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.
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