Zacks Investment Research Upgrades Renasant (RNST) to “Hold”
According to Zacks, “Renasant Corporation is the parent of Renasant Bank and Renasant Insurance, Inc. “
Other research analysts also recently issued reports about the stock. BidaskClub upgraded shares of Renasant from a strong sell rating to a sell rating in a research report on Monday, January 21st. Stephens restated a hold rating and set a $36.00 target price on shares of Renasant in a research report on Wednesday, December 19th. Hovde Group restated a market perform rating and set a $38.00 target price (up from $34.00) on shares of Renasant in a research report on Monday, January 28th. Finally, TheStreet upgraded shares of Renasant from a c+ rating to a b- rating in a research report on Wednesday, February 20th. Two analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. Renasant has a consensus rating of Hold and an average price target of $37.00.
Renasant (NASDAQ:RNST) last posted its earnings results on Tuesday, January 22nd. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.78. The company had revenue of $151.83 million during the quarter, compared to the consensus estimate of $152.15 million. Renasant had a net margin of 24.19% and a return on equity of 8.85%. During the same period in the previous year, the firm posted $0.33 earnings per share. On average, equities analysts predict that Renasant will post 3.2 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $0.84 dividend on an annualized basis and a yield of 2.43%. Renasant’s dividend payout ratio is presently 28.00%.
In related news, EVP James W. Gray sold 2,504 shares of the business’s stock in a transaction on Wednesday, February 20th. The shares were sold at an average price of $38.33, for a total transaction of $95,978.32. Following the completion of the transaction, the executive vice president now directly owns 58,072 shares in the company, valued at $2,225,899.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.64% of the company’s stock.
Several institutional investors have recently modified their holdings of RNST. Norges Bank acquired a new position in shares of Renasant in the fourth quarter worth about $16,406,000. BlackRock Inc. raised its position in shares of Renasant by 8.9% in the fourth quarter. BlackRock Inc. now owns 3,630,777 shares of the financial services provider’s stock worth $109,576,000 after acquiring an additional 297,791 shares during the period. Prudential Financial Inc. raised its position in shares of Renasant by 416.2% in the fourth quarter. Prudential Financial Inc. now owns 147,597 shares of the financial services provider’s stock worth $4,454,000 after acquiring an additional 119,004 shares during the period. Dean Investment Associates LLC raised its position in shares of Renasant by 135.2% in the fourth quarter. Dean Investment Associates LLC now owns 197,117 shares of the financial services provider’s stock worth $5,949,000 after acquiring an additional 113,310 shares during the period. Finally, Marshall Wace LLP acquired a new position in shares of Renasant in the third quarter worth about $3,726,000. Institutional investors and hedge funds own 61.10% 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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