FIG Partners Comments on Renasant Corp.’s Q1 2018 Earnings (RNST)
Renasant Corp. (NASDAQ:RNST) – FIG Partners issued their Q1 2018 EPS estimates for shares of Renasant in a note issued to investors on Wednesday. FIG Partners analyst J. Rodis forecasts that the financial services provider will post earnings per share of $0.67 for the quarter. FIG Partners also issued estimates for Renasant’s Q2 2018 earnings at $0.73 EPS, Q3 2018 earnings at $0.76 EPS and Q4 2018 earnings at $0.77 EPS.
Other equities analysts also recently issued reports about the stock. Zacks Investment Research raised shares of Renasant from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a report on Wednesday, January 10th. ValuEngine cut Renasant from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $43.00 price objective on shares of Renasant in a research note on Friday, September 29th. BidaskClub upgraded Renasant from a “sell” rating to a “hold” rating in a research note on Wednesday, December 20th. Finally, Hovde Group set a $47.00 price objective on Renasant and gave the company a “hold” rating in a research note on Friday. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company. Renasant presently has a consensus rating of “Hold” and a consensus price target of $45.60.
Renasant (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.61 by ($0.08). The company had revenue of $123.43 million during the quarter, compared to analysts’ expectations of $127.07 million. Renasant had a return on equity of 8.45% and a net margin of 18.19%. During the same period last year, the firm posted $0.59 earnings per share.
Hedge funds have recently bought and sold shares of the stock. Advisor Group Inc. increased its position in shares of Renasant by 13.3% in the second quarter. Advisor Group Inc. now owns 3,168 shares of the financial services provider’s stock worth $138,000 after purchasing an additional 371 shares during the last quarter. Ameritas Investment Partners Inc. increased its position in shares of Renasant by 7.5% in the second quarter. Ameritas Investment Partners Inc. now owns 3,792 shares of the financial services provider’s stock worth $166,000 after purchasing an additional 264 shares during the last quarter. Highwater Wealth Management LLC bought a new position in shares of Renasant in the third quarter worth approximately $213,000. Jane Street Group LLC bought a new position in shares of Renasant in the third quarter worth approximately $217,000. Finally, Amalgamated Bank increased its position in shares of Renasant by 1.2% in the second quarter. Amalgamated Bank now owns 5,415 shares of the financial services provider’s stock worth $237,000 after purchasing an additional 65 shares during the last quarter. Institutional investors own 65.33% of the company’s stock.
In related news, Director Michael D. Shmerling purchased 1,000 shares of the firm’s stock in a transaction dated Friday, November 10th. The shares were purchased at an average cost of $39.40 per share, for a total transaction of $39,400.00. Following the completion of the transaction, the director now directly owns 157,347 shares in the company, valued at approximately $6,199,471.80. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director J Niles Mcneel sold 10,000 shares of the company’s stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $42.39, for a total value of $423,900.00. Following the sale, the director now owns 29,921 shares in the company, valued at $1,268,351.19. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,729 shares of company stock worth $1,356,863. Company insiders own 3.86% of the company’s stock.
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th were given a dividend of $0.19 per share. The ex-dividend date was Thursday, December 14th. This is a boost from Renasant’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a dividend yield of 1.75%. Renasant’s dividend payout ratio is currently 38.58%.
Renasant 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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