Zacks Investment Research Upgrades Renasant Corp. (RNST) to Hold
Renasant Corp. (NASDAQ:RNST) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Renasant Corporation is the parent of Renasant Bank and Renasant Insurance, Inc. “
Several other brokerages have also recently issued reports on RNST. Jefferies Group cut shares of Renasant Corp. from a “buy” rating to a “hold” rating in a research note on Monday. Raymond James Financial Inc. cut shares of Renasant Corp. from a “strong-buy” rating to an “outperform” rating and set a $38.00 price objective for the company. in a research note on Monday, September 12th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $35.20.
Renasant Corp. (NASDAQ:RNST) opened at 40.34 on Tuesday. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of 18.92 and a beta of 0.94. The company has a 50-day moving average price of $35.55 and a 200 day moving average price of $34.02. Renasant Corp. has a 12-month low of $29.49 and a 12-month high of $41.81.
Renasant Corp. (NASDAQ:RNST) last announced its earnings results on Tuesday, October 18th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.01. Renasant Corp. had a net margin of 19.24% and a return on equity of 8.64%. During the same quarter last year, the company earned $0.53 EPS. On average, equities research analysts predict that Renasant Corp. will post $2.19 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, January 1st. Investors of record on Wednesday, December 14th will be given a dividend of $0.18 per share. The ex-dividend date is Monday, December 12th. This represents a $0.72 dividend on an annualized basis and a yield of 1.77%. Renasant Corp.’s dividend payout ratio (DPR) is 33.80%.
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In related news, Director Albert J. Dale III sold 2,031 shares of the company’s stock in a transaction on Monday, November 21st. The shares were sold at an average price of $39.42, for a total transaction of $80,062.02. Following the completion of the sale, the director now directly owns 24,369 shares of the company’s stock, valued at approximately $960,625.98. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP James W. Gray sold 5,000 shares of the company’s stock in a transaction on Monday, November 21st. The stock was sold at an average price of $39.50, for a total transaction of $197,500.00. Following the sale, the executive vice president now directly owns 14,214 shares of the company’s stock, valued at $561,453. The disclosure for this sale can be found here. Corporate insiders own 5.18% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the company. Advisor Group Inc. acquired a new stake in shares of Renasant Corp. during the second quarter worth $103,000. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Renasant Corp. during the second quarter worth approximately $110,000. Carroll Financial Associates Inc. raised its position in shares of Renasant Corp. by 29,960.0% in the second quarter. Carroll Financial Associates Inc. now owns 4,509 shares of the financial services provider’s stock worth $145,000 after buying an additional 4,494 shares in the last quarter. Panagora Asset Management Inc. purchased a new position in shares of Renasant Corp. during the second quarter worth approximately $155,000. Finally, Verition Fund Management LLC purchased a new position in shares of Renasant Corp. during the third quarter worth approximately $216,000. 62.76% of the stock is owned by hedge funds and other institutional investors.
About Renasant Corp.
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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