Red River Bancshares (NASDAQ:RRBI) Reaches New 12-Month High – Here’s Why

Red River Bancshares, Inc. (NASDAQ:RRBI)’s stock price reached a new 52-week high during trading on Thursday . The stock traded as high as $99.30 and last traded at $100.1290, with a volume of 3639 shares traded. The stock had previously closed at $97.50.

Wall Street Analysts Forecast Growth

RRBI has been the topic of several analyst reports. Weiss Ratings cut Red River Bancshares from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, June 29th. Raymond James Financial assumed coverage on Red River Bancshares in a report on Wednesday, July 1st. They set a “market perform” rating on the stock. Zacks Research lowered Red River Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 31st. Finally, Stephens cut Red River Bancshares from an “overweight” rating to an “equal weight” rating and set a $94.00 price objective for the company. in a research note on Tuesday, May 5th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $80.50.

Red River Bancshares Stock Performance

The firm’s 50-day moving average price is $91.68 and its two-hundred day moving average price is $88.09. The firm has a market cap of $657.81 million, a PE ratio of 14.94 and a beta of 0.42.

Red River Bancshares (NASDAQ:RRBI) last announced its quarterly earnings results on Thursday, April 30th. The company reported $1.81 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.12. Red River Bancshares had a net margin of 25.74% and a return on equity of 12.46%. The firm had revenue of $32.94 million during the quarter, compared to analysts’ expectations of $33.03 million. As a group, sell-side analysts predict that Red River Bancshares, Inc. will post 7.26 earnings per share for the current fiscal year.

Red River Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Monday, June 8th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, June 8th. Red River Bancshares’s payout ratio is presently 14.97%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Strs Ohio purchased a new position in Red River Bancshares during the 1st quarter worth approximately $26,000. Clearstead Advisors LLC boosted its holdings in shares of Red River Bancshares by 4,015.4% in the fourth quarter. Clearstead Advisors LLC now owns 535 shares of the company’s stock valued at $38,000 after acquiring an additional 522 shares during the period. State of Alaska Department of Revenue boosted its holdings in shares of Red River Bancshares by 258.0% in the fourth quarter. State of Alaska Department of Revenue now owns 945 shares of the company’s stock valued at $66,000 after acquiring an additional 681 shares during the period. Tower Research Capital LLC TRC grew its position in shares of Red River Bancshares by 534.7% during the second quarter. Tower Research Capital LLC TRC now owns 1,263 shares of the company’s stock worth $74,000 after acquiring an additional 1,064 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in shares of Red River Bancshares by 54.6% during the third quarter. BNP Paribas Financial Markets now owns 1,616 shares of the company’s stock worth $105,000 after acquiring an additional 571 shares during the last quarter. Hedge funds and other institutional investors own 27.55% of the company’s stock.

Red River Bancshares Company Profile

Red River Bancshares, Inc is a bank holding company headquartered in Alexandria, Louisiana, operating through its principal subsidiary, Red River Bank. Established in 1998, the company provides a full range of commercial banking services designed to meet the needs of individuals, small to mid-size businesses, and nonprofit organizations. Red River Bank has built its reputation on personalized customer service and a commitment to supporting economic growth within its service area.

The company’s core offerings include commercial and industrial lending, real estate financing, consumer and residential mortgage loans, and deposit products such as checking, savings, money market accounts and certificates of deposit.