Reliant Bancorp (NASDAQ:RBNC) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Reliant Bancorp (NASDAQ:RBNC) from a hold rating to a sell rating in a report released on Tuesday, 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. “

Other research analysts have also recently issued research reports about the company. Janney Montgomery Scott cut Reliant Bancorp from a buy rating to a neutral rating in a research note on Thursday, July 25th. DA Davidson reaffirmed a buy rating on shares of Reliant Bancorp in a research note on Monday, July 22nd. Finally, Stephens started coverage on Reliant Bancorp in a research note on Friday, August 23rd. They set an equal weight rating and a $24.00 target price on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $26.00.

Shares of NASDAQ RBNC opened at $23.47 on Tuesday. The business’s 50 day moving average is $23.21 and its two-hundred day moving average is $22.77. 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 has a 1-year low of $19.03 and a 1-year high of $28.41. The stock has a market capitalization of $276.07 million, a P/E ratio of 17.37 and a beta of 0.40.

Reliant Bancorp (NASDAQ:RBNC) last released its earnings results on Tuesday, July 23rd. The bank reported $0.38 EPS for the quarter, meeting analysts’ consensus estimates of $0.38. The firm had revenue of $16.51 million for the quarter, compared to analysts’ expectations of $16.72 million. Reliant Bancorp had a return on equity of 7.69% and a net margin of 19.46%. As a group, equities research analysts anticipate that Reliant Bancorp will post 1.45 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Morgan Stanley grew its stake in shares of Reliant Bancorp by 37.5% during the second quarter. Morgan Stanley now owns 2,417 shares of the bank’s stock valued at $56,000 after buying an additional 659 shares during the last quarter. BlackRock Inc. grew 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 valued at $12,948,000 after buying an additional 34,918 shares during the last quarter. Northern Trust Corp grew 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 valued at $2,511,000 after buying an additional 3,592 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Reliant Bancorp by 4.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 23,939 shares of the bank’s stock valued at $566,000 after buying an additional 1,101 shares during the last quarter. Finally, Penn Capital Management Co. Inc. grew 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 valued at $1,119,000 after buying an additional 446 shares during the last quarter. 29.02% of the stock is currently owned by hedge funds and other institutional investors.

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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