Reliant Bancorp Inc (NASDAQ:RBNC) Sees Significant Growth in Short Interest

Reliant Bancorp Inc (NASDAQ:RBNC) was the target of a large growth in short interest in the month of November. As of November 29th, there was short interest totalling 192,600 shares, a growth of 12.2% from the November 14th total of 171,700 shares. Based on an average trading volume of 11,600 shares, the short-interest ratio is currently 16.6 days. Currently, 2.0% of the company’s shares are sold short.

Shares of NASDAQ:RBNC traded up $0.13 during mid-day trading on Friday, reaching $22.18. The stock had a trading volume of 9,524 shares, compared to its average volume of 10,766. The firm has a market cap of $247.41 million, a PE ratio of 15.35 and a beta of 0.38. The firm has a 50 day simple moving average of $22.37 and a two-hundred day simple moving average of $22.87. 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 has a twelve month low of $19.03 and a twelve month high of $25.00.

Reliant Bancorp (NASDAQ:RBNC) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.02). The firm had revenue of $16.82 million during the quarter, compared to analyst estimates of $17.35 million. Reliant Bancorp had a net margin of 18.77% and a return on equity of 7.62%. On average, equities analysts anticipate that Reliant Bancorp will post 1.45 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the business. Penn Capital Management Co. Inc. raised its holdings in Reliant Bancorp by 1.0% during the 2nd 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. Morgan Stanley raised its holdings in Reliant Bancorp by 37.5% during the 2nd quarter. Morgan Stanley now owns 2,417 shares of the bank’s stock worth $56,000 after buying an additional 659 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Reliant Bancorp by 4.8% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 23,939 shares of the bank’s stock worth $566,000 after buying an additional 1,101 shares during the period. Rhumbline Advisers raised its holdings in Reliant Bancorp by 8.3% during the 3rd quarter. Rhumbline Advisers now owns 15,489 shares of the bank’s stock worth $371,000 after buying an additional 1,185 shares during the period. Finally, State Street Corp raised its holdings in Reliant Bancorp by 0.8% during the 3rd quarter. State Street Corp now owns 172,102 shares of the bank’s stock worth $4,127,000 after buying an additional 1,420 shares during the period. Hedge funds and other institutional investors own 29.14% of the company’s stock.

A number of brokerages recently weighed in on RBNC. Zacks Investment Research upgraded shares of Reliant Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a research report on Saturday, November 9th. Keefe, Bruyette & Woods upgraded shares of Reliant Bancorp from a “market perform” rating to an “outperform” rating and increased their price target for the company from $25.00 to $26.00 in a research report on Thursday, October 24th. Finally, Stephens began coverage on shares of Reliant Bancorp in a research report on Friday, August 23rd. They issued an “equal weight” rating and a $24.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Reliant Bancorp presently has a consensus rating of “Buy” and an average price target of $25.50.

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.

See Also: Asset Allocation, Balancing Your Investments

Receive News & Ratings for Reliant Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Reliant Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.