Plumas Bancorp (NASDAQ:PLBC) Sees Large Increase in Short Interest

Plumas Bancorp (NASDAQ:PLBC) was the recipient of a significant growth in short interest in February. As of February 15th, there was short interest totalling 61,500 shares, a growth of 38.2% from the January 31st total of 44,500 shares. Currently, 1.2% of the company’s shares are sold short. Based on an average trading volume of 10,200 shares, the short-interest ratio is currently 6.0 days.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Stephens assumed coverage on shares of Plumas Bancorp in a report on Wednesday, November 27th. They set an “overweight” rating and a $60.00 price target for the company. Piper Sandler began coverage on shares of Plumas Bancorp in a research note on Thursday, February 27th. They set an “overweight” rating and a $60.00 target price for the company. Finally, Raymond James reissued an “outperform” rating and issued a $54.00 target price (up previously from $49.00) on shares of Plumas Bancorp in a report on Thursday, January 30th.

Insider Activity

In related news, Director Michael Kevin Foster bought 1,000 shares of the company’s stock in a transaction on Thursday, February 20th. The shares were bought at an average price of $45.67 per share, with a total value of $45,670.00. Following the transaction, the director now owns 1,000 shares in the company, valued at approximately $45,670. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 9.00% of the company’s stock.

Institutional Trading of Plumas Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the business. Albert D Mason Inc. increased its holdings in Plumas Bancorp by 4.0% in the fourth quarter. Albert D Mason Inc. now owns 7,479 shares of the financial services provider’s stock worth $353,000 after buying an additional 286 shares during the last quarter. Jane Street Group LLC boosted its stake in Plumas Bancorp by 7.9% during the third quarter. Jane Street Group LLC now owns 6,206 shares of the financial services provider’s stock worth $253,000 after buying an additional 457 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Plumas Bancorp by 0.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 171,063 shares of the financial services provider’s stock valued at $8,084,000 after acquiring an additional 537 shares during the period. Picton Mahoney Asset Management bought a new stake in shares of Plumas Bancorp in the 4th quarter valued at approximately $32,000. Finally, Wells Fargo & Company MN grew its position in Plumas Bancorp by 27.9% in the fourth quarter. Wells Fargo & Company MN now owns 3,221 shares of the financial services provider’s stock valued at $152,000 after acquiring an additional 703 shares during the period. Institutional investors and hedge funds own 41.68% of the company’s stock.

Plumas Bancorp Stock Performance

Shares of NASDAQ PLBC traded up $0.15 during midday trading on Wednesday, hitting $44.14. The company’s stock had a trading volume of 3,321 shares, compared to its average volume of 9,721. Plumas Bancorp has a 1-year low of $32.50 and a 1-year high of $51.33. The firm’s fifty day moving average price is $45.80 and its 200-day moving average price is $44.24. The firm has a market cap of $260.29 million, a P/E ratio of 9.22 and a beta of 0.70.

Plumas Bancorp (NASDAQ:PLBC) last announced its earnings results on Wednesday, January 15th. The financial services provider reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.14. Plumas Bancorp had a return on equity of 16.88% and a net margin of 30.74%. As a group, research analysts predict that Plumas Bancorp will post 4.51 earnings per share for the current fiscal year.

Plumas Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, February 17th. Stockholders of record on Monday, February 3rd were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, February 3rd. This is a positive change from Plumas Bancorp’s previous quarterly dividend of $0.27. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.72%. Plumas Bancorp’s payout ratio is 25.05%.

Plumas Bancorp Company Profile

Plumas Bancorp operates as the bank holding company for the Plumas Bank that provides various banking products and services for small and middle market businesses, and individuals in Northeastern California and Northwestern Nevada. The company accepts various deposits, such as checking, money market checking, business sweep, public funds sweep, savings, time deposit, and retirement accounts.