Red River Bancshares (NASDAQ:RRBI) Sets New 52-Week High – Here’s What Happened

Shares of Red River Bancshares, Inc. (NASDAQ:RRBI) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $99.30 and last traded at $100.1290, with a volume of 3639 shares trading hands. The stock had previously closed at $97.50.

Wall Street Analyst Weigh In

A number of research firms have weighed in on RRBI. Zacks Research lowered Red River Bancshares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 31st. Weiss Ratings downgraded Red River Bancshares from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, June 29th. Stephens lowered Red River Bancshares from an “overweight” rating to an “equal weight” rating and set a $94.00 price target for the company. in a research report on Tuesday, May 5th. Finally, Raymond James Financial began coverage on Red River Bancshares in a research note on Wednesday, July 1st. They set a “market perform” rating for the company. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $80.50.

Red River Bancshares Trading Down 2.1%

The stock has a 50-day simple moving average of $91.97 and a 200 day simple moving average of $88.34. The company has a market cap of $643.06 million, a price-to-earnings ratio of 14.63 and a beta of 0.42.

Red River Bancshares (NASDAQ:RRBI) last posted its quarterly earnings results on Thursday, April 30th. The company reported $1.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.69 by $0.12. Red River Bancshares had a net margin of 25.74% and a return on equity of 12.46%. The company had revenue of $32.94 million during the quarter, compared to analyst estimates of $33.03 million. As a group, research analysts forecast that Red River Bancshares, Inc. will post 7.26 EPS for the current fiscal year.

Red River Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Monday, June 8th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Monday, June 8th. Red River Bancshares’s dividend payout ratio is presently 14.97%.

Institutional Trading of Red River Bancshares

A number of hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP increased its holdings in shares of Red River Bancshares by 345.1% during the 4th quarter. Wellington Management Group LLP now owns 286,844 shares of the company’s stock valued at $20,489,000 after purchasing an additional 222,401 shares in the last quarter. Boston Partners purchased a new stake in Red River Bancshares during the fourth quarter worth $4,117,000. First Eagle Investment Management LLC acquired a new stake in Red River Bancshares during the fourth quarter valued at $3,528,000. Arrowstreet Capital Limited Partnership grew its position in Red River Bancshares by 164.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 72,375 shares of the company’s stock valued at $6,546,000 after buying an additional 45,014 shares during the period. Finally, Sei Investments Co. purchased a new position in Red River Bancshares in the first quarter valued at $1,627,000. 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.