Renasant Corporation (RNST) Downgraded by BidaskClub to Strong Sell
BidaskClub lowered shares of Renasant Corporation (NASDAQ:RNST) from a sell rating to a strong sell rating in a report issued on Thursday.
Other equities analysts have also issued reports about the company. Zacks Investment Research upgraded Renasant Corporation from a hold rating to a buy rating and set a $49.00 target price on the stock in a report on Tuesday, July 4th. ValuEngine upgraded Renasant Corporation from a hold rating to a buy rating in a research note on Tuesday, June 27th. Jefferies Group LLC reiterated a hold rating and issued a $44.00 price objective on shares of Renasant Corporation in a research note on Friday, July 14th. Finally, Keefe, Bruyette & Woods set a $43.00 price objective on Renasant Corporation and gave the stock a hold rating in a research note on Saturday, May 27th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. Renasant Corporation currently has a consensus rating of Hold and an average price target of $43.50.
Shares of Renasant Corporation (RNST) traded up 0.52% on Thursday, reaching $42.50. The company had a trading volume of 19,510 shares. The company has a 50-day moving average price of $43.24 and a 200-day moving average price of $41.42. Renasant Corporation has a 52-week low of $31.56 and a 52-week high of $45.31. The firm has a market capitalization of $1.89 billion, a PE ratio of 19.17 and a beta of 1.06.
Renasant Corporation (NASDAQ:RNST) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.04. Renasant Corporation had a return on equity of 8.41% and a net margin of 20.31%. The company had revenue of $113.87 million for the quarter, compared to analyst estimates of $112.43 million. During the same period last year, the company earned $0.59 earnings per share. Equities research analysts forecast that Renasant Corporation will post $2.34 EPS for the current fiscal year.
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In other Renasant Corporation news, Director Fred F. Sharpe acquired 4,000 shares of the company’s stock in a transaction dated Monday, July 24th. The shares were acquired at an average cost of $42.36 per share, for a total transaction of $169,440.00. Following the completion of the purchase, the director now owns 9,666 shares of the company’s stock, valued at approximately $409,451.76. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP James W. Gray sold 5,000 shares of Renasant Corporation stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $39.94, for a total value of $199,700.00. Following the completion of the transaction, the executive vice president now owns 43,604 shares in the company, valued at $1,741,543.76. The disclosure for this sale can be found here. Insiders sold 18,000 shares of company stock worth $751,500 over the last quarter. 3.86% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. acquired a new position in Renasant Corporation during the first quarter worth approximately $140,000. New York State Teachers Retirement System raised its position in Renasant Corporation by 5.6% in the first quarter. New York State Teachers Retirement System now owns 3,800 shares of the financial services provider’s stock worth $151,000 after buying an additional 200 shares during the last quarter. Amalgamated Bank raised its position in Renasant Corporation by 4.2% in the first quarter. Amalgamated Bank now owns 5,350 shares of the financial services provider’s stock worth $212,000 after buying an additional 214 shares during the last quarter. Trust Co. of Toledo NA OH acquired a new position in Renasant Corporation during the second quarter worth approximately $214,000. Finally, Smith Shellnut Wilson LLC ADV raised its position in Renasant Corporation by 4.7% in the second quarter. Smith Shellnut Wilson LLC ADV now owns 6,870 shares of the financial services provider’s stock worth $222,000 after buying an additional 309 shares during the last quarter. Institutional investors and hedge funds own 66.78% of the company’s stock.
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). 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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