Hillsdale Investment Management Inc. Reduces Holdings in Red River Bancshares, Inc. $RRBI

Key Points

• Hillsdale Investment Management sharply reduced its stake in Red River Bancshares, selling 34,800 shares in the first quarter and cutting its holdings by 87.2% to 5,100 shares worth about $461,000.
• Institutional ownership remains significant, with hedge funds and other investors holding about 27.55% of the stock; several firms, including Wellington Management and Vanguard, increased their positions.
• Red River Bancshares recently beat quarterly earnings estimates, reporting $1.81 EPS versus $1.69 expected, and it also paid a quarterly dividend of $0.25, equivalent to a 1.0% annual yield.

Hillsdale Investment Management Inc. trimmed its holdings in shares of Red River Bancshares, Inc. (NASDAQ:RRBI - Free Report) by 87.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,100 shares of the company's stock after selling 34,800 shares during the quarter. Hillsdale Investment Management Inc. owned approximately 0.08% of Red River Bancshares worth $461,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RRBI. Wellington Management Group LLP boosted its stake 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 worth $20,489,000 after acquiring an additional 222,401 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Red River Bancshares by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 240,722 shares of the company's stock worth $15,604,000 after purchasing an additional 769 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Red River Bancshares by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 113,509 shares of the company's stock worth $8,110,000 after purchasing an additional 2,722 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Red River Bancshares by 8.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 111,448 shares of the company's stock worth $7,961,000 after purchasing an additional 8,954 shares during the period. Finally, State Street Corp raised its holdings in Red River Bancshares by 0.4% in the 4th quarter. State Street Corp now owns 99,742 shares of the company's stock worth $7,125,000 after purchasing an additional 404 shares during the period. 27.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on RRBI shares. Raymond James Financial assumed coverage on Red River Bancshares in a report on Wednesday, July 1st. They set a "market perform" rating for the company. Stephens downgraded Red River Bancshares from an "overweight" rating to an "equal weight" rating and set a $94.00 price objective on the stock. in a research note on Tuesday, May 5th. Weiss Ratings cut Red River Bancshares from a "buy (b+)" rating to a "buy (b)" rating in a research report on Monday, June 29th. Finally, Zacks Research downgraded Red River Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, March 31st. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Red River Bancshares has a consensus rating of "Hold" and a consensus target price of $80.50.

Red River Bancshares Price Performance

Shares of RRBI stock opened at $99.87 on Friday. Red River Bancshares, Inc. has a one year low of $58.12 and a one year high of $100.52. The company's fifty day moving average price is $91.84 and its 200-day moving average price is $88.27. The company has a market capitalization of $657.14 million, a price-to-earnings ratio of 14.95 and a beta of 0.42.

Red River Bancshares (NASDAQ:RRBI - Get Free Report) last issued its earnings results on Thursday, April 30th. The company reported $1.81 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $33.03 million. Equities research analysts expect that Red River Bancshares, Inc. will post 7.26 earnings per share for the current fiscal year.

Red River Bancshares Announces Dividend

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

About Red River Bancshares

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.

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