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Strength Seen in Sierra Bancorp (BSRR): Can Its 5.6% Jump Turn into More Strength?

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Sierra Bancorp (BSRR) shares rallied 5.6% in the last trading session to close at $28.33. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 1% loss over the past four weeks.

Sierra Bancorp extended its rally for the second consequent day. Bullish investor sentiments can be attributed to impressive first quarter 2021 results that were announced on Apr 19, after market close.

Earnings per share of 72 cents beat the Zacks Consensus Estimate of 64 cents. Also, the figure compared favorably with 51 cents earned in the prior-year quarter. Higher revenues, solid deposit balance and drastic plunge in provision for loan & lease losses supported Sierra Bancorp’s Q1 performance despite lower rates and weak loan demand.

Price and Consensus

Price Consensus Chart for BSRR
Price Consensus Chart for BSRR

This parent company of Bank of the Sierra is expected to post quarterly earnings of $0.65 per share in its upcoming report, which represents a year-over-year change of +20.4%. Revenues are expected to be $34.53 million, up 11.3% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Sierra Bancorp, the consensus EPS estimate for the quarter has been revised 1.4% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on BSRR going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

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