Renasant Corp. (RNST) Stock Rating Upgraded by Zacks Investment Research
Renasant Corp. (NASDAQ:RNST) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Renasant Corporation is the parent of Renasant Bank and Renasant Insurance, Inc. “
Other equities analysts have also issued research reports about the company. Raymond James Financial Inc. lowered 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. Jefferies Group reissued a “buy” rating and set a $39.00 price objective on shares of Renasant Corp. in a research report on Wednesday, July 20th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $35.20.
Renasant Corp. (NASDAQ:RNST) opened at 38.95 on Wednesday. Renasant Corp. has a 52-week low of $29.49 and a 52-week high of $40.42. The company’s 50-day moving average is $34.33 and its 200 day moving average is $33.70. The company has a market cap of $1.64 billion, a price-to-earnings ratio of 18.27 and a beta of 0.94.
Renasant Corp. (NASDAQ:RNST) last announced its quarterly earnings data on Tuesday, October 18th. The financial services provider reported $0.59 EPS for the quarter, beating the consensus estimate of $0.58 by $0.01. Renasant Corp. had a return on equity of 8.64% and a net margin of 19.24%. During the same quarter last year, the company earned $0.53 earnings per share. Equities analysts forecast that Renasant Corp. will post $2.19 earnings per share for the current fiscal year.
In related news, Director Fred F. Sharpe purchased 2,000 shares of the stock in a transaction dated Friday, October 21st. The stock was purchased at an average price of $33.70 per share, with a total value of $67,400.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Fred F. Sharpe purchased 1,000 shares of the stock in a transaction dated Monday, August 29th. The stock was bought at an average cost of $35.12 per share, with a total value of $35,120.00. The disclosure for this purchase can be found here. 5.18% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of RNST. Victory Capital Management Inc. raised its position in shares of Renasant Corp. by 3,741.7% in the third quarter. Victory Capital Management Inc. now owns 595,533 shares of the financial services provider’s stock worth $20,028,000 after buying an additional 580,031 shares during the period. The Manufacturers Life Insurance Company acquired a new position in shares of Renasant Corp. during the third quarter worth $15,152,000. Peregrine Capital Management LLC acquired a new position in shares of Renasant Corp. during the third quarter worth $10,426,000. State Street Corp raised its position in shares of Renasant Corp. by 24.0% in the first quarter. State Street Corp now owns 782,398 shares of the financial services provider’s stock worth $25,747,000 after buying an additional 151,512 shares during the period. Finally, Emerald Acquisition Ltd. acquired a new position in shares of Renasant Corp. during the second quarter worth $3,180,000. 62.16% of the stock is owned by hedge funds and other institutional investors.
Renasant Corp. Company Profile
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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