Short Interest in Reliant Bancorp Inc (NASDAQ:RBNC) Declines By 14.3%

Reliant Bancorp Inc (NASDAQ:RBNC) was the recipient of a significant decrease in short interest during the month of September. As of September 15th, there was short interest totalling 218,000 shares, a decrease of 14.3% from the August 31st total of 254,400 shares. Based on an average daily volume of 47,700 shares, the short-interest ratio is currently 4.6 days.

Shares of NASDAQ RBNC traded up $0.02 during mid-day trading on Thursday, reaching $14.52. 85,555 shares of the company were exchanged, compared to its average volume of 47,479. The company has a quick ratio of 0.93, a current ratio of 0.97 and a debt-to-equity ratio of 0.24. The stock has a market cap of $235.55 million, a price-to-earnings ratio of 12.18 and a beta of 1.11. Reliant Bancorp has a 1 year low of $9.45 and a 1 year high of $23.89. The firm has a 50-day moving average of $14.81 and a 200 day moving average of $13.96.

Reliant Bancorp (NASDAQ:RBNC) last announced its earnings results on Friday, July 24th. The bank reported $0.60 EPS for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.32. Reliant Bancorp had a net margin of 13.74% and a return on equity of 9.21%. The business had revenue of $34.38 million during the quarter, compared to the consensus estimate of $28.83 million. On average, equities analysts forecast that Reliant Bancorp will post 1.54 earnings per share for the current year.

In related news, insider William M. Fitzgerald II purchased 7,300 shares of Reliant Bancorp stock in a transaction that occurred on Friday, August 21st. The shares were bought at an average price of $15.39 per share, with a total value of $112,347.00. Following the purchase, the insider now directly owns 7,300 shares of the company’s stock, valued at approximately $112,347. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders bought 9,112 shares of company stock worth $139,227. Company insiders own 12.30% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of RBNC. Citigroup Inc. boosted its stake in Reliant Bancorp by 33.6% in the first quarter. Citigroup Inc. now owns 3,911 shares of the bank’s stock valued at $44,000 after acquiring an additional 983 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Reliant Bancorp by 12.3% during the 1st quarter. JPMorgan Chase & Co. now owns 11,383 shares of the bank’s stock valued at $128,000 after purchasing an additional 1,245 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Reliant Bancorp by 20.5% in the 2nd quarter. Bank of America Corp DE now owns 17,284 shares of the bank’s stock worth $281,000 after purchasing an additional 2,939 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in Reliant Bancorp by 75,575.0% during the 1st quarter. Tower Research Capital LLC TRC now owns 3,027 shares of the bank’s stock worth $34,000 after buying an additional 3,023 shares during the last quarter. Finally, American International Group Inc. increased its position in Reliant Bancorp by 55.3% during the 2nd quarter. American International Group Inc. now owns 9,388 shares of the bank’s stock valued at $153,000 after buying an additional 3,344 shares in the last quarter. Hedge funds and other institutional investors own 30.14% of the company’s stock.

Several brokerages recently issued reports on RBNC. ValuEngine cut Reliant Bancorp from a “hold” rating to a “sell” rating in a research note on Monday, August 3rd. BidaskClub downgraded Reliant Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, August 28th. Zacks Investment Research downgraded Reliant Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Raymond James started coverage on shares of Reliant Bancorp in a research note on Tuesday, June 9th. They issued a “market perform” rating for the company. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $18.50.

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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