders at Sierra Bancorp, a state commercial bank based in Porterville, California. Investors often track such insider transactions for potential insights into the company's financial health and future performance.
In other recent news, Sierra Bancorp, the parent company of Bank of the Sierra, has seen a significant change in its leadership with the retirement of Director Gordon Woods. This change was revealed in a recent SEC filing, and the company is yet to disclose details about the appointment of a new director. In addition to this development, Sierra Bancorp has announced a new share repurchase program, authorizing the repurchase of up to one million shares of its outstanding common stock, set to commence after the existing program concludes in late 2024.
The company's Board of Directors has also declared a regular quarterly cash dividend of $0.24 per share, continuing a tradition that has seen Sierra Bancorp consistently pay cash dividends to its shareholders since 1987. Recent financial results showed robust loan growth, primarily driven by a successful mortgage warehouse strategy, leading to increased balances and unexpected expansion in net interest margin and top-line revenue growth.
Analysts from DA Davidson have reaffirmed a Buy rating for Sierra Bancorp, reflecting confidence in the bank's continued growth and profitability. However, other firms such as Keefe, Bruyette & Woods and Janney have made adjustments to their outlook on Sierra Bancorp, with the former lowering its stock price target and the latter upgrading the company's rating from Neutral to Buy. These are recent developments that investors should take note of.
InvestingPro Insights
Recent insider activity at Sierra Bancorp (NASDAQ:BSRR) aligns with some interesting financial metrics and trends highlighted by InvestingPro. The company's stock has shown remarkable strength, with InvestingPro data revealing a 50.44% price total return over the past six months and an impressive 87.96% return over the last year. This robust performance may have influenced Director Albert L. Berra's decision to sell a portion of his holdings while also exercising stock options.
InvestingPro Tips point out that Sierra Bancorp has maintained dividend payments for 29 consecutive years, demonstrating a commitment to shareholder returns. This long-standing dividend policy could be attractive to investors seeking stable income. The current dividend yield stands at 2.97%, according to InvestingPro Data.
However, it's worth noting that BSRR is trading at a high P/E ratio relative to its near-term earnings growth, with a PEG ratio of 2.86. This suggests that investors are pricing in significant future growth expectations, which may warrant careful consideration.
For readers interested in a more comprehensive analysis, InvestingPro offers 8 additional tips for Sierra Bancorp, providing deeper insights into the company's financial position and market performance.
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