Keefe, Bruyette & Woods Downgrades Renasant Corp. (RNST) to Market Perform
Renasant Corp. (NASDAQ:RNST) was downgraded by stock analysts at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a report released on Tuesday. They presently have a $43.00 target price on the financial services provider’s stock, up from their prior target price of $37.00. Keefe, Bruyette & Woods’ price target suggests a potential upside of 3.71% from the stock’s previous close.
A number of other analysts have also weighed in on RNST. Zacks Investment Research raised shares of Renasant Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday. Jefferies Group lowered shares of Renasant Corp. from a “buy” rating to a “hold” rating and set a $41.00 price target for the company. in a research note on Monday. Finally, Raymond James Financial Inc. lowered shares of Renasant Corp. from a “strong-buy” rating to an “outperform” rating and set a $38.00 price target for the company. in a research note on Monday, September 12th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $37.80.
Shares of Renasant Corp. (NASDAQ:RNST) opened at 41.46 on Tuesday. The company’s 50-day moving average is $35.55 and its 200-day moving average is $34.02. Renasant Corp. has a 12 month low of $29.49 and a 12 month high of $41.81. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of 19.45 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 (EPS) for the quarter, beating analysts’ consensus estimates 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 quarter last year, the business posted $0.53 earnings per share. On average, equities research analysts forecast that Renasant Corp. will post $2.19 earnings per share for the current fiscal year.
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. 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 1.74%. Renasant Corp.’s payout ratio is currently 33.80%.
In related news, EVP James W. Gray sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 21st. The shares were sold at an average price of $39.50, for a total value of $197,500.00. Following the sale, the executive vice president now directly owns 14,214 shares in the company, valued at approximately $561,453. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Albert J. Dale III sold 2,031 shares of the business’s stock in a transaction that occurred 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 owns 24,369 shares in the company, valued at approximately $960,625.98. The disclosure for this sale can be found here. 5.18% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the stock. Advisor Group Inc. purchased a new stake in Renasant Corp. during the second quarter worth about $103,000. Fuller & Thaler Asset Management Inc. purchased a new stake in Renasant Corp. during the second quarter worth about $110,000. Carroll Financial Associates Inc. raised its stake in 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 worth $145,000 after buying an additional 4,494 shares in the last quarter. Panagora Asset Management Inc. purchased a new stake in Renasant Corp. during the second quarter worth about $155,000. Finally, Verition Fund Management LLC purchased a new stake in Renasant Corp. during the third quarter worth about $216,000. 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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