Renasant (RNST) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of Renasant (NASDAQ:RNST) from a hold rating to a sell rating in a research report released on Wednesday.
According to Zacks, “Renasant Corporation is the parent of Renasant Bank and Renasant Insurance, Inc. “
Several other research firms have also recently weighed in on RNST. BidaskClub cut Renasant from a hold rating to a sell rating in a report on Friday, January 26th. Hovde Group set a $47.00 price target on Renasant and gave the company a hold rating in a report on Friday, January 19th. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $45.00 price target on shares of Renasant in a report on Friday, December 22nd. ValuEngine cut Renasant from a buy rating to a hold rating in a report on Thursday, November 9th. Finally, Sandler O’Neill reaffirmed a hold rating and issued a $45.00 price target on shares of Renasant in a report on Thursday, January 4th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $45.60.
Renasant (NASDAQ:RNST) last issued its quarterly earnings data on Tuesday, January 16th. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.03. The business had revenue of $125.70 million for the quarter, compared to analysts’ expectations of $124.55 million. Renasant had a return on equity of 8.45% and a net margin of 18.19%. analysts expect that Renasant will post 3.01 earnings per share for the current fiscal year.
In other Renasant news, EVP William Mark Williams sold 7,000 shares of the firm’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $41.32, for a total value of $289,240.00. Following the sale, the executive vice president now owns 21,652 shares of the company’s stock, valued at approximately $894,660.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Fred F. Sharpe purchased 2,000 shares of the stock in a transaction on Friday, January 19th. The stock was acquired at an average cost of $43.80 per share, for a total transaction of $87,600.00. Following the acquisition, the director now owns 11,666 shares in the company, valued at $510,970.80. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 22,000 shares of company stock worth $941,140. Insiders own 3.86% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its holdings in shares of Renasant by 5.7% during the 4th quarter. BlackRock Inc. now owns 3,025,099 shares of the financial services provider’s stock valued at $123,696,000 after buying an additional 162,700 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Renasant by 2.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,017,641 shares of the financial services provider’s stock valued at $129,456,000 after buying an additional 82,379 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Renasant by 0.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,722,325 shares of the financial services provider’s stock valued at $70,425,000 after buying an additional 13,157 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Renasant by 13.0% during the 4th quarter. Wells Fargo & Company MN now owns 1,607,332 shares of the financial services provider’s stock valued at $65,723,000 after buying an additional 184,315 shares in the last quarter. Finally, Frontier Capital Management Co. LLC raised its holdings in shares of Renasant by 2.2% during the 3rd quarter. Frontier Capital Management Co. LLC now owns 1,273,099 shares of the financial services provider’s stock valued at $54,616,000 after buying an additional 27,222 shares in the last quarter. 65.22% of the stock is currently owned by institutional investors.
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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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