Renasant Corp. (RNST) Downgraded by Jefferies Group
Jefferies Group cut shares of Renasant Corp. (NASDAQ:RNST) from a buy rating to a hold rating in a research note released on Monday morning. They currently have $41.00 price objective on the financial services provider’s stock.
RNST has been the subject of several other research reports. Zacks Investment Research raised shares of Renasant Corp. from a sell rating to a hold rating in a report on Thursday, September 1st. Raymond James Financial Inc. downgraded shares of Renasant Corp. from a strong-buy rating to an outperform rating and set a $38.00 price objective for the company. in a report on Monday, September 12th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. 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 Monday. The stock’s 50 day moving average is $35.55 and its 200-day moving average is $34.02. The stock has a market capitalization of $1.75 billion, a P/E ratio of 19.45 and a beta of 0.94. Renasant Corp. has a one year low of $29.49 and a one year high of $41.81.
Renasant Corp. (NASDAQ:RNST) last posted its quarterly earnings data on Tuesday, October 18th. The financial services provider reported $0.59 earnings per share for the quarter, topping the 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 in the prior year, the company earned $0.53 earnings per share. On average, equities research analysts expect that Renasant Corp. will post $2.19 EPS for the current year.
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The firm also recently declared a quarterly dividend, which will be paid on Sunday, January 1st. Shareholders of record on Wednesday, December 14th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date is Monday, December 12th. Renasant Corp.’s payout ratio is 33.80%.
In other Renasant Corp. news, Director Albert J. Dale III sold 2,031 shares of the company’s stock in a transaction dated Monday, November 21st. The shares were sold at an average price of $39.42, for a total value of $80,062.02. Following the completion of the sale, the director now directly owns 24,369 shares of the company’s stock, valued at approximately $960,625.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP James W. Gray sold 5,000 shares of the company’s stock in a transaction dated Monday, November 21st. The shares were sold at an average price of $39.50, for a total transaction of $197,500.00. Following the completion of the sale, the executive vice president now directly owns 14,214 shares of the company’s stock, valued at $561,453. The disclosure for this sale can be found here. 5.18% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its stake in Renasant Corp. by 0.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,419,967 shares of the financial services provider’s stock worth $78,236,000 after buying an additional 13,201 shares in the last quarter. Vanguard Group Inc. raised its stake in Renasant Corp. by 3.9% in the second quarter. Vanguard Group Inc. now owns 1,484,637 shares of the financial services provider’s stock worth $47,998,000 after buying an additional 56,046 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in Renasant Corp. by 9.4% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,145,158 shares of the financial services provider’s stock worth $38,512,000 after buying an additional 97,943 shares in the last quarter. Northern Trust Corp raised its stake in Renasant Corp. by 3.4% in the third quarter. Northern Trust Corp now owns 1,065,044 shares of the financial services provider’s stock worth $35,817,000 after buying an additional 34,736 shares in the last quarter. Finally, BlackRock Fund Advisors raised its stake in Renasant Corp. by 8.7% in the third quarter. BlackRock Fund Advisors now owns 1,060,605 shares of the financial services provider’s stock worth $35,668,000 after buying an additional 84,474 shares in the last quarter. 62.76% of the stock is 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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