Red River Bancshares, Inc. (NASDAQ:RRBI) expects quarterly dividend of $0.07
Red River Bancshares, Inc. (NASDAQ: RRBI – Get a rating) declared a quarterly dividend on Thursday, August 25, Zacks reports. Investors of record on Monday, September 12 will receive a dividend of 0.07 per share on Thursday, September 22. This represents a dividend of $0.28 on an annualized basis and a yield of 0.53%. The ex-dividend date is Friday, September 9.
Red River Bancshares has a dividend payout ratio of 5.4%, which means its dividend is sufficiently covered by earnings. Research analysts expect Red River Bancshares to earn $4.99 per share next year, meaning the company should continue to be able to cover its $0.28 annual dividend with a ratio expected future payout of 5.6%.
Red River Bancshares stock performance
Shares of Red River Bancshares opened at $52.56 on Friday. Red River Bancshares has a 52-week low of $46.93 and a 52-week high of $57.80. The stock has a market capitalization of $377.59 million, a P/E ratio of 11.45 and a beta of 0.62. The stock has a 50-day simple moving average of $54.18 and a 200-day simple moving average of $52.94.
Institutional investors weigh in on shares of Red River Bancshares
Hedge funds have recently been buying and selling stocks. The Manufacturers Life Insurance Company increased its position in Red River Bancshares by 10.6% in the first quarter. The Manufacturers Life Insurance Company now owns 158,102 shares worth $8,365,000 after acquiring an additional 15,201 shares last quarter. State Street Corp raised its position in shares of Red River Bancshares by 4.2% in the first quarter. State Street Corp now owns 86,935 shares of the company valued at $4,600,000 after buying an additional 3,495 shares last quarter. Dimensional Fund Advisors LP increased its position in shares of Red River Bancshares by 9.6% in the first quarter. Dimensional Fund Advisors LP now owns 29,686 shares of the company valued at $1,570,000 after buying 2,608 additional shares last quarter. Natixis Advisors LP acquired a new equity stake in Red River Bancshares in the second quarter valued at approximately $1,181,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Red River Bancshares by 1.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 11,813 shares of the company valued at $626,000 after buying 210 more shares last quarter. 17.85% of the shares are currently held by institutional investors and hedge funds.
Analysts set new price targets
RRBI has been the subject of a number of research analyst reports. Stephens raised its price target on Red River Bancshares from $64.00 to $68.00 and gave the stock an “overweight” rating in a Monday, August 1 report. TheStreet upgraded shares of Red River Bancshares from a ‘c’ rating to a ‘b’ rating in a Tuesday, May 31 research report.
About Red River Bancshares
Red River Bancshares, Inc operates as a bank holding company for Red River Bank which provides banking products and services to commercial and retail customers in Louisiana. The Company offers various deposit products, including checking, savings accounts, money market accounts and term deposits. It also offers commercial real estate loans; one to four family mortgages 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; housing mortgages; and lines of credit and stand-by letters of credit.
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