Renasant Corp. (RNST) Upgraded by Zacks Investment Research to “Hold”
According to Zacks, “Renasant Corporation is the parent of Renasant Bank and Renasant Insurance, Inc. “
A number of other research analysts have also recently commented on RNST. Jefferies Group cut Renasant Corp. from a buy rating to a hold rating and set a $41.00 price target on the stock. in a research note on Monday. Raymond James Financial Inc. lowered Renasant Corp. from a strong-buy rating to an outperform rating and set a $38.00 price objective on the stock. in a research report on Monday, September 12th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $35.60.
Shares of Renasant Corp. (NASDAQ:RNST) opened at 40.83 on Tuesday. The firm’s 50-day moving average price is $35.55 and its 200-day moving average price is $34.02. The firm has a market cap of $1.72 billion, a PE ratio of 19.15 and a beta of 0.94. Renasant Corp. has a 12 month low of $29.49 and a 12 month high of $41.81.
Renasant Corp. (NASDAQ:RNST) last released its quarterly earnings results on Tuesday, October 18th. The financial services provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates 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 in the previous year, the business earned $0.53 EPS. Analysts expect that Renasant Corp. will post $2.19 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Sunday, January 1st. Investors of record on Wednesday, December 14th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.76%. The ex-dividend date is Monday, December 12th. Renasant Corp.’s dividend payout ratio (DPR) is presently 33.80%.
In other Renasant Corp. news, EVP James W. Gray sold 5,000 shares of the firm’s stock in a transaction dated Monday, November 21st. The stock was sold at an average price of $39.50, for a total transaction of $197,500.00. Following the transaction, the executive vice president now owns 14,214 shares of the company’s stock, valued at $561,453. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Fred F. Sharpe acquired 2,000 shares of the company’s stock in a transaction on Friday, October 21st. The shares were purchased at an average cost of $33.70 per share, for a total transaction of $67,400.00. The disclosure for this purchase can be found here. 5.18% of the stock is owned by corporate insiders.
Several institutional investors have recently modified their holdings of RNST. 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 valued at $25,747,000 after buying an additional 151,512 shares during the last quarter. LPL Financial LLC raised its position in shares of Renasant Corp. by 52.2% in the first quarter. LPL Financial LLC now owns 51,631 shares of the financial services provider’s stock valued at $1,651,000 after buying an additional 17,716 shares during the last quarter. Boothbay Fund Management LLC purchased a new position in shares of Renasant Corp. during the first quarter valued at about $234,000. Carroll Financial Associates Inc. raised its position in shares of Renasant Corp. by 29,960.0% in the second quarter. Carroll Financial Associates Inc. now owns 4,509 shares of the financial services provider’s stock valued at $145,000 after buying an additional 4,494 shares during the last quarter. Finally, Green Square Capital LLC raised its position in shares of Renasant Corp. by 11.2% in the second quarter. Green Square Capital LLC now owns 11,403 shares of the financial services provider’s stock valued at $369,000 after buying an additional 1,152 shares during the last quarter. 62.76% of the stock is currently owned by institutional investors.
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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