Renasant Corporation (NASDAQ:RNST) was downgraded by equities researchers at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued to investors on Thursday, July 27th.
Other equities research analysts have also recently issued reports about the company. Zacks Investment Research raised Renasant Corporation from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a report on Tuesday, July 4th. ValuEngine raised Renasant Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 27th. Jefferies Group LLC reaffirmed a “hold” rating and set a $44.00 price target on shares of Renasant Corporation in a report on Friday, July 14th. Finally, Keefe, Bruyette & Woods set a $43.00 price target on Renasant Corporation and gave the company a “hold” rating in a report on Saturday, May 27th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $43.50.
Renasant Corporation (NASDAQ:RNST) traded up 0.22% on Thursday, reaching $41.66. 215,069 shares of the company’s stock were exchanged. The company has a 50 day moving average price of $42.98 and a 200-day moving average price of $41.47. Renasant Corporation has a 1-year low of $31.56 and a 1-year high of $45.32. The company has a market capitalization of $1.85 billion, a PE ratio of 18.79 and a beta of 1.04.
Renasant Corporation (NASDAQ:RNST) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.04. Renasant Corporation had a return on equity of 8.41% and a net margin of 20.31%. The business had revenue of $113.87 million during the quarter, compared to analysts’ expectations of $112.43 million. During the same period in the prior year, the firm posted $0.59 EPS. On average, equities research analysts anticipate that Renasant Corporation will post $2.34 earnings per share for the current year.
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In other news, Director Albert J. Dale III sold 15,000 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $42.54, for a total value of $638,100.00. Following the transaction, the director now directly owns 25,620 shares in the company, valued at approximately $1,089,874.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Edward Robinson Mcgraw sold 5,000 shares of the firm’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $43.00, for a total value of $215,000.00. Following the completion of the transaction, the chief executive officer now owns 229,789 shares in the company, valued at $9,880,927. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 7,000 shares of company stock worth $295,600 and sold 33,000 shares worth $1,389,600. 3.86% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. acquired a new position in Renasant Corporation during the first quarter valued at $140,000. New York State Teachers Retirement System acquired a new position in Renasant Corporation during the fourth quarter valued at $152,000. Trust Co. of Toledo NA OH acquired a new position in Renasant Corporation during the second quarter valued at $214,000. Aperio Group LLC acquired a new position in Renasant Corporation during the second quarter valued at $229,000. Finally, Amalgamated Bank raised its position in Renasant Corporation by 4.2% in the first quarter. Amalgamated Bank now owns 5,350 shares of the financial services provider’s stock valued at $212,000 after buying an additional 214 shares in the last quarter. Hedge funds and other institutional investors own 66.65% of the company’s stock.
Renasant Corporation Company Profile
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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