Reliant Bancorp Inc (NASDAQ:RBNC) Short Interest Update

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Reliant Bancorp Inc (NASDAQ:RBNC) was the target of a large drop in short interest in June. As of June 30th, there was short interest totalling 218,700 shares, a drop of 6.2% from the May 30th total of 233,200 shares. Based on an average daily trading volume, of 15,200 shares, the days-to-cover ratio is currently 14.4 days. Currently, 2.2% of the shares of the stock are short sold.

A number of brokerages have issued reports on RBNC. DA Davidson began coverage on shares of Western New England Bancorp in a report on Thursday. They set a “neutral” rating and a $10.00 price objective for the company. FIG Partners reaffirmed an “outperform” rating on shares of Reliant Bancorp in a report on Monday, April 8th. Sandler O’Neill began coverage on shares of Reliant Bancorp in a report on Thursday, April 11th. They set a “hold” rating for the company. Finally, Zacks Investment Research lowered shares of W. R. Grace & Co from a “buy” rating to a “hold” rating in a report on Wednesday, May 1st. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $26.75.

Hedge funds have recently bought and sold shares of the stock. Welch Group LLC purchased a new position in Reliant Bancorp during the 2nd quarter worth approximately $121,000. Penn Capital Management Co. Inc. grew its stake in Reliant Bancorp by 3.5% during the 1st quarter. Penn Capital Management Co. Inc. now owns 46,906 shares of the bank’s stock worth $1,047,000 after buying an additional 1,578 shares during the last quarter. BNP Paribas Arbitrage SA grew its stake in Reliant Bancorp by 622.6% during the 1st quarter. BNP Paribas Arbitrage SA now owns 2,139 shares of the bank’s stock worth $48,000 after buying an additional 1,843 shares during the last quarter. Metropolitan Life Insurance Co. NY grew its stake in Reliant Bancorp by 356.6% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 3,657 shares of the bank’s stock worth $84,000 after buying an additional 2,856 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in Reliant Bancorp by 21.0% during the 4th quarter. Bank of America Corp DE now owns 18,830 shares of the bank’s stock worth $434,000 after buying an additional 3,268 shares during the last quarter. 31.17% of the stock is owned by hedge funds and other institutional investors.

RBNC stock opened at $22.82 on Friday. The firm has a fifty day simple moving average of $22.42. Reliant Bancorp has a fifty-two week low of $19.03 and a fifty-two week high of $30.00. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a market capitalization of $257.75 million, a price-to-earnings ratio of 16.54 and a beta of 0.36.

Reliant Bancorp (NASDAQ:RBNC) last posted its earnings results on Wednesday, April 24th. The bank reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.01). Reliant Bancorp had a net margin of 17.64% and a return on equity of 7.64%. The business had revenue of $15.40 million during the quarter, compared to analysts’ expectations of $16.36 million. As a group, research analysts anticipate that Reliant Bancorp will post 1.53 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 18th. Investors of record on Monday, July 8th will be issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend is Friday, July 5th. Reliant Bancorp’s dividend payout ratio (DPR) is presently 26.28%.

Reliant Bancorp Company Profile

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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