Renasant Corporation (RNST) Upgraded at ValuEngine

ValuEngine upgraded shares of Renasant Corporation (NASDAQ:RNST) from a hold rating to a buy rating in a research report report published on Monday.

A number of other brokerages also recently issued reports on RNST. Jefferies Group LLC reissued a hold rating and set a $44.00 price objective on shares of Renasant Corporation in a research report on Friday, July 14th. BidaskClub downgraded shares of Renasant Corporation from a hold rating to a sell rating in a research report on Sunday, July 16th. Zacks Investment Research downgraded shares of Renasant Corporation from a buy rating to a hold rating in a research report on Saturday, July 8th. Finally, Keefe, Bruyette & Woods set a $43.00 price objective on shares of Renasant Corporation and gave the company a hold rating in a research report on Saturday, May 27th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $44.00.

Shares of Renasant Corporation (RNST) opened at 40.50 on Monday. Renasant Corporation has a 12 month low of $32.51 and a 12 month high of $45.32. The company’s 50 day moving average price is $40.07 and its 200 day moving average price is $41.35. The company has a market cap of $2.00 billion, a price-to-earnings ratio of 18.27 and a beta of 1.06.

Renasant Corporation (NASDAQ:RNST) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.04. Renasant Corporation had a net margin of 20.31% and a return on equity of 8.31%. The business had revenue of $113.87 million during the quarter, compared to analyst estimates of $112.43 million. During the same period in the previous year, the business earned $0.59 EPS. On average, equities analysts expect that Renasant Corporation will post $2.35 EPS for the current fiscal year.

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The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend is Thursday, September 14th. Renasant Corporation’s dividend payout ratio is currently 32.58%.

In related news, Director Albert J. Dale III sold 15,000 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $42.54, for a total value of $638,100.00. Following the completion of the transaction, the director now owns 25,620 shares of the company’s stock, valued at approximately $1,089,874.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Fred F. Sharpe bought 2,000 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The stock was purchased at an average cost of $39.55 per share, with a total value of $79,100.00. The disclosure for this purchase can be found here. Insiders purchased a total of 9,023 shares of company stock valued at $375,621 in the last ninety days. 3.86% of the stock is currently owned by insiders.

A number of institutional investors have recently modified their holdings of RNST. Nationwide Fund Advisors boosted its holdings in Renasant Corporation by 3.3% in the 1st quarter. Nationwide Fund Advisors now owns 31,929 shares of the financial services provider’s stock worth $1,267,000 after buying an additional 1,020 shares during the period. Russell Investments Group Ltd. boosted its holdings in Renasant Corporation by 139.5% in the 1st quarter. Russell Investments Group Ltd. now owns 32,310 shares of the financial services provider’s stock worth $1,283,000 after buying an additional 18,818 shares during the period. First Trust Advisors LP boosted its holdings in Renasant Corporation by 57.5% in the 1st quarter. First Trust Advisors LP now owns 132,177 shares of the financial services provider’s stock worth $5,246,000 after buying an additional 48,251 shares during the period. Bank of New York Mellon Corp boosted its holdings in Renasant Corporation by 8.4% in the 1st quarter. Bank of New York Mellon Corp now owns 290,347 shares of the financial services provider’s stock worth $11,524,000 after buying an additional 22,504 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its holdings in Renasant Corporation by 58.8% in the 1st quarter. UBS Asset Management Americas Inc. now owns 22,095 shares of the financial services provider’s stock worth $877,000 after buying an additional 8,177 shares during the period. 62.11% of the stock is owned by institutional investors.

About Renasant Corporation

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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