Jefferies Group downgraded shares of Renasant Corp. (NASDAQ:RNST) from a buy rating to a hold rating in a research report released on Monday.
Other analysts have also recently issued reports about the stock. Zacks Investment Research upgraded shares of Renasant Corp. from a sell rating to a hold rating in a research note on Wednesday, November 16th. 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 for the company. in a research note on Monday, September 12th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $35.20.
Renasant Corp. (NASDAQ:RNST) opened at 40.34 on Monday. The firm’s 50-day moving average is $35.55 and its 200-day moving average is $34.02. The company has a market capitalization of $1.70 billion, a P/E ratio of 18.92 and a beta of 0.94. Renasant Corp. has a 1-year low of $29.49 and a 1-year high of $41.81.
Renasant Corp. (NASDAQ:RNST) last posted its quarterly earnings results on Tuesday, October 18th. The financial services provider reported $0.59 EPS 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 quarter in the previous year, the company earned $0.53 earnings per share. Equities research analysts predict that Renasant Corp. will post $2.19 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Sunday, January 1st. Stockholders of record on Wednesday, December 14th will be given a $0.18 dividend. 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 33.80%.
In other news, EVP James W. Gray sold 5,000 shares of Renasant Corp. 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 transaction, the executive vice president now owns 14,214 shares of the company’s stock, valued at $561,453. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Albert J. Dale III sold 2,031 shares of Renasant Corp. 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 completion of the transaction, the director now directly 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 insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. raised its position in shares of Renasant Corp. by 3,741.7% in the third quarter. Victory Capital Management Inc. now owns 595,533 shares of the financial services provider’s stock worth $20,028,000 after buying an additional 580,031 shares during the period. The Manufacturers Life Insurance Company bought a new position in shares of Renasant Corp. during the third quarter worth about $15,152,000. Peregrine Capital Management LLC bought a new position in shares of Renasant Corp. during the third quarter worth about $10,426,000. State Street Corp raised its position in shares of Renasant Corp. by 24.0% in the first quarter. State Street Corp now owns 782,398 shares of the financial services provider’s stock worth $25,747,000 after buying an additional 151,512 shares during the period. Finally, Emerald Acquisition Ltd. acquired a new stake in shares of Renasant Corp. during the second quarter valued at about $3,180,000. 62.76% of the stock is currently owned by institutional investors.
About Renasant Corp.