Renasant Corporation (RNST) Lowered to “Sell” at Zacks Investment Research
According to Zacks, “Renasant Corporation is the parent of Renasant Bank and Renasant Insurance, Inc. “
A number of other equities analysts also recently weighed in on the stock. Jefferies Group downgraded shares of Renasant Corporation from a buy rating to a hold rating and set a $41.00 price target on the stock. in a research note on Monday, November 28th. Keefe, Bruyette & Woods downgraded shares of Renasant Corporation from an outperform rating to a market perform rating and upped their price target for the stock from $37.00 to $43.00 in a research note on Tuesday, November 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. Renasant Corporation has an average rating of Hold and a consensus price target of $37.80.
Renasant Corporation (NASDAQ:RNST) traded up 0.62% on Thursday, hitting $40.35. The company had a trading volume of 144,508 shares. Renasant Corporation has a 12-month low of $29.49 and a 12-month high of $44.65. The firm’s 50 day moving average price is $42.04 and its 200 day moving average price is $35.69. The stock has a market cap of $1.70 billion, a P/E ratio of 18.93 and a beta of 1.03.
Renasant Corporation (NASDAQ:RNST) last announced its earnings results on Tuesday, October 18th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.01. Renasant Corporation had a net margin of 19.24% and a return on equity of 8.64%. During the same quarter in the prior year, the company posted $0.53 EPS. Equities analysts predict that Renasant Corporation will post $2.19 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Sunday, January 1st. Shareholders of record on Wednesday, December 14th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend was Monday, December 12th. Renasant Corporation’s payout ratio is 33.80%.
In other Renasant Corporation news, Director Fred F. Sharpe bought 2,000 shares of the stock in a transaction on Friday, October 21st. The shares were purchased at an average cost of $33.70 per share, with a total value of $67,400.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider O Leonard Dorminey sold 7,716 shares of the stock in a transaction on Friday, December 2nd. The stock was sold at an average price of $41.60, for a total transaction of $320,985.60. Following the transaction, the insider now directly owns 26,879 shares in the company, valued at $1,118,166.40. The disclosure for this sale can be found here. Company insiders own 5.18% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Sei Investments Co. increased its position in Renasant Corporation by 0.4% in the second quarter. Sei Investments Co. now owns 6,845 shares of the financial services provider’s stock valued at $221,000 after buying an additional 29 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Renasant Corporation by 2.2% in the second quarter. Principal Financial Group Inc. now owns 8,343 shares of the financial services provider’s stock worth $270,000 after buying an additional 176 shares during the period. BlackRock Inc. boosted its stake in Renasant Corporation by 4.0% in the third quarter. BlackRock Inc. now owns 10,443 shares of the financial services provider’s stock worth $351,000 after buying an additional 406 shares during the period. Green Square Capital LLC boosted its stake in Renasant Corporation by 4.9% in the third quarter. Green Square Capital LLC now owns 11,961 shares of the financial services provider’s stock worth $402,000 after buying an additional 558 shares during the period. Finally, Nationwide Fund Advisors boosted its stake in Renasant Corporation by 2.4% in the second quarter. Nationwide Fund Advisors now owns 31,881 shares of the financial services provider’s stock worth $1,031,000 after buying an additional 741 shares during the period. 58.81% of the stock is currently owned by hedge funds and other institutional investors.
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), a subsidiary of the Bank with operations in Mississippi. The Company operates through three segments: Community Banks segment, Insurance segment and Wealth Management segment.
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