DA Davidson Initiates Coverage on Reliant Bancorp (NASDAQ:RBNC)

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DA Davidson began coverage on shares of Reliant Bancorp (NASDAQ:RBNC) in a research report report published on Thursday, BenzingaRatingsTable reports. The brokerage issued a buy rating and a $27.00 price objective on the bank’s stock.

RBNC has been the topic of a number of other reports. Sandler O’Neill initiated coverage on Reliant Bancorp in a research report on Thursday, April 11th. They set a hold rating on the stock. Zacks Investment Research downgraded W. R. Grace & Co from a buy rating to a hold rating in a report on Wednesday, May 1st. Finally, FIG Partners reaffirmed an outperform rating on shares of Reliant Bancorp in a report on Monday, April 8th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Reliant Bancorp currently has an average rating of Buy and an average price target of $26.75.

RBNC stock opened at $22.82 on Thursday. Reliant Bancorp has a twelve month low of $19.03 and a twelve month high of $30.00. The firm has a market capitalization of $257.75 million, a P/E ratio of 16.54 and a beta of 0.36. The business’s 50-day moving average price is $22.42. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.05.

Reliant Bancorp (NASDAQ:RBNC) last released 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 return on equity of 7.64% and a net margin of 17.64%. The firm had revenue of $15.40 million for the quarter, compared to analyst estimates of $16.36 million. Research analysts predict that Reliant Bancorp will post 1.53 EPS for the current fiscal year.

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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RBNC. BlackRock Inc. boosted its holdings in Reliant Bancorp by 3.0% during the fourth quarter. BlackRock Inc. now owns 517,348 shares of the bank’s stock valued at $11,919,000 after purchasing an additional 15,121 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Reliant Bancorp by 8.5% during the fourth quarter. Geode Capital Management LLC now owns 79,562 shares of the bank’s stock valued at $1,833,000 after purchasing an additional 6,220 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Reliant Bancorp by 14.9% during the fourth quarter. Bank of New York Mellon Corp now owns 43,721 shares of the bank’s stock valued at $1,007,000 after purchasing an additional 5,676 shares in the last quarter. Welch Group LLC acquired a new stake in Reliant Bancorp during the second quarter valued at approximately $121,000. Finally, Rhumbline Advisers boosted its holdings in Reliant Bancorp by 46.3% during the fourth quarter. Rhumbline Advisers now owns 14,065 shares of the bank’s stock valued at $324,000 after purchasing an additional 4,454 shares in the last quarter. 31.17% of the stock is currently owned by institutional investors.

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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