Renasant (RNST) Downgraded by Zacks Investment Research to “Sell”
Zacks Investment Research lowered shares of Renasant (NASDAQ:RNST) from a buy rating to a sell rating in a research note released on Tuesday morning.
According to Zacks, “Renasant Corporation is the parent of Renasant Bank and Renasant Insurance, Inc. “
Several other equities research analysts have also issued reports on RNST. BidaskClub lowered shares of Renasant from a strong-buy rating to a buy rating in a report on Thursday, May 3rd. ValuEngine lowered shares of Renasant from a buy rating to a hold rating in a report on Wednesday, May 2nd. Hilliard Lyons raised shares of Renasant from a neutral rating to a buy rating in a report on Friday, February 9th. Finally, Sandler O’Neill raised shares of Renasant from a hold rating to a buy rating in a report on Monday, April 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. Renasant presently has a consensus rating of Hold and an average price target of $46.00.
Renasant (NASDAQ:RNST) last released its quarterly earnings results on Tuesday, April 24th. The financial services provider reported $0.70 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.02. The firm had revenue of $124.76 million during the quarter, compared to analyst estimates of $124.21 million. Renasant had a net margin of 19.29% and a return on equity of 8.50%. The business’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.55 EPS. sell-side analysts forecast that Renasant will post 3.05 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 30th. Shareholders of record on Saturday, June 16th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.64%. This is an increase from Renasant’s previous quarterly dividend of $0.19. The ex-dividend date is Thursday, June 14th. Renasant’s dividend payout ratio is presently 31.40%.
In other Renasant news, EVP Stuart Johnson sold 7,910 shares of the company’s stock in a transaction that occurred on Thursday, May 17th. The stock was sold at an average price of $47.20, for a total value of $373,352.00. Following the completion of the transaction, the executive vice president now directly owns 47,428 shares in the company, valued at approximately $2,238,601.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Edward Robinson Mcgraw sold 4,948 shares of the company’s stock in a transaction that occurred on Tuesday, May 8th. The stock was sold at an average price of $46.48, for a total value of $229,983.04. Following the completion of the transaction, the insider now owns 230,258 shares of the company’s stock, valued at $10,702,391.84. The disclosure for this sale can be found here. Insiders sold a total of 36,763 shares of company stock valued at $1,715,014 over the last 90 days. 3.41% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of RNST. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of Renasant by 227.2% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,771 shares of the financial services provider’s stock valued at $114,000 after acquiring an additional 1,924 shares during the last quarter. Csenge Advisory Group bought a new position in shares of Renasant during the 4th quarter valued at approximately $225,000. Paloma Partners Management Co bought a new position in shares of Renasant during the 4th quarter valued at approximately $247,000. Xact Kapitalforvaltning AB bought a new position in shares of Renasant during the 4th quarter valued at approximately $263,000. Finally, Algert Global LLC bought a new position in shares of Renasant during the 1st quarter valued at approximately $283,000. Institutional investors and hedge funds own 67.02% of the company’s stock.
Renasant Company Profile
Renasant Corporation operates as a bank holding company for Renasant Bank, which 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, money market, individual retirement, and health savings accounts, as well as safe deposit and night depository facilities.
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