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

Plumas Bancorp (NASDAQ:PLBC) saw a significant decline in short interest in October. As of October 15th, there was short interest totalling 20,200 shares, a decline of 15.1% from the September 30th total of 23,800 shares. Based on an average daily volume of 11,900 shares, the days-to-cover ratio is presently 1.7 days.

Wall Street Analysts Forecast Growth

Separately, Raymond James boosted their target price on Plumas Bancorp from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd.

Plumas Bancorp Stock Performance

Plumas Bancorp stock traded up $1.35 during midday trading on Monday, hitting $41.70. 4,498 shares of the company’s stock were exchanged, compared to its average volume of 9,034. Plumas Bancorp has a 52-week low of $32.50 and a 52-week high of $45.00. The stock has a 50-day moving average price of $40.53 and a two-hundred day moving average price of $37.81. The company has a market cap of $246.03 million, a P/E ratio of 8.46 and a beta of 0.68.

Plumas Bancorp (NASDAQ:PLBC) last issued its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.17. Plumas Bancorp had a return on equity of 17.97% and a net margin of 31.02%. The firm had revenue of $24.10 million during the quarter, compared to analyst estimates of $20.60 million. As a group, sell-side analysts expect that Plumas Bancorp will post 4.66 earnings per share for the current year.

Plumas Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 1st will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 2.59%. The ex-dividend date is Friday, November 1st. Plumas Bancorp’s dividend payout ratio (DPR) is currently 22.64%.

Insider Activity

In other news, EVP Bj North sold 2,496 shares of Plumas Bancorp stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $42.55, for a total value of $106,204.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 9.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Plumas Bancorp

Several hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers lifted its stake in Plumas Bancorp by 4.9% during the second quarter. Rhumbline Advisers now owns 6,247 shares of the financial services provider’s stock worth $225,000 after purchasing an additional 290 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Plumas Bancorp by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 280,244 shares of the financial services provider’s stock valued at $10,310,000 after acquiring an additional 1,862 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Plumas Bancorp by 7.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 29,394 shares of the financial services provider’s stock valued at $1,058,000 after acquiring an additional 2,036 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Plumas Bancorp by 32.8% in the 1st quarter. BNP Paribas Financial Markets now owns 11,570 shares of the financial services provider’s stock valued at $426,000 after acquiring an additional 2,856 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Plumas Bancorp by 6.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 79,150 shares of the financial services provider’s stock valued at $2,847,000 after acquiring an additional 4,838 shares during the last quarter. Institutional investors own 41.68% of the company’s stock.

About Plumas Bancorp

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.