Bank of New York Mellon Corp Boosts Position in Reliant Bancorp Inc (RBNC)
Bank of New York Mellon Corp increased its position in shares of Reliant Bancorp Inc (NASDAQ:RBNC) by 25.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 34,360 shares of the bank’s stock after buying an additional 6,963 shares during the quarter. Bank of New York Mellon Corp owned about 0.30% of Reliant Bancorp worth $964,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Acadian Asset Management LLC acquired a new position in Reliant Bancorp during the 2nd quarter worth approximately $124,000. New York State Common Retirement Fund acquired a new position in Reliant Bancorp during the 1st quarter worth approximately $169,000. Hartford Investment Management Co. acquired a new position in Reliant Bancorp during the 2nd quarter worth approximately $235,000. Rhumbline Advisers acquired a new position in Reliant Bancorp during the 2nd quarter worth approximately $264,000. Finally, California State Teachers Retirement System acquired a new position in Reliant Bancorp during the 1st quarter worth approximately $241,000. 28.35% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts recently weighed in on the company. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $27.00 price target on shares of Reliant Bancorp in a research note on Friday, July 27th. FIG Partners reaffirmed a “market-perform” rating on shares of Reliant Bancorp in a research note on Tuesday, July 24th. Finally, Zacks Investment Research downgraded Reliant Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, September 27th.
RBNC stock opened at $23.85 on Thursday. Reliant Bancorp Inc has a fifty-two week low of $21.90 and a fifty-two week high of $30.00. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.81 and a current ratio of 0.84. The company has a market cap of $294.75 million, a P/E ratio of 22.71 and a beta of 0.32.
Reliant Bancorp (NASDAQ:RBNC) last issued its quarterly earnings data 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 the consensus estimate of $16.94 million. Reliant Bancorp had a return on equity of 7.13% and a net margin of 13.97%. On average, equities research analysts forecast that Reliant Bancorp Inc will post 1.4 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 19th. Stockholders of record on Tuesday, October 9th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.34%. The ex-dividend date of this dividend is Friday, October 5th. Reliant Bancorp’s dividend payout ratio (DPR) is presently 30.48%.
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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