Raymond James Boosts Plumas Bancorp (NASDAQ:PLBC) Price Target to $45.00

Plumas Bancorp (NASDAQ:PLBC) had its target price raised by Raymond James from $43.00 to $45.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Plumas Bancorp Stock Performance

NASDAQ PLBC opened at $39.64 on Wednesday. Plumas Bancorp has a one year low of $32.50 and a one year high of $45.00. The stock has a 50-day moving average of $40.03 and a 200 day moving average of $37.28. The company has a market capitalization of $233.72 million, a price-to-earnings ratio of 8.29 and a beta of 0.68.

Plumas Bancorp (NASDAQ:PLBC) last announced its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.05. Plumas Bancorp had a net margin of 32.14% and a return on equity of 19.22%. The firm had revenue of $20.61 million during the quarter, compared to analyst estimates of $20.00 million. On average, equities analysts predict that Plumas Bancorp will post 4.47 earnings per share for the current fiscal year.

Plumas Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Thursday, August 1st were issued a dividend of $0.27 per share. The ex-dividend date of this dividend was Thursday, August 1st. This represents a $1.08 annualized dividend and a dividend yield of 2.72%. Plumas Bancorp’s payout ratio is 22.59%.

Hedge Funds Weigh In On Plumas Bancorp

Several institutional investors have recently made changes to their positions in the business. Elizabeth Park Capital Advisors Ltd. purchased a new stake in Plumas Bancorp in the 2nd quarter worth approximately $1,247,000. Vanguard Group Inc. increased its stake in Plumas Bancorp by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 280,244 shares of the financial services provider’s stock worth $10,310,000 after acquiring an additional 1,862 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Plumas Bancorp by 32.8% during the 1st quarter. BNP Paribas Financial Markets now owns 11,570 shares of the financial services provider’s stock worth $426,000 after acquiring an additional 2,856 shares in the last quarter. Kennedy Capital Management LLC purchased a new stake in shares of Plumas Bancorp during the 1st quarter worth approximately $589,000. Finally, Rhumbline Advisers boosted its position in shares of Plumas Bancorp by 4.9% during the 2nd quarter. Rhumbline Advisers now owns 6,247 shares of the financial services provider’s stock valued at $225,000 after acquiring an additional 290 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.