Jefferies Group Weighs in on Renasant Corp.’s Q4 2016 Earnings (RNST)
Renasant Corp. (NASDAQ:RNST) – Analysts at Jefferies Group dropped their Q4 2016 earnings estimates for Renasant Corp. in a report issued on Tuesday. Jefferies Group analyst E. Harmon now expects that the brokerage will post earnings of $0.56 per share for the quarter, down from their previous forecast of $0.57. Jefferies Group has a “Buy” rating and a $39.00 price target on the stock. Jefferies Group also issued estimates for Renasant Corp.’s Q1 2017 earnings at $0.55 EPS, Q2 2017 earnings at $0.59 EPS, Q3 2017 earnings at $0.62 EPS, Q4 2017 earnings at $0.64 EPS, FY2017 earnings at $2.40 EPS and FY2018 earnings at $2.60 EPS.
Renasant Corp. (NASDAQ:RNST) last announced its earnings results on Tuesday, July 19th. The financial services provider reported $0.59 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.02. Renasant Corp. had a net margin of 18.32% and a return on equity of 8.53%.
RNST has been the topic of a number of other research reports. Zacks Investment Research raised shares of Renasant Corp. from a “sell” rating to a “hold” rating in a research note on Thursday, September 1st. Raymond James Financial Inc. cut shares of Renasant Corp. from a “strong-buy” rating to an “outperform” rating and set a $38.00 price objective on the stock. in a research note on Monday, September 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $35.20.
Shares of Renasant Corp. (NASDAQ:RNST) opened at 32.92 on Thursday. The stock has a market cap of $1.39 billion, a P/E ratio of 16.58 and a beta of 0.98. The stock has a 50 day moving average of $34.15 and a 200 day moving average of $33.41. Renasant Corp. has a 52 week low of $29.49 and a 52 week high of $37.28.
Large investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in shares of Renasant Corp. by 0.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,419,967 shares of the financial services provider’s stock valued at $78,236,000 after buying an additional 13,201 shares during the period. Vanguard Group Inc. raised its position in Renasant Corp. by 3.9% in the second quarter. Vanguard Group Inc. now owns 1,484,637 shares of the financial services provider’s stock valued at $47,998,000 after buying an additional 56,046 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Renasant Corp. by 38.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,199,370 shares of the financial services provider’s stock valued at $39,471,000 after buying an additional 333,957 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Renasant Corp. by 1.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,047,215 shares of the financial services provider’s stock valued at $33,856,000 after buying an additional 14,683 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its position in Renasant Corp. by 6.6% in the second quarter. Lord Abbett & CO. LLC now owns 927,809 shares of the financial services provider’s stock valued at $29,996,000 after buying an additional 57,800 shares in the last quarter. 60.13% of the stock is currently owned by institutional investors.
In related news, EVP R Rick Hart sold 4,000 shares of Renasant Corp. stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $33.15, for a total value of $132,600.00. Following the sale, the executive vice president now owns 69,139 shares of the company’s stock, valued at approximately $2,291,957.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Fred F. Sharpe purchased 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 29th. The stock was bought at an average cost of $35.12 per share, for a total transaction of $35,120.00. The disclosure for this purchase can be found here. 5.18% of the stock is currently owned by corporate insiders.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Wednesday, September 14th were paid a $0.18 dividend. The ex-dividend date was Monday, September 12th. This represents a $0.72 dividend on an annualized basis and a yield of 2.19%. Renasant Corp.’s dividend payout ratio is currently 36.36%.
About Renasant Corp.
Renasant Corporation is a bank holding company that owns and operates Renasant Bank (the Bank) and Renasant Insurance, Inc (Renasant Insurance), a subsidiary of the Bank with operations in Mississippi. The Company operates through three segments: Community Banks segment, Insurance segment and Wealth Management segment.
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