Red River Bancshares (NASDAQ:RRBI) Upgraded by Zacks Investment Research to Buy


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Zacks Investment Research upgraded shares of Red River Bancshares (NASDAQ:RRBI) from a hold rating to a buy rating in a research note issued to investors on Saturday, Zacks.com reports. The brokerage currently has $63.00 price target on the stock.

According to Zacks, “Red River Bancshares Inc. is the bank holding company for Red River Bank, a state-chartered bank. It provides banking products and services to commercial and retail customers. The company offers checking accounts, money market accounts, time deposits, real estate loans, commercial loans, treasury management services and private banking services, residential mortgage lending and investment services. Red River Bancshares Inc. is based in Alexandria, Louisiana. “

Shares of RRBI stock opened at $54.24 on Friday. The firm’s 50-day moving average is $57.62 and its 200-day moving average is $51.37. The stock has a market cap of $396.39 million, a price-to-earnings ratio of 14.43 and a beta of 0.95. Red River Bancshares has a 52-week low of $30.49 and a 52-week high of $65.07.

Red River Bancshares (NASDAQ:RRBI) last issued its earnings results on Thursday, January 28th. The company reported $0.99 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.10. The company had revenue of $24.85 million for the quarter, compared to analysts’ expectations of $23.14 million. Red River Bancshares had a net margin of 28.54% and a return on equity of 10.37%. As a group, research analysts anticipate that Red River Bancshares will post 3.66 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, March 25th. Shareholders of record on Monday, March 15th were issued a $0.07 dividend. This is a boost from Red River Bancshares’s previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a yield of 0.52%. The ex-dividend date of this dividend was Friday, March 12th. Red River Bancshares’s dividend payout ratio is currently 8.02%.

In other Red River Bancshares news, Director Barry Dale Hines sold 7,500 shares of the stock in a transaction dated Tuesday, February 9th. The shares were sold at an average price of $50.00, for a total value of $375,000.00. Following the transaction, the director now directly owns 12,986 shares of the company’s stock, valued at approximately $649,300. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Bryon C. Salazar sold 1,000 shares of the stock in a transaction dated Friday, March 12th. The shares were sold at an average price of $61.77, for a total transaction of $61,770.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,150 shares of company stock worth $473,576. Insiders own 21.80% of the company’s stock.

Several large investors have recently made changes to their positions in the business. BlackRock Inc. grew its position in shares of Red River Bancshares by 9.4% during the 4th quarter. BlackRock Inc. now owns 271,232 shares of the company’s stock worth $13,439,000 after purchasing an additional 23,398 shares in the last quarter. State Street Corp grew its position in shares of Red River Bancshares by 3.6% during the 3rd quarter. State Street Corp now owns 82,979 shares of the company’s stock worth $3,568,000 after purchasing an additional 2,881 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Red River Bancshares by 7.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 36,558 shares of the company’s stock worth $1,811,000 after purchasing an additional 2,574 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Red River Bancshares by 1.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 34,022 shares of the company’s stock worth $1,686,000 after purchasing an additional 458 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Red River Bancshares by 55.7% during the 4th quarter. Bank of New York Mellon Corp now owns 23,613 shares of the company’s stock worth $1,170,000 after purchasing an additional 8,452 shares in the last quarter. Hedge funds and other institutional investors own 15.23% of the company’s stock.

Red River Bancshares Company Profile

Red River Bancshares, Inc operates as a bank holding company for Red River Bank that provides banking products and services to commercial and retail customers in Louisiana. It provides various deposit products, including checking, saving, money market accounts, and time deposits. The company also offers commercial real estate loans; one-to-four family mortgage loans and home equity lines of credit; construction and development loans; commercial and industrial loans; tax-exempt loans; small business administration paycheck protection program loans; consumer loans to individuals for personal, family, and household purposes, including secured and unsecured installment and term loans; home mortgage loans; and lines of credit and standby letters of credit.

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