PORTERVILLE, Calif. - Sierra Bancorp (NASDAQ:BSRR), the holding company for Bank of the Sierra, has declared a quarterly cash dividend of $0.24 per share, marking a 4% increase from the previous quarter's dividend. This decision comes after the Board examined the company's financial standing and capital as of June 30, 2024. Shareholders on record by July 31, 2024, will receive the dividend on August 15, 2024.
The company, which has been paying consistent dividends since 1987, celebrates this announcement as its 102nd consecutive quarterly cash dividend. Bank of the Sierra, under Sierra Bancorp, has been operating for 47 years and is recognized as the largest independent bank in South San Joaquin Valley. The bank provides a variety of banking services to its community through both physical branches and online services.
Bank of the Sierra has earned a reputation for stability and performance, recently receiving a 5-star rating from Bauer Financial.
This news article is based on a press release statement from Sierra Bancorp.
In other recent news, Sierra Bancorp's first-quarter results for 2024 have prompted adjustments from several firms. Keefe, Bruyette & Woods lowered its stock price target for Sierra Bancorp to $23, maintaining a Market Perform rating, due to the company's slightly above expectation results and a minor rise in nonperforming assets. The company's net interest margin increased by 31 basis points to 3.62%, with analysts expecting it to continue its upward trajectory.
Another firm also revised Sierra Bancorp's price target to $25, following lower-than-anticipated earnings per share, primarily due to increased expenses. Despite this, the firm's rating remained at Buy, reflecting confidence in the bank's performance moving forward. The company reported robust loan growth, attributed to the success of its mortgage warehouse strategy.
Janney upgraded Sierra Bancorp's rating from Neutral to Buy, despite reducing the fair value estimate to $23.00. The firm expects Sierra Bancorp to achieve a return on assets exceeding 1%, which is not currently reflected in the stock price. The bank's first-quarter results revealed reported earnings per share of $0.64, with core earnings per share at $0.59.
These recent developments highlight the evolving financial landscape for Sierra Bancorp.
InvestingPro Insights
As Sierra Bancorp (NASDAQ:BSRR) announces its latest dividend increase, investors may be interested in the company's recent performance and market position. With a PRONEWS24 promo code, users can access a wealth of additional InvestingPro Tips to further inform their investment decisions.
InvestingPro Data highlights that Sierra Bancorp has a market capitalization of $389.44M and a P/E ratio that stands at 11.11, reflecting its valuation relative to earnings. The company's revenue has grown by 5.97% over the last twelve months as of Q1 2024, indicating a healthy upward trend in its financials. Additionally, the bank has maintained a strong dividend yield of 3.39%, which is particularly attractive to income-focused investors.
Among the key InvestingPro Tips for Sierra Bancorp, the stock's Relative Strength Index (RSI) suggests it may be in overbought territory, which could be a signal for investors to watch for potential price corrections. However, the company has shown a significant return over the last week, with a 11.17% increase, and has been trading near its 52-week high, indicating strong market confidence in its performance. Furthermore, Sierra Bancorp has maintained dividend payments for an impressive 29 consecutive years, underscoring its commitment to shareholder returns.
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