20,041 Shares in Red River Bancshares, Inc. $RRBI Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 20,041 shares of Red River Bancshares in the second quarter, valued at approximately $1.83 million and representing 0.30% of the company. Institutional investors collectively own 27.55% of RRBI.
• Analysts maintain a generally cautious outlook, with a consensus “Hold” rating and an average price target of $106. Stephens recently raised its target from $101 to $106.
• Red River Bancshares exceeded quarterly expectations, reporting EPS of $1.78 versus the $1.76 consensus and revenue of $33.71 million. The company also pays a quarterly dividend of $0.25 per share, equal to a 1.0% annualized yield.

Bank of America Corp DE bought a new position in shares of Red River Bancshares, Inc. (NASDAQ:RRBI - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 20,041 shares of the company's stock, valued at approximately $1,829,000. Bank of America Corp DE owned 0.30% of Red River Bancshares as of its most recent SEC filing.

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

Analysts Set New Price Targets

Several equities research analysts have weighed in on RRBI shares. Raymond James Financial initiated coverage on shares of Red River Bancshares in a research note on Wednesday, July 1st. They issued a "market perform" rating for the company. Wall Street Zen raised Red River Bancshares from a "sell" rating to a "hold" rating in a research report on Sunday, August 9th. Weiss Ratings upgraded Red River Bancshares from a "buy (b)" rating to a "buy (b+)" rating in a report on Wednesday, August 19th. Finally, Stephens raised their price objective on Red River Bancshares from $101.00 to $106.00 and gave the stock an "equal weight" rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $106.00.

Red River Bancshares Trading Up 0.0%

NASDAQ:RRBI opened at $99.87 on Thursday. Red River Bancshares, Inc. has a 12 month low of $61.60 and a 12 month high of $104.87. The firm has a fifty day simple moving average of $101.36 and a 200-day simple moving average of $95.37. The company has a market capitalization of $657.14 million, a P/E ratio of 14.37 and a beta of 0.41.

Red River Bancshares (NASDAQ:RRBI - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.76 by $0.02. The firm had revenue of $33.71 million for the quarter, compared to the consensus estimate of $33.66 million. Red River Bancshares had a return on equity of 12.47% and a net margin of 26.25%. Equities analysts forecast that Red River Bancshares, Inc. will post 7.29 EPS for the current year.

Red River Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 17th. Shareholders of record on Tuesday, September 8th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.0%. The ex-dividend date was Tuesday, September 8th. Red River Bancshares's payout ratio is presently 14.39%.

About Red River Bancshares

Red River Bancshares, Inc is the bank holding company for Red River Bank, a Louisiana-based community bank headquartered in Alexandria. Founded in 1999, the company provides banking services to businesses, professionals, individuals and public-sector customers through its network of banking locations and digital channels.

Red River Bank offers a range of commercial and personal financial products, including checking and savings accounts, certificates of deposit, commercial and industrial loans, commercial real estate financing, residential mortgage loans, consumer lending and small-business financing.

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