River City Bank (NASDAQ:RCBC) Hits New 1-Year High After Dividend Announcement

Key Points

• River City Bank shares reached a new 52-week high of $56.85, up from a prior close of $55.17, following the company’s dividend announcement.
• The bank declared a quarterly dividend of $0.05 per share, equivalent to $0.20 annually and a 0.4% yield; shareholders of record on November 3 will be paid on November 17.
• Analyst sentiment is mixed, with two Buy, three Hold, and one Sell rating, producing a consensus Hold rating and a $55 price target. In its latest quarter, River City Bank met the $1.29 EPS estimate and exceeded revenue expectations.

River City Bank (NASDAQ:RCBC - Get Free Report) shares hit a new 52-week high during trading on Monday following a dividend announcement from the company. The stock traded as high as $56.85 and last traded at $56.8490, with a volume of 28,939 shares. The stock had previously closed at $55.17.The newly announced dividend which will be paid on Tuesday, November 17th. Shareholders of record on Tuesday, November 3rd will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.4%. The ex-dividend date is Tuesday, November 3rd.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RCBC. Weiss Ratings started coverage on River City Bank in a research report on Friday, August 28th. They issued a "sell (d)" rating on the stock. Zacks Research upgraded River City Bank to a "hold" rating in a report on Tuesday, September 1st. DA Davidson assumed coverage on shares of River City Bank in a research note on Monday, August 31st. They issued a "neutral" rating and a $55.00 price target on the stock. Keefe, Bruyette & Woods upgraded shares of River City Bank to a "moderate buy" rating in a report on Monday, August 31st. Finally, Raymond James Financial started coverage on River City Bank in a research report on Monday, August 31st. They set an "outperform" rating and a $56.00 price objective on the stock. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $55.00.

River City Bank Stock Up 2.8%

River City Bank (NASDAQ:RCBC - Get Free Report) last released its quarterly earnings results on Friday, October 23rd. The company reported $1.29 earnings per share for the quarter, hitting the consensus estimate of $1.29. The company had revenue of $40.50 million for the quarter, compared to analysts' expectations of $39.68 million. On average, research analysts forecast that River City Bank will post 5.02 EPS for the current year.

About River City Bank

River City Bank is a California-based commercial bank that provides banking and financial services to businesses, professionals, nonprofit organizations and individuals. The bank focuses on relationship-based banking and offers commercial and real estate lending, business and personal deposit accounts, treasury management and online banking services.

Founded in 1973, River City Bank is headquartered in Sacramento and serves customers primarily throughout Northern California. Its banking activities include providing credit facilities for commercial enterprises and real estate projects, along with cash-management and other financial solutions designed to support business operations.

River City Bank operates through its banking offices and digital channels, serving markets that include the Sacramento region and the San Francisco Bay Area.

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