Reliant Bancorp (NASDAQ:RBNC) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Reliant Bancorp (NASDAQ:RBNC) from a hold rating to a buy rating in a research report released on Saturday, Zacks.com reports. The brokerage currently has $25.00 price objective on the bank’s stock.

According to Zacks, “Reliant Bancorp Inc. is a commercial bank which offers deposit, lending and mortgage products and services to business and consumer customers. It operates primarily in Davidson, Robertson, Sumner, Williamson, Maury and Hickman counties. Reliant Bancorp Inc., formerly known as Commerce Union Bancshares Inc., is based in TN, United States. “

Other equities research analysts have also issued reports about the stock. DA Davidson reiterated a buy rating on shares of Reliant Bancorp in a report on Monday, July 22nd. Keefe, Bruyette & Woods upgraded shares of Reliant Bancorp from a market perform rating to an outperform rating and increased their target price for the stock from $25.00 to $26.00 in a report on Thursday, October 24th. Stephens initiated coverage on shares of Reliant Bancorp in a report on Friday, August 23rd. They issued an equal weight rating and a $24.00 target price on the stock. Finally, Janney Montgomery Scott lowered shares of Reliant Bancorp from a buy rating to a neutral rating in a report on Thursday, July 25th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has an average rating of Buy and an average target price of $25.50.

Shares of RBNC traded up $0.01 during trading hours on Friday, reaching $22.54. 12,500 shares of the company traded hands, compared to its average volume of 11,523. Reliant Bancorp has a 1-year low of $19.03 and a 1-year high of $25.00. The stock has a market cap of $252.23 million, a P/E ratio of 16.45 and a beta of 0.39. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.86 and a current ratio of 0.87. The stock’s fifty day moving average is $23.13 and its 200 day moving average is $22.88.

Reliant Bancorp (NASDAQ:RBNC) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.38 earnings per share (EPS) 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 7.69%. The business had revenue of $16.82 million during the quarter, compared to the consensus estimate of $17.35 million. On average, equities research analysts predict that Reliant Bancorp will post 1.45 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Tuesday, October 8th were issued a $0.09 dividend. The ex-dividend date was Monday, October 7th. This represents a $0.36 annualized dividend and a yield of 1.60%. Reliant Bancorp’s dividend payout ratio (DPR) is presently 26.28%.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. raised its holdings in Reliant Bancorp by 6.8% in the second quarter. BlackRock Inc. now owns 547,987 shares of the bank’s stock worth $12,948,000 after purchasing an additional 34,918 shares during the period. Northern Trust Corp raised its holdings in Reliant Bancorp by 3.5% in the second quarter. Northern Trust Corp now owns 106,291 shares of the bank’s stock worth $2,511,000 after purchasing an additional 3,592 shares during the period. Penn Capital Management Co. Inc. raised its holdings in shares of Reliant Bancorp by 1.0% during the second quarter. Penn Capital Management Co. Inc. now owns 47,352 shares of the bank’s stock worth $1,119,000 after acquiring an additional 446 shares during the period. California Public Employees Retirement System raised its holdings in shares of Reliant Bancorp by 5.6% during the third quarter. California Public Employees Retirement System now owns 28,200 shares of the bank’s stock worth $676,000 after acquiring an additional 1,500 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Reliant Bancorp by 4.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 23,939 shares of the bank’s stock worth $566,000 after acquiring an additional 1,101 shares during the period. Institutional investors own 29.03% of the company’s stock.

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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