Jefferies Group Downgrades Renasant Corp. (RNST) to Hold
Renasant Corp. (NASDAQ:RNST) was downgraded by Jefferies Group from a “buy” rating to a “hold” rating in a research report issued on Monday. They presently have a $41.00 price target on the financial services provider’s stock. Jefferies Group’s target price points to a potential upside of 0.42% from the stock’s previous close.
Several other research firms have also weighed in on RNST. Zacks Investment Research lowered shares of Renasant Corp. from a “hold” rating to a “sell” rating in a report on Friday, September 23rd. Raymond James Financial Inc. lowered shares of Renasant Corp. from a “strong-buy” rating to an “outperform” rating and set a $38.00 target price on the stock. in a report on Monday, September 12th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $35.60.
Renasant Corp. (NASDAQ:RNST) opened at 40.83 on Monday. Renasant Corp. has a 52 week low of $29.49 and a 52 week high of $41.81. The firm has a 50-day moving average price of $35.55 and a 200-day moving average price of $34.02. The firm has a market capitalization of $1.72 billion, a P/E ratio of 19.15 and a beta of 0.94.
Renasant Corp. (NASDAQ:RNST) last posted its earnings results on Tuesday, October 18th. The financial services provider reported $0.59 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.01. Renasant Corp. had a net margin of 19.24% and a return on equity of 8.64%. During the same period last year, the firm earned $0.53 EPS. Equities analysts forecast that Renasant Corp. will post $2.19 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, January 1st. Investors of record on Wednesday, December 14th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, December 12th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.76%. Renasant Corp.’s payout ratio is 33.80%.
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In related news, Director Albert J. Dale III sold 2,031 shares of the firm’s stock in a transaction on Monday, November 21st. The shares were sold at an average price of $39.42, for a total transaction of $80,062.02. Following the sale, the director now directly owns 24,369 shares in the company, valued at $960,625.98. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Fred F. Sharpe acquired 2,000 shares of the company’s stock in a transaction that occurred on Friday, October 21st. The shares were bought at an average price of $33.70 per share, for a total transaction of $67,400.00. The disclosure for this purchase can be found here. Corporate insiders own 5.18% of the company’s stock.
Several large investors have recently modified their holdings of the company. Sei Investments Co. raised its stake 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 last quarter. Principal Financial Group Inc. increased its position in 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 during the period. California State Teachers Retirement System increased its position in 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 during the period. Atlanta Capital Group increased its position in 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 during the period. Finally, BlackRock Inc. increased its position in Renasant Corp. by 4.0% in the third quarter. BlackRock Inc. now owns 10,443 shares of the financial services provider’s stock worth $351,000 after buying an additional 406 shares during the period. Institutional investors and hedge funds own 62.76% of the company’s stock.
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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