Renasant Corporation (RNST) Announces Quarterly Earnings Results, Misses Expectations By $0.08 EPS
Renasant Corporation (NASDAQ:RNST) announced its quarterly earnings results on Tuesday. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by ($0.08), Bloomberg Earnings reports. Renasant Corporation had a return on equity of 8.31% and a net margin of 20.31%.
Shares of Renasant Corporation (NASDAQ:RNST) traded down 0.72% on Tuesday, reaching $42.57. The company’s stock had a trading volume of 128,365 shares. The stock has a 50-day moving average of $40.91 and a 200 day moving average of $41.62. Renasant Corporation has a 52-week low of $32.51 and a 52-week high of $45.32. The company has a market cap of $2.10 billion, a price-to-earnings ratio of 19.20 and a beta of 1.05.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were paid a $0.18 dividend. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $0.72 dividend on an annualized basis and a yield of 1.69%. Renasant Corporation’s dividend payout ratio (DPR) is presently 32.58%.
In other Renasant Corporation news, Director Fred F. Sharpe purchased 2,000 shares of the firm’s stock in a transaction dated Friday, August 11th. The stock was purchased at an average price of $39.55 per share, for a total transaction of $79,100.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael D. Shmerling purchased 1,000 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The stock was acquired at an average price of $41.50 per share, with a total value of $41,500.00. Following the purchase, the director now directly owns 156,347 shares of the company’s stock, valued at $6,488,400.50. The disclosure for this purchase can be found here. Insiders bought 9,023 shares of company stock valued at $375,621 in the last 90 days. Company insiders own 3.86% of the company’s stock.
A number of research analysts have issued reports on the company. Zacks Investment Research upgraded Renasant Corporation from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research note on Tuesday, July 4th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $43.00 price objective on shares of Renasant Corporation in a research note on Friday, September 29th. BidaskClub downgraded Renasant Corporation from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. ValuEngine upgraded Renasant Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 27th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $44.00 price objective on shares of Renasant Corporation in a research note on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. Renasant Corporation currently has a consensus rating of “Hold” and a consensus target price of $44.00.
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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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