Renasant Corporation (RNST) Upgraded to Buy at ValuEngine
ValuEngine upgraded shares of Renasant Corporation (NASDAQ:RNST) from a hold rating to a buy rating in a research report released on Monday.
Several other research firms also recently issued reports on RNST. Zacks Investment Research upgraded shares of Renasant Corporation from a hold rating to a buy rating and set a $49.00 price objective on the stock in a report on Tuesday, July 4th. Jefferies Group LLC restated a hold rating and set a $44.00 price objective on shares of Renasant Corporation in a report on Friday, June 9th. BidaskClub downgraded shares of Renasant Corporation from a sell rating to a strong sell rating in a report on Thursday, July 27th. Finally, Keefe, Bruyette & Woods set a $43.00 price objective on shares of Renasant Corporation and gave the company a hold rating in a report on Saturday, May 27th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $45.33.
Shares of Renasant Corporation (NASDAQ RNST) opened at 40.05 on Monday. The stock has a market cap of $1.98 billion, a P/E ratio of 18.06 and a beta of 1.06. Renasant Corporation has a one year low of $32.51 and a one year high of $45.32. The stock’s 50 day moving average is $40.13 and its 200-day moving average is $41.36.
Renasant Corporation (NASDAQ:RNST) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.04. Renasant Corporation had a net margin of 20.31% and a return on equity of 8.31%. The firm had revenue of $113.87 million for the quarter, compared to the consensus estimate of $112.43 million. During the same quarter in the prior year, the company posted $0.59 earnings per share. On average, equities analysts forecast that Renasant Corporation will post $2.35 EPS for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.72 annualized dividend and a dividend yield of 1.80%. Renasant Corporation’s dividend payout ratio (DPR) is currently 32.58%.
In other Renasant Corporation news, Director Fred F. Sharpe purchased 2,000 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The shares were bought at an average price of $42.33 per share, for a total transaction of $84,660.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Albert J. Dale III sold 15,000 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $42.54, for a total transaction of $638,100.00. Following the completion of the transaction, the director now owns 25,620 shares in the company, valued at approximately $1,089,874.80. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 9,023 shares of company stock worth $375,621. Corporate insiders own 3.86% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. Westwood Holdings Group Inc. acquired a new position in Renasant Corporation in the 2nd quarter worth approximately $43,071,000. Ameritas Investment Partners Inc. increased its holdings in Renasant Corporation by 7.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,792 shares of the financial services provider’s stock worth $166,000 after buying an additional 264 shares during the period. Susquehanna International Group LLP increased its holdings in Renasant Corporation by 469.9% in the 2nd quarter. Susquehanna International Group LLP now owns 66,111 shares of the financial services provider’s stock worth $2,892,000 after buying an additional 54,511 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Renasant Corporation by 2.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 564,582 shares of the financial services provider’s stock worth $24,695,000 after buying an additional 14,776 shares during the period. Finally, Dana Investment Advisors Inc. acquired a new position in Renasant Corporation in the 2nd quarter worth approximately $2,756,000. Institutional investors own 62.11% of the company’s stock.
About Renasant Corporation
Renasant Corporation is a bank holding company that owns and operates Renasant Bank (the Bank) and Renasant Insurance, Inc (Renasant Insurance). The Company’s segments include Community Banks, which delivers a range of banking and financial services to individuals and small to medium-sized businesses, including checking and savings accounts, business and personal loans, equipment leasing, as well as safe deposit and night depository facilities; Insurance, which includes a full service insurance agency offering all lines of commercial and personal insurance through major carriers; Wealth Management, which offers a range of fiduciary services that includes the administration and management of trust accounts, including personal and corporate benefit accounts, and custodial accounts, and Other.
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