Morris A. Tharp, a director at Sierra Bancorp (NASDAQ:BSRR), has sold a total of 30,000 shares of the company's common stock over two days, according to a recent filing with the Securities and Exchange Commission. The transactions took place on December 4 and December 5, with each share sold at a price of $30.50, amounting to a total value of $915,000. The sale comes as Sierra Bancorp's stock has delivered an impressive 60% return over the past year, with shares trading near their 52-week high of $35.13.
Following these sales, Tharp retains direct ownership of 419,760 shares in the company. Sierra Bancorp, headquartered in Porterville, California, operates as a state commercial bank, providing a range of financial services. The $435.5 million market cap company trades at a P/E ratio of 12.2 and offers a 3.1% dividend yield, having maintained dividend payments for 29 consecutive years. InvestingPro analysis reveals additional insights about Sierra Bancorp's financial health and growth prospects.
In other recent news, Sierra Bancorp has seen significant developments. The company announced the immediate retirement of Director Gordon Woods, a change that has sparked interest in the company's next steps for leadership and governance. Concurrently, Sierra Bancorp disclosed the approval of a new share repurchase program, set to commence after the existing program concludes. This initiative authorizes the repurchase of up to one million shares of its outstanding common stock.
Further, Sierra Bancorp declared a regular quarterly cash dividend of $0.24 per share, continuing its tradition of paying cash dividends to its shareholders. On the financial front, Sierra Bancorp reported a strong quarter with robust loan growth, primarily driven by its successful mortgage warehouse strategy. This strategy has led to increased balances from the previous quarter, contributing to an unexpected expansion in net interest margin and top-line revenue growth.
In terms of analyst outlooks, DA Davidson reaffirmed a Buy rating for Sierra Bancorp, while Keefe, Bruyette & Woods maintained a Market Perform rating, and Janney upgraded the company's rating from Neutral to Buy. These recent developments provide a snapshot of the evolving financial landscape for Sierra Bancorp.
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