California-based lender Sierra Bancorp (NASDAQ: BSRR) had a fine stretch on the stock exchange over the past five trading days, thanks largely to rather encouraging quarterly fundamentals. According to data compiled by S&P Global Market Intelligence, the regional bank saw a more than 12% improvement in its share price over the course of the trading week.
Sierra’s second quarter saw the bank earn $37.8 million in revenue, which was 4% higher on a year-over year basis. That was on the back of a nearly 7% improvement in net loans, and incremental growth in deposits. On the bottom line, the company’s net income also crept north. It rose by 3% to hit nearly $10.3 million, or $0.71 per share.
In its earnings release, Sierra quoted CEO Kevin McPhaill as saying that “Our expanding and diversified banking teams continue to strengthen existing customer relationships while also bringing new relationships to the Bank.”
They’re also helping the company to top analyst expectations. On average, prognosticators tracking Sierra stock were expecting less than $37.2 million in revenue, and only $0.60 per share for net income.
The writing seemed to be on the wall last week. On Friday, Sierra raised its dividend, with the board of directors declaring that the upcoming quarterly payout would be $0.24 per share. This new amount is $0.01, or 4%, higher than its predecessor. Investors can still take advantage of the dividend raise, as the lifted distribution is to be paid on Aug. 15 to shareholders of record as of July 31.
Before you buy stock in Sierra Bancorp, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Sierra Bancorp wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Nvidia made this list on April 15, 2005… if you invested $1,000 at the time of our recommendation, you’d have $688,005!*
Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*.
*Stock Advisor returns as of July 22, 2024
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
