Red River Bancshares (NASDAQ:RRBI) Reaches New 52-Week High – Here’s Why

Red River Bancshares, Inc. (NASDAQ:RRBI) shares hit a new 52-week high on Thursday . The company traded as high as $104.35 and last traded at $104.2050, with a volume of 7709 shares trading hands. The stock had previously closed at $102.33.

Wall Street Analyst Weigh In

RRBI has been the topic of several research reports. Wall Street Zen raised Red River Bancshares from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. Stephens boosted their target price on Red River Bancshares from $101.00 to $106.00 and gave the company an “equal weight” rating in a report on Friday, July 31st. Weiss Ratings cut Red River Bancshares from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, August 5th. Finally, Raymond James Financial started coverage on Red River Bancshares in a research note on Wednesday, July 1st. They set a “market perform” rating on the stock. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $106.00.

Red River Bancshares Stock Performance

The firm’s 50-day moving average is $96.06 and its 200 day moving average is $92.07. The stock has a market cap of $676.18 million, a PE ratio of 14.78 and a beta of 0.41.

Red River Bancshares (NASDAQ:RRBI) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.02. Red River Bancshares had a net margin of 26.25% and a return on equity of 12.47%. The firm had revenue of $33.73 million during the quarter, compared to analysts’ expectations of $33.66 million. On average, sell-side analysts predict that Red River Bancshares, Inc. will post 7.26 EPS for the current fiscal year.

Red River Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Monday, June 8th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, June 8th. Red River Bancshares’s dividend payout ratio is presently 14.39%.

Hedge Funds Weigh In On Red River Bancshares

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Canada Pension Plan Investment Board acquired a new position in Red River Bancshares in the 2nd quarter valued at about $557,000. Legal & General Group Plc purchased a new stake in Red River Bancshares during the 2nd quarter valued at approximately $46,000. The Manufacturers Life Insurance Company acquired a new stake in Red River Bancshares during the 2nd quarter worth approximately $12,079,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Red River Bancshares during the 2nd quarter worth approximately $1,607,000. Finally, Globeflex Capital L P purchased a new position in shares of Red River Bancshares in the 2nd quarter valued at approximately $635,000. Hedge funds and other institutional investors own 27.55% of the company’s stock.

Red River Bancshares Company Profile

Red River Bancshares, Inc is a bank holding company headquartered in Alexandria, Louisiana, operating through its principal subsidiary, Red River Bank. Established in 1998, the company provides a full range of commercial banking services designed to meet the needs of individuals, small to mid-size businesses, and nonprofit organizations. Red River Bank has built its reputation on personalized customer service and a commitment to supporting economic growth within its service area.

The company’s core offerings include commercial and industrial lending, real estate financing, consumer and residential mortgage loans, and deposit products such as checking, savings, money market accounts and certificates of deposit.