Richmond Mutual Bancorporation, Inc. (NASDAQ:RMBI) Sees Large Increase in Short Interest

Key Points

• Short interest surged 85.4% to 461,166 shares as of September 30, equal to roughly 3.0% of Richmond Mutual Bancorporation’s outstanding shares and 2.4 days of average trading volume.
• Institutional ownership stands at 26.52%, with BlackRock and several other investment firms recently establishing new positions. A company director also bought 2,500 shares at $15.92 each.
• RMBI reported quarterly EPS of $0.22 and maintains a quarterly dividend of $0.15 per share, or a 3.9% annualized yield. The stock opened at $15.25, while analyst sentiment remained broadly positive despite one downgrade to “sell.”

Richmond Mutual Bancorporation, Inc. (NASDAQ:RMBI - Get Free Report) was the recipient of a large increase in short interest during the month of September. As of September 30th, there was short interest totaling 461,166 shares, an increase of 85.4% from the September 15th total of 248,765 shares. Based on an average trading volume of 190,349 shares, the days-to-cover ratio is presently 2.4 days. Approximately 3.0% of the company's shares are sold short.

Insider Activity at Richmond Mutual Bancorporation

In related news, Director Jeffrey Jackson acquired 2,500 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was purchased at an average price of $15.92 per share, with a total value of $39,800.00. Following the transaction, the director owned 49,125 shares of the company's stock, valued at approximately $782,070. This trade represents a 5.36% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 8.20% of the company's stock.

Hedge Funds Weigh In On Richmond Mutual Bancorporation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Richmond Mutual Bancorporation in the second quarter worth $8,749,000. CX Institutional purchased a new stake in shares of Richmond Mutual Bancorporation during the third quarter worth $1,211,000. Sapient Capital LLC purchased a new stake in shares of Richmond Mutual Bancorporation during the third quarter worth $1,052,000. Sanctuary Advisors LLC acquired a new stake in shares of Richmond Mutual Bancorporation in the second quarter valued at $947,000. Finally, Susquehanna International Group LLP acquired a new stake in shares of Richmond Mutual Bancorporation in the second quarter valued at $875,000. Hedge funds and other institutional investors own 26.52% of the company's stock.

Richmond Mutual Bancorporation Price Performance

NASDAQ RMBI opened at $15.25 on Thursday. The company has a market cap of $255.59 million, a P/E ratio of 12.70 and a beta of 0.34. The stock has a 50-day moving average of $15.68 and a two-hundred day moving average of $15.12. Richmond Mutual Bancorporation has a 1-year low of $12.77 and a 1-year high of $16.59.

Richmond Mutual Bancorporation (NASDAQ:RMBI - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The company reported $0.22 earnings per share (EPS) for the quarter. Richmond Mutual Bancorporation had a net margin of 13.00% and a return on equity of 8.30%. The business had revenue of $13.65 million for the quarter.

Richmond Mutual Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 17th. Investors of record on Thursday, September 3rd were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend was Thursday, September 3rd. Richmond Mutual Bancorporation's dividend payout ratio is presently 49.59%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Weiss Ratings cut Richmond Mutual Bancorporation from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Friday, October 2nd. Wall Street Zen cut Richmond Mutual Bancorporation from a "hold" rating to a "sell" rating in a research note on Saturday, September 26th. One equities research analyst has rated the stock with a Buy rating. According to MarketBeat.com, the company presently has a consensus rating of "Buy".

About Richmond Mutual Bancorporation

Richmond Mutual Bancorporation, Inc is the bank holding company for First Bank Richmond, a community-focused financial institution headquartered in Richmond, Indiana. Through its banking subsidiary, the company provides financial services to individuals, families and businesses in eastern Indiana and western Ohio.

First Bank Richmond offers a range of traditional banking products, including checking and savings accounts, certificates of deposit and other deposit services. Its lending activities include residential mortgages, home equity financing, consumer loans, commercial real estate loans and business lending.

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