Renasant Corp. (NASDAQ:RNST) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Renasant Corporation is the parent of Renasant Bank and Renasant Insurance, Inc. “
RNST has been the subject of a number of other research reports. Jefferies Group downgraded Renasant Corp. from a “buy” rating to a “hold” rating in a research report on Monday. Raymond James Financial Inc. cut Renasant Corp. from a “strong-buy” rating to an “outperform” rating and set a $38.00 target price on the stock. in a report on Monday, September 12th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $35.20.
Renasant Corp. (NASDAQ:RNST) opened at 40.34 on Tuesday. Renasant Corp. has a 12-month low of $29.49 and a 12-month high of $41.81. The stock has a market cap of $1.70 billion, a P/E ratio of 18.92 and a beta of 0.94. The stock has a 50 day moving average price of $35.55 and a 200-day moving average price of $34.02.
Renasant Corp. (NASDAQ:RNST) last announced its quarterly earnings data on Tuesday, October 18th. The financial services provider reported $0.59 EPS for the quarter, beating the Zacks’ consensus estimate 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 period in the prior year, the company earned $0.53 earnings per share. On average, equities analysts expect that Renasant Corp. will post $2.19 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, January 1st. Shareholders of record on Wednesday, December 14th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date is Monday, December 12th. Renasant Corp.’s dividend payout ratio is presently 33.80%.
In related news, Director Fred F. Sharpe acquired 2,000 shares of Renasant Corp. stock in a transaction on Friday, October 21st. The shares were bought at an average price of $33.70 per share, for a total transaction of $67,400.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Albert J. Dale III sold 2,031 shares of the business’s stock in a transaction dated Monday, November 21st. The stock was sold at an average price of $39.42, for a total value of $80,062.02. Following the transaction, 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. Company insiders own 5.18% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of RNST. Advisor Group Inc. bought a new position in shares of Renasant Corp. during the second quarter worth approximately $103,000. Fuller & Thaler Asset Management Inc. bought a new position in shares of Renasant Corp. during the second quarter worth 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 worth $145,000 after buying an additional 4,494 shares in the last quarter. Panagora Asset Management Inc. bought a new position in shares of Renasant Corp. during the second quarter worth approximately $155,000. Finally, Verition Fund Management LLC bought a new position in shares of Renasant Corp. during the third quarter worth 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.