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

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

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. boosted its holdings in shares of Reliant Bancorp by 6.8% during the 2nd quarter. BlackRock Inc. now owns 547,987 shares of the bank’s stock worth $12,948,000 after buying an additional 34,918 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Reliant Bancorp by 8.5% during the 4th quarter. Geode Capital Management LLC now owns 79,562 shares of the bank’s stock worth $1,833,000 after buying an additional 6,220 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Reliant Bancorp by 14.9% during the 4th quarter. Bank of New York Mellon Corp now owns 43,721 shares of the bank’s stock worth $1,007,000 after buying an additional 5,676 shares in the last quarter. Welch Group LLC bought a new position in shares of Reliant Bancorp during the 2nd quarter worth approximately $121,000. Finally, Northern Trust Corp boosted its holdings in shares of Reliant Bancorp by 3.5% during the 2nd quarter. Northern Trust Corp now owns 106,291 shares of the bank’s stock worth $2,511,000 after buying an additional 3,592 shares in the last quarter. Institutional investors and hedge funds own 30.96% of the company’s stock.

RBNC has been the topic of several analyst reports. Janney Montgomery Scott cut Reliant Bancorp from a “buy” rating to a “neutral” rating in a report on Thursday, July 25th. DA Davidson reiterated a “buy” rating on shares of Reliant Bancorp in a report on Monday, July 22nd. Finally, Zacks Investment Research upgraded Reliant Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $26.67.



RBNC stock traded up $0.01 during trading on Thursday, hitting $23.81. The company had a trading volume of 6,502 shares, compared to its average volume of 11,743. The business has a 50-day moving average of $23.45 and a 200-day moving average of $22.63. Reliant Bancorp has a one year low of $19.03 and a one year high of $30.00. The stock has a market cap of $265.88 million, a PE ratio of 17.38 and a beta of 0.37. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.05.

Reliant Bancorp (NASDAQ:RBNC) last announced its earnings results on Tuesday, July 23rd. The bank reported $0.38 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.38. Reliant Bancorp had a return on equity of 7.69% and a net margin of 19.46%. The business had revenue of $16.51 million for the quarter, compared to analysts’ expectations of $16.72 million. Research analysts forecast that Reliant Bancorp will post 1.47 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, July 18th. Investors of record on Monday, July 8th were issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.51%. The ex-dividend date was Friday, July 5th. Reliant Bancorp’s 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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