Renasant Corporation (RNST) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Renasant Corporation (NASDAQ:RNST) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning. Zacks Investment Research currently has $45.00 target price on the financial services provider’s stock.
According to Zacks, “Renasant Corporation is the parent of Renasant Bank and Renasant Insurance, Inc. “
Other equities research analysts have also issued reports about the stock. ValuEngine raised shares of Renasant Corporation from a hold rating to a buy rating in a report on Monday, September 18th. Jefferies Group LLC reissued a hold rating and issued a $44.00 target price on shares of Renasant Corporation in a report on Friday, June 9th. Keefe, Bruyette & Woods set a $43.00 target price on shares of Renasant Corporation and gave the stock a hold rating in a report on Saturday, May 27th. Finally, BidaskClub lowered shares of Renasant Corporation from a hold rating to a sell rating in a report on Sunday, July 16th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. Renasant Corporation currently has an average rating of Hold and a consensus price target of $44.00.
Renasant Corporation (NASDAQ RNST) opened at 40.86 on Wednesday. The stock has a 50 day moving average of $40.07 and a 200-day moving average of $41.35. Renasant Corporation has a 52-week low of $32.51 and a 52-week high of $45.32. The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of 18.43 and a beta of 1.06.
Renasant Corporation (NASDAQ:RNST) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.61 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.04. Renasant Corporation had a net margin of 20.31% and a return on equity of 8.31%. The firm had revenue of $113.87 million during the quarter, compared to analyst estimates of $112.43 million. During the same quarter in the prior year, the firm earned $0.59 EPS. On average, equities research analysts anticipate that Renasant Corporation will post $2.35 earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.76%. The ex-dividend date is Thursday, September 14th. Renasant Corporation’s dividend payout ratio is 32.58%.
In other news, Director Fred F. Sharpe bought 2,000 shares of Renasant Corporation stock in a transaction that occurred on Friday, August 11th. The stock was bought at an average cost of $39.55 per share, with a total value of $79,100.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Fred F. Sharpe bought 4,000 shares of Renasant Corporation stock in a transaction that occurred on Monday, July 24th. The stock was purchased at an average cost of $42.36 per share, with a total value of $169,440.00. Following the completion of the acquisition, the director now directly owns 9,666 shares in the company, valued at approximately $409,451.76. The disclosure for this purchase can be found here. Insiders purchased a total of 9,023 shares of company stock valued at $375,621 over the last three months. 3.86% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Advisor Group Inc. grew its holdings in Renasant Corporation by 13.3% during the 2nd quarter. Advisor Group Inc. now owns 3,168 shares of the financial services provider’s stock valued at $138,000 after buying an additional 371 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new stake in Renasant Corporation during the 1st quarter valued at approximately $140,000. New York State Teachers Retirement System grew its holdings in Renasant Corporation by 5.6% during the 1st quarter. New York State Teachers Retirement System now owns 3,800 shares of the financial services provider’s stock valued at $151,000 after buying an additional 200 shares in the last quarter. Amalgamated Bank grew its holdings in Renasant Corporation by 4.2% during the 1st quarter. Amalgamated Bank now owns 5,350 shares of the financial services provider’s stock valued at $212,000 after buying an additional 214 shares in the last quarter. Finally, Trust Co. of Toledo NA OH purchased a new stake in Renasant Corporation during the 2nd quarter valued at approximately $214,000. 62.11% of the stock is owned by 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). 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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