Jefferies Group Brokers Lower Earnings Estimates for Renasant Corp. (RNST)
Renasant Corp. (NASDAQ:RNST) – Research analysts at Jefferies Group lowered their FY2016 earnings estimates for Renasant Corp. in a report released on Tuesday. Jefferies Group analyst E. Harmon now forecasts that the firm will earn $2.24 per share for the year, down from their prior estimate of $2.25. Jefferies Group has a “Buy” rating and a $39.00 price target on the stock.
Several other analysts have also commented on the company. Zacks Investment Research raised Renasant Corp. from a “sell” rating to a “hold” rating in a research note on Saturday, September 17th. Raymond James Financial Inc. downgraded Renasant Corp. from a “strong-buy” rating to an “outperform” rating and set a $38.00 price objective for the company. in a research report on Monday, September 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $35.20.
Renasant Corp. (NASDAQ:RNST) opened at 32.88 on Friday. Renasant Corp. has a one year low of $29.49 and a one year high of $37.28. The stock’s 50 day moving average price is $34.10 and its 200-day moving average price is $33.41. The firm has a market capitalization of $1.38 billion, a price-to-earnings ratio of 16.56 and a beta of 0.98.
Renasant Corp. (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, July 19th. The financial services provider reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Renasant Corp. had a return on equity of 8.53% and a net margin of 18.32%.
A number of hedge funds have recently added to or reduced their stakes in RNST. Sei Investments Co. raised its position in shares of Renasant Corp. by 0.4% in the second quarter. Sei Investments Co. now owns 6,845 shares of the financial services provider’s stock worth $221,000 after buying an additional 29 shares during the period. Principal Financial Group Inc. increased its stake in shares of Renasant Corp. by 2.2% in the second quarter. Principal Financial Group Inc. now owns 8,343 shares of the financial services provider’s stock worth $270,000 after buying an additional 176 shares in the last quarter. California State Teachers Retirement System increased its stake in shares of Renasant Corp. by 0.4% in the second quarter. California State Teachers Retirement System now owns 85,672 shares of the financial services provider’s stock worth $2,770,000 after buying an additional 317 shares in the last quarter. Atlanta Capital Group increased its stake in shares of Renasant Corp. by 1.5% in the second quarter. Atlanta Capital Group now owns 22,532 shares of the financial services provider’s stock worth $728,000 after buying an additional 329 shares in the last quarter. Finally, Nationwide Fund Advisors increased its stake in shares of Renasant Corp. by 2.4% in the second quarter. Nationwide Fund Advisors now owns 31,881 shares of the financial services provider’s stock worth $1,031,000 after buying an additional 741 shares in the last quarter. Hedge funds and other institutional investors own 60.13% of the company’s stock.
In other Renasant Corp. news, insider O Leonard Dorminey sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $33.01, for a total value of $198,060.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP R Rick Hart sold 4,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 69,139 shares in the company, valued at approximately $2,291,957.85. The disclosure for this sale can be found here. Corporate insiders own 5.18% of the company’s stock.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Wednesday, September 14th were given a dividend of $0.18 per share. The ex-dividend date was Monday, September 12th. This represents a $0.72 annualized dividend and a yield of 2.19%. Renasant Corp.’s dividend payout ratio (DPR) is presently 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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