Jefferies Group Weighs in on Renasant Corp.’s Q4 2016 Earnings (RNST)
Renasant Corp. (NASDAQ:RNST) – Equities researchers at Jefferies Group cut their Q4 2016 earnings per share (EPS) estimates for shares of Renasant Corp. in a research note issued to investors on Tuesday. Jefferies Group analyst E. Harmon now forecasts that the firm will post earnings of $0.56 per share for the quarter, down from their previous forecast of $0.57. Jefferies Group currently has a “Buy” rating and a $39.00 target price on the stock. Jefferies Group also issued estimates for Renasant Corp.’s Q1 2017 earnings at $0.55 EPS, Q2 2017 earnings at $0.59 EPS, Q3 2017 earnings at $0.62 EPS, Q4 2017 earnings at $0.64 EPS, FY2017 earnings at $2.40 EPS and FY2018 earnings at $2.60 EPS.
Renasant Corp. (NASDAQ:RNST) last posted its quarterly earnings data on Tuesday, July 19th. The financial services provider reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. Renasant Corp. had a return on equity of 8.53% and a net margin of 18.32%.
RNST has been the subject of a number of other research reports. Zacks Investment Research cut Renasant Corp. from a “hold” rating to a “sell” rating in a report on Friday, September 23rd. Raymond James Financial Inc. cut Renasant Corp. from a “strong-buy” rating to an “outperform” rating and set a $38.00 target price for the company. in a report on Monday, September 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. Renasant Corp. presently has a consensus rating of “Hold” and a consensus target price of $35.20.
Renasant Corp. (NASDAQ:RNST) opened at 32.92 on Thursday. The firm has a market cap of $1.39 billion, a PE ratio of 16.58 and a beta of 0.98. The company’s 50 day moving average price is $34.15 and its 200 day moving average price is $33.41. Renasant Corp. has a 52-week low of $29.49 and a 52-week high of $37.28.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Wednesday, September 14th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date was Monday, September 12th. Renasant Corp.’s payout ratio is currently 36.36%.
In other Renasant Corp. news, Director Fred F. Sharpe purchased 1,000 shares of Renasant Corp. stock in a transaction that occurred on Monday, August 29th. The stock was acquired at an average price of $35.12 per share, for a total transaction of $35,120.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP R Rick Hart sold 4,000 shares of Renasant Corp. stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $33.15, for a total value of $132,600.00. Following the transaction, the executive vice president now owns 69,139 shares of the company’s stock, valued at approximately $2,291,957.85. The disclosure for this sale can be found here. Corporate insiders own 5.18% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its stake in shares of Renasant Corp. by 157.1% in the first quarter. BlackRock Inc. now owns 3,095 shares of the financial services provider’s stock valued at $102,000 after buying an additional 1,891 shares during the period. BlackRock Group LTD increased its stake in shares of Renasant Corp. by 36.6% in the first quarter. BlackRock Group LTD now owns 36,848 shares of the financial services provider’s stock valued at $1,212,000 after buying an additional 9,872 shares during the period. BlackRock Institutional Trust Company N.A. increased its stake in shares of Renasant Corp. by 2.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,032,532 shares of the financial services provider’s stock valued at $33,981,000 after buying an additional 23,850 shares during the period. NN Investment Partners Holdings N.V. bought a new stake in shares of Renasant Corp. during the first quarter valued at about $1,617,000. Finally, State Street Corp increased its stake in shares of Renasant Corp. by 24.0% in the first quarter. State Street Corp now owns 782,398 shares of the financial services provider’s stock valued at $25,747,000 after buying an additional 151,512 shares during the period. Institutional investors and hedge funds own 60.13% of the company’s stock.
Renasant Corp. Company Profile
Renasant Corporation is a bank holding company that owns and operates Renasant Bank (the Bank) and Renasant Insurance, Inc (Renasant Insurance), a subsidiary of the Bank with operations in Mississippi. The Company operates through three segments: Community Banks segment, Insurance segment and Wealth Management segment.
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