Morris A. Tharp, a director at Sierra Bancorp (NASDAQ:BSRR), has sold a significant portion of the company's common stock, according to a recent SEC filing. On November 26, Tharp disposed of 25,300 shares at an average price of $31.52 per share, amounting to a total transaction value of approximately $797,468. Following this sale, Tharp retains ownership of 449,760 shares in the company. This transaction provides insight into the trading activities of Sierra Bancorp's insiders.
In other recent news, Sierra Bancorp has seen significant developments. The company announced the immediate retirement of Director Gordon Woods, leaving a vacancy in the company's leadership. The process for appointing a new director was not shared.
Simultaneously, Sierra Bancorp has declared a regular quarterly cash dividend of $0.24 per share, marking the 103rd consecutive quarterly cash dividend. Shareholders have been receiving these dividends consistently since 1987. The company also approved a new share repurchase program, authorizing the repurchase of up to one million shares of its outstanding common stock.
In terms of financial performance, Sierra Bancorp reported robust loan growth, resulting in increased balances from the previous quarter. The earnings per share stood at $0.64, with core earnings per share at $0.59. Analysts from DA Davidson have 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. These recent developments highlight a period of change and growth for Sierra Bancorp.
InvestingPro Insights
The recent stock sale by Sierra Bancorp (NASDAQ:BSRR) director Morris A. Tharp comes at a time when the company's shares have shown remarkable performance. According to InvestingPro data, BSRR has delivered a strong return over the last year, with a one-year price total return of 80.29%. This impressive gain is complemented by a 48.59% return over the past six months, indicating significant momentum in the stock's performance.
Despite the recent insider sale, Sierra Bancorp maintains a solid financial foundation. The company boasts a P/E ratio of 12.43, suggesting a relatively modest valuation compared to earnings. Additionally, BSRR offers a dividend yield of 3.05%, which may be attractive to income-focused investors. An InvestingPro Tip highlights that Sierra Bancorp has maintained dividend payments for 29 consecutive years, demonstrating a commitment to shareholder returns.
However, investors should note that BSRR is trading at a high P/E ratio relative to its near-term earnings growth, as pointed out by another InvestingPro Tip. This could indicate that the stock's current price may be factoring in future growth expectations.
For a more comprehensive analysis, InvestingPro offers additional tips and insights on Sierra Bancorp. Investors can access 5 more InvestingPro Tips to gain a deeper understanding of the company's financial health and market position.
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