Piper Sandler Initiates Coverage on Plumas Bancorp (NASDAQ:PLBC)

Equities research analysts at Piper Sandler initiated coverage on shares of Plumas Bancorp (NASDAQ:PLBC - Get Free Report) in a note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage set an "overweight" rating and a $60.00 price target on the financial services provider's stock. Piper Sandler's price objective would indicate a potential upside of 34.71% from the company's previous close.

Other equities analysts have also issued reports about the stock. Raymond James reissued an "outperform" rating and issued a $54.00 target price (up from $49.00) on shares of Plumas Bancorp in a report on Thursday, January 30th. Stephens started coverage on shares of Plumas Bancorp in a research note on Wednesday, November 27th. They issued an "overweight" rating and a $60.00 price objective on the stock.

Plumas Bancorp Price Performance

Plumas Bancorp stock traded down $1.42 during mid-day trading on Thursday, reaching $44.54. 10,838 shares of the company were exchanged, compared to its average volume of 10,246. The firm has a market cap of $262.65 million, a PE ratio of 9.30 and a beta of 0.70. The company has a fifty day simple moving average of $45.94 and a 200-day simple moving average of $44.17. Plumas Bancorp has a 12 month low of $32.50 and a 12 month high of $51.33.

Plumas Bancorp (NASDAQ:PLBC - Get Free Report) last released its earnings results on Wednesday, January 15th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping 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%. Sell-side analysts anticipate that Plumas Bancorp will post 4.51 earnings per share for the current year.

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Insider Transactions at Plumas Bancorp

In related news, Director Michael Kevin Foster purchased 1,000 shares of the stock in a transaction dated Thursday, February 20th. The stock was bought at an average cost of $45.67 per share, for a total transaction of $45,670.00. Following the completion of the acquisition, the director now owns 1,000 shares of the company's stock, valued at approximately $45,670. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 9.00% of the company's stock.

Institutional Investors Weigh In On Plumas Bancorp

Several hedge funds have recently modified their holdings of PLBC. De Lisle Partners LLP raised its position in Plumas Bancorp by 61.5% in the third quarter. De Lisle Partners LLP now owns 149,779 shares of the financial services provider's stock valued at $6,068,000 after purchasing an additional 57,051 shares during the last quarter. Angel Oak Capital Advisors LLC acquired a new position in shares of Plumas Bancorp in the fourth quarter valued at approximately $1,026,000. Raymond James Financial Inc. bought a new position in Plumas Bancorp in the 4th quarter valued at approximately $899,000. Elizabeth Park Capital Advisors Ltd. boosted its position in Plumas Bancorp by 46.5% during the 4th quarter. Elizabeth Park Capital Advisors Ltd. now owns 50,778 shares of the financial services provider's stock worth $2,400,000 after buying an additional 16,110 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in Plumas Bancorp by 185.4% during the 4th quarter. JPMorgan Chase & Co. now owns 21,750 shares of the financial services provider's stock worth $1,028,000 after acquiring an additional 14,128 shares during the last quarter. Institutional investors and hedge funds own 41.68% of the company's stock.

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.