Morris A. Tharp, a director at Sierra Bancorp (NASDAQ:BSRR), recently sold 5,000 shares of the company's common stock. The shares were sold at an average price of $31.544 per share, totaling approximately $157,720. Following this transaction, Tharp retains direct ownership of 475,060 shares.
On the same day, Tharp also acquired 5,000 shares through stock options at a price of $17.25 per share, which adds up to a total value of $86,250. The transactions took place on November 14, 2024, and were filed with the Securities and Exchange Commission on November 15, 2024.
In other recent news, Sierra Bancorp revealed significant developments including strong earnings results and a change in the company's leadership. The company reported earnings per share of $0.64 and declared a regular quarterly cash dividend of $0.24 per share, marking its 103rd consecutive quarterly cash dividend. In addition, Sierra Bancorp announced the approval of a new share repurchase program, authorizing the repurchase of up to one million shares of its outstanding common stock.
In leadership news, Director Gordon Woods retired from his position on the board of Sierra Bancorp and its subsidiary. The details of the transition or the appointment of a new director were not disclosed.
In terms of analyst outlook, DA Davidson reaffirmed a Buy rating for Sierra Bancorp, while Janney upgraded the company's rating from Neutral to Buy. However, Keefe, Bruyette & Woods maintained a Market Perform rating, despite lowering its stock price target. These are among the recent developments for Sierra Bancorp.
InvestingPro Insights
Following the recent stock transactions by Sierra Bancorp (NASDAQ:BSRR) director Morris A. Tharp, it's worth examining some key financial metrics and insights provided by InvestingPro to gain a broader perspective on the company's performance and valuation.
Sierra Bancorp's stock has shown impressive momentum, with InvestingPro data revealing a substantial 71.74% price total return over the past year and a 43.69% return in the last six months. This strong performance aligns with one of the InvestingPro Tips, which highlights the "high return over the last year" for BSRR.
The company's financial health appears solid, with a P/E ratio of 12.33, suggesting a relatively modest valuation compared to earnings. Additionally, Sierra Bancorp boasts a dividend yield of 3.05%, which is particularly noteworthy given another InvestingPro Tip indicating that the company "has maintained dividend payments for 29 consecutive years." This long-standing commitment to shareholder returns may be attractive to income-focused investors.
However, potential investors should also consider that BSRR is "trading at a high P/E ratio relative to near-term earnings growth," as pointed out by an InvestingPro Tip. This suggests that the current stock price may be factoring in expectations for future growth that may be challenging to meet in the short term.
For readers interested in a more comprehensive analysis, InvestingPro offers additional insights, with 7 more tips available for Sierra Bancorp. These additional tips could provide valuable context for understanding the company's market position and future prospects.
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