Red River Bancshares (NASDAQ:RRBI) Given "Outperform" Rating at Raymond James Financial

Key Points

• Red River Bancshares has received an "outperform" rating from Raymond James Financial, with a new target price of $67.00, reflecting an expected upside of 11.05% from its current price.
• The company's stock recently rose by 0.7%, trading at $60.34, with a market capitalization of $409.55 million and a price-to-earnings ratio of 10.64.
• Red River Bancshares reported an EPS of $1.51 for the last quarter, exceeding analysts' expectations and contributing to a positive outlook among institutional investors, who own 27.55% of the company's stock.

Raymond James Financial reissued their outperform rating on shares of Red River Bancshares (NASDAQ:RRBI - Free Report) in a research report sent to investors on Friday,Benzinga reports. They currently have a $67.00 target price on the stock, up from their previous target price of $62.00.

Red River Bancshares Price Performance

Shares of NASDAQ RRBI traded down $0.32 during trading hours on Friday, hitting $59.71. 9,437 shares of the company's stock were exchanged, compared to its average volume of 11,682. Red River Bancshares has a 1-year low of $46.33 and a 1-year high of $64.65. The stock has a market capitalization of $405.40 million, a price-to-earnings ratio of 10.53 and a beta of 0.54. The company's 50-day moving average price is $59.72 and its 200-day moving average price is $55.81.

Red River Bancshares (NASDAQ:RRBI - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $1.51 earnings per share for the quarter, beating analysts' consensus estimates of $1.43 by $0.08. The company had revenue of $30.09 million for the quarter, compared to the consensus estimate of $30.04 million. Red River Bancshares had a return on equity of 11.85% and a net margin of 23.62%. On average, research analysts expect that Red River Bancshares will post 5.28 earnings per share for the current year.

Red River Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Monday, September 8th will be issued a dividend of $0.15 per share. This is an increase from Red River Bancshares's previous quarterly dividend of $0.12. This represents a $0.60 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Monday, September 8th. Red River Bancshares's dividend payout ratio (DPR) is currently 8.47%.

Hedge Funds Weigh In On Red River Bancshares

Several institutional investors have recently modified their holdings of RRBI. Strs Ohio purchased a new position in shares of Red River Bancshares during the 1st quarter valued at about $26,000. Tower Research Capital LLC TRC lifted its stake in shares of Red River Bancshares by 138.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,146 shares of the company's stock worth $62,000 after buying an additional 666 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in Red River Bancshares in the fourth quarter worth approximately $106,000. Wells Fargo & Company MN boosted its stake in shares of Red River Bancshares by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 2,695 shares of the company's stock worth $145,000 after acquiring an additional 587 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Red River Bancshares by 32,611.1% during the 1st quarter. GAMMA Investing LLC now owns 2,944 shares of the company's stock valued at $152,000 after buying an additional 2,935 shares in the last quarter. 27.55% of the stock is owned by institutional investors.

Red River Bancshares Company Profile

Red River Bancshares, Inc operates as a bank holding company for Red River Bank that provides banking products and services to commercial and retail customers in Louisiana. The company provides various deposit products, including checking, saving, money market accounts, and time deposits. It offers commercial real estate loans; one-to-four family mortgage loans and home equity lines of credit; construction and development loans; commercial and industrial loans; small business administration paycheck protection program loans; tax-exempt loans; consumer loans to individuals for personal, family, and household purposes, including secured and unsecured installment and term loans; home mortgage loans; and lines of credit and standby letters of credit.