Reliant Bancorp Inc (NASDAQ:RBNC) Sees Large Decline in Short Interest

Reliant Bancorp Inc (NASDAQ:RBNC) was the target of a large decrease in short interest during the month of July. As of July 31st, there was short interest totalling 195,600 shares, a decrease of 9.0% from the June 30th total of 214,900 shares. Approximately 2.0% of the company’s stock are short sold. Based on an average daily trading volume, of 13,400 shares, the days-to-cover ratio is presently 14.6 days.

A number of equities research analysts recently commented on RBNC shares. Janney Montgomery Scott lowered Reliant Bancorp from a “buy” rating to a “neutral” rating in a research report on Thursday, July 25th. Zacks Investment Research raised Reliant Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, DA Davidson reaffirmed a “buy” rating on shares of Reliant Bancorp in a research report on Monday, July 22nd. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $26.67.

Several institutional investors have recently made changes to their positions in 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. Morgan Stanley increased its position in shares of Reliant Bancorp by 37.5% during the 2nd quarter. Morgan Stanley now owns 2,417 shares of the bank’s stock valued at $56,000 after purchasing an additional 659 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Reliant Bancorp by 4.8% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 23,939 shares of the bank’s stock valued at $566,000 after purchasing an additional 1,101 shares during the last quarter. Northern Trust Corp increased its position in shares of Reliant Bancorp by 1.5% during the 4th quarter. Northern Trust Corp now owns 100,887 shares of the bank’s stock valued at $2,324,000 after purchasing an additional 1,474 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its position in shares of Reliant Bancorp by 622.6% during the 1st quarter. BNP Paribas Arbitrage SA now owns 2,139 shares of the bank’s stock valued at $48,000 after purchasing an additional 1,843 shares during the last quarter. 30.96% of the stock is owned by hedge funds and other institutional investors.

Shares of Reliant Bancorp stock traded up $0.01 during trading hours on Thursday, hitting $23.81. 6,502 shares of the company’s stock traded hands, compared to its average volume of 11,743. Reliant Bancorp has a 12-month low of $19.03 and a 12-month high of $30.00. The stock has a market capitalization of $265.88 million, a price-to-earnings ratio of 17.38 and a beta of 0.37. The company has a fifty day simple moving average of $23.45 and a 200-day simple moving average of $22.63. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.87 and a quick ratio of 0.86.

Reliant Bancorp (NASDAQ:RBNC) last announced its earnings results on Tuesday, July 23rd. The bank reported $0.38 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.38. Reliant Bancorp had a return on equity of 7.69% and a net margin of 19.46%. The firm had revenue of $16.51 million during the quarter, compared to analyst estimates of $16.72 million. On average, analysts forecast that Reliant Bancorp will post 1.47 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 18th. Stockholders of record on Monday, July 8th were given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.51%. The ex-dividend date was Friday, July 5th. Reliant Bancorp’s dividend payout ratio is presently 26.28%.

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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