Reliant Bancorp (NASDAQ:RBNC) Upgraded to Hold by Zacks Investment Research

Reliant Bancorp (NASDAQ:RBNC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday, Zacks.com reports.

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. “

RBNC has been the subject of several other research reports. Janney Montgomery Scott downgraded shares of Reliant Bancorp from a “buy” rating to a “neutral” rating in a research note on Thursday, July 25th. DA Davidson reiterated a “buy” rating on shares of Reliant Bancorp in a research note on Monday, July 22nd. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $26.67.

NASDAQ RBNC opened at $24.03 on Wednesday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.05. Reliant Bancorp has a 1 year low of $19.03 and a 1 year high of $30.00. The firm has a market capitalization of $263.87 million, a P/E ratio of 17.54 and a beta of 0.37. The company has a fifty day moving average of $23.41.

Reliant Bancorp (NASDAQ:RBNC) last released its quarterly earnings data 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 net margin of 19.46% and a return on equity of 7.69%. The company had revenue of $16.51 million during the quarter, compared to the consensus estimate of $16.72 million. As a group, sell-side analysts anticipate that Reliant Bancorp will post 1.47 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Reliant Bancorp by 6.8% during the second quarter. BlackRock Inc. now owns 547,987 shares of the bank’s stock worth $12,948,000 after buying an additional 34,918 shares during the period. Northern Trust Corp boosted its stake in shares of Reliant Bancorp by 3.5% during the second 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 during the period. Geode Capital Management LLC boosted its stake in shares of Reliant Bancorp by 8.5% during the fourth 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 during the period. Penn Capital Management Co. Inc. boosted its stake 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 buying an additional 446 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of 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 worth $1,007,000 after buying an additional 5,676 shares during the period. Institutional investors and hedge funds own 30.96% 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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