Renasant Corp. (RNST) Receives Average Rating of “Hold” from Brokerages
Renasant Corp. (NASDAQ:RNST) has received an average rating of “Hold” from the six ratings firms that are presently covering the stock. Four analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $35.50.
Several equities analysts have commented on the stock. Jefferies Group cut shares of Renasant Corp. from a “buy” rating to a “hold” rating in a research note on Monday. Keefe, Bruyette & Woods cut shares of Renasant Corp. from an “outperform” rating to a “market perform” rating in a research note on Tuesday. Zacks Investment Research raised shares of Renasant Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, Raymond James Financial Inc. cut 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 research note on Monday, September 12th.
Renasant Corp. (NASDAQ:RNST) traded up 1.02% during mid-day trading on Tuesday, reaching $40.75. 87,373 shares of the company were exchanged. The stock has a market capitalization of $1.72 billion, a P/E ratio of 19.11 and a beta of 0.94. The company’s 50 day moving average price is $35.55 and its 200-day moving average price is $34.02. 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 earnings results on Tuesday, October 18th. The financial services provider reported $0.59 EPS for the quarter, beating 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 quarter in the previous year, the business posted $0.53 EPS. On average, equities analysts expect that Renasant Corp. will post $2.19 earnings per share for the current fiscal year.
The company also recently announced 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 annualized dividend and a dividend yield of 1.77%. The ex-dividend date of this dividend is Monday, December 12th. Renasant Corp.’s payout ratio is 33.80%.
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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 shares were sold at an average price of $39.50, for a total value of $197,500.00. Following the completion of the transaction, the executive vice president now directly owns 14,214 shares in the company, valued at $561,453. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Fred F. Sharpe bought 2,000 shares of the firm’s stock in a transaction on Friday, October 21st. The stock was purchased at an average price of $33.70 per share, with a total value of $67,400.00. The disclosure for this purchase can be found here. 5.18% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in RNST. Advisor Group Inc. purchased a new position in shares of Renasant Corp. during the second quarter valued at approximately $103,000. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Renasant Corp. during the second quarter valued at approximately $110,000. Carroll Financial Associates Inc. boosted 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. Panagora Asset Management Inc. purchased a new position in shares of Renasant Corp. during the second quarter valued at approximately $155,000. Finally, Verition Fund Management LLC purchased a new position in shares of Renasant Corp. during the third quarter valued at approximately $216,000. Institutional investors 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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