Renasant (NYSE:RNST) Posts Earnings Results, Beats Expectations By $0.03 EPS

Renasant (NYSE:RNST) released its quarterly earnings results on Tuesday. The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.03, FiscalAI reports. The company had revenue of $273.94 million during the quarter, compared to the consensus estimate of $280.71 million. Renasant had a net margin of 19.94% and a return on equity of 8.68%. During the same period in the previous year, the business earned $0.01 earnings per share.

Renasant Price Performance

NYSE RNST traded up $0.08 on Thursday, hitting $43.91. 23,538 shares of the company’s stock were exchanged, compared to its average volume of 716,993. The stock has a 50-day moving average of $42.22 and a 200-day moving average of $39.74. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.13. Renasant has a 52 week low of $33.04 and a 52 week high of $44.50. The stock has a market cap of $4.05 billion, a price-to-earnings ratio of 13.15 and a beta of 0.96.

Insider Activity

In related news, Director Connie L. Engel sold 1,257 shares of the company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $40.90, for a total transaction of $51,411.30. Following the completion of the sale, the director directly owned 15,449 shares in the company, valued at $631,864.10. This represents a 7.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $39.50, for a total value of $501,808.00. Following the completion of the sale, the insider directly owned 183,235 shares in the company, valued at $7,237,782.50. This trade represents a 6.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 15,611 shares of company stock worth $618,889. Insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Mendon Capital Advisors Corp boosted its stake in shares of Renasant by 8.0% in the 4th quarter. Mendon Capital Advisors Corp now owns 270,000 shares of the company’s stock valued at $9,509,000 after purchasing an additional 20,000 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of Renasant by 9.4% during the fourth quarter. Empowered Funds LLC now owns 302,176 shares of the company’s stock valued at $10,643,000 after purchasing an additional 25,859 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Renasant during the fourth quarter worth $802,000. Voloridge Investment Management LLC boosted its holdings in Renasant by 584.4% in the fourth quarter. Voloridge Investment Management LLC now owns 48,674 shares of the company’s stock valued at $1,714,000 after acquiring an additional 41,562 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Renasant by 4.3% in the fourth quarter. Wellington Management Group LLP now owns 3,089,186 shares of the company’s stock valued at $108,801,000 after acquiring an additional 126,405 shares during the last quarter. Institutional investors own 77.31% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Piper Sandler restated an “overweight” rating and set a $48.00 price objective on shares of Renasant in a research note on Thursday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Renasant in a research report on Friday, June 5th. TD Cowen reissued a “buy” rating on shares of Renasant in a report on Thursday. Finally, Hovde Group raised their price target on Renasant from $44.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 29th. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Renasant has an average rating of “Buy” and a consensus target price of $46.33.

Renasant Company Profile

Renasant Corporation operates as a bank holding company for Renasant Bank that provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate–1-4 family mortgage; real estate–commercial mortgage; real estate–construction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.