Reliant Bancorp Inc (NASDAQ:RBNC) Receives Consensus Recommendation of “Buy” from Analysts
Shares of Reliant Bancorp Inc (NASDAQ:RBNC) have received a consensus recommendation of “Buy” from the seven ratings firms that are presently covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $25.00.
Several research firms have commented on RBNC. Keefe, Bruyette & Woods upgraded shares of Reliant Bancorp from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $25.00 to $26.00 in a research report on Thursday, October 24th. Stephens began coverage on shares of Reliant Bancorp in a research note on Friday, August 23rd. They issued an “equal weight” rating and a $24.00 price objective for the company. Finally, Zacks Investment Research upgraded shares of Reliant Bancorp from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a report on Saturday, November 9th.
Several large investors have recently bought and sold shares of the company. Penn Capital Management Co. Inc. increased its position in shares of Reliant Bancorp by 1.0% during the 2nd quarter. Penn Capital Management Co. Inc. now owns 47,352 shares of the bank’s stock valued at $1,119,000 after purchasing an additional 446 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Reliant Bancorp by 4.8% in the second quarter. Charles Schwab Investment Management Inc. now owns 23,939 shares of the bank’s stock worth $566,000 after buying an additional 1,101 shares during the last quarter. Northern Trust Corp boosted its stake in Reliant Bancorp by 3.5% during the second quarter. Northern Trust Corp now owns 106,291 shares of the bank’s stock worth $2,511,000 after buying an additional 3,592 shares during the period. BlackRock Inc. increased its position in Reliant Bancorp by 6.8% during the second quarter. BlackRock Inc. now owns 547,987 shares of the bank’s stock valued at $12,948,000 after acquiring an additional 34,918 shares during the last quarter. Finally, Morgan Stanley increased its position in Reliant Bancorp by 37.5% during the second quarter. Morgan Stanley now owns 2,417 shares of the bank’s stock valued at $56,000 after acquiring an additional 659 shares during the last quarter. 29.14% of the stock is owned by institutional investors and hedge funds.
Reliant Bancorp (NASDAQ:RBNC) last posted its earnings results on Wednesday, October 23rd. The bank reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.02). Reliant Bancorp had a net margin of 18.77% and a return on equity of 7.62%. The business had revenue of $16.82 million during the quarter, compared to analysts’ expectations of $17.35 million. On average, sell-side analysts predict that Reliant Bancorp will post 1.45 EPS for the current year.
About Reliant Bancorp
Reliant Bancorp, Inc operates as the holding company for Reliant Bank that provides a range of commercial banking services for businesses and individuals in the Middle Tennessee region and the Nashville-Davidson-Murfreesboro-Franklin Metropolitan Statistical Area. Its deposit products include checking, savings, and money market deposit accounts; time deposits; certificates of deposit; and non-interest-bearing and interest bearing demand deposits.
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