Reliant Bancorp (RBNC) Rating Lowered to Hold at Zacks Investment Research

Reliant Bancorp (NASDAQ:RBNC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.

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 reports about the company. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $27.00 target price on shares of Reliant Bancorp in a research report on Friday, July 27th. FIG Partners reaffirmed a “market-perform” rating on shares of Reliant Bancorp in a research report on Tuesday, July 24th.

Shares of Reliant Bancorp stock opened at $25.83 on Thursday. The firm has a market capitalization of $297.40 million, a PE ratio of 24.60 and a beta of 0.30. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.81 and a current ratio of 0.84. Reliant Bancorp has a 1 year low of $21.90 and a 1 year high of $30.00.

Reliant Bancorp (NASDAQ:RBNC) last issued its earnings results on Wednesday, July 25th. The bank reported $0.34 EPS for the quarter, topping the consensus estimate of $0.33 by $0.01. The firm had revenue of $15.66 million during the quarter, compared to analysts’ expectations of $16.94 million. Reliant Bancorp had a return on equity of 7.13% and a net margin of 13.97%. sell-side analysts anticipate that Reliant Bancorp will post 1.4 earnings per share for the current year.

In related news, CEO Devan D. Ard, Jr. sold 2,500 shares of the firm’s stock in a transaction on Monday, July 30th. The stock was sold at an average price of $27.60, for a total value of $69,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders sold 5,800 shares of company stock valued at $161,225. 13.09% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of RBNC. American International Group Inc. bought a new position in Reliant Bancorp in the first quarter worth $101,000. Acadian Asset Management LLC bought a new position in Reliant Bancorp in the second quarter worth $124,000. New York State Common Retirement Fund bought a new position in shares of Reliant Bancorp during the first quarter valued at $169,000. Hartford Investment Management Co. bought a new position in shares of Reliant Bancorp during the second quarter valued at $235,000. Finally, California State Teachers Retirement System bought a new position in shares of Reliant Bancorp during the first quarter valued at $241,000. 28.35% of the stock is owned by hedge funds and other institutional investors.

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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