Renasant Corporation (RNST) Lifted to “Buy” at ValuEngine
ValuEngine upgraded shares of Renasant Corporation (NASDAQ:RNST) from a hold rating to a buy rating in a report published on Monday.
Several other brokerages also recently commented on RNST. Zacks Investment Research raised shares of Renasant Corporation from a hold rating to a buy rating and set a $49.00 price objective for the company in a research note on Tuesday, July 4th. Jefferies Group LLC reissued a hold rating and issued a $44.00 price objective on shares of Renasant Corporation in a research note on Friday, June 9th. BidaskClub downgraded shares of Renasant Corporation from a sell rating to a strong sell rating in a research note on Thursday, July 27th. Finally, Keefe, Bruyette & Woods set a $43.00 price objective on shares of Renasant Corporation and gave the company a hold rating in a research note on Saturday, May 27th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $44.00.
Renasant Corporation (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.04. The company had revenue of $113.87 million during the quarter, compared to the consensus estimate of $112.43 million. Renasant Corporation had a net margin of 20.31% and a return on equity of 8.31%. During the same quarter in the prior year, the firm posted $0.59 EPS.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend is Thursday, September 14th. Renasant Corporation’s payout ratio is 32.58%.
In related news, Director Michael D. Shmerling acquired 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The stock was acquired at an average price of $41.50 per share, with a total value of $41,500.00. Following the purchase, the director now directly owns 156,347 shares in the company, valued at $6,488,400.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Fred F. Sharpe acquired 2,000 shares of the company’s stock in a transaction that occurred on Friday, July 28th. The stock was bought at an average cost of $42.33 per share, with a total value of $84,660.00. The disclosure for this purchase can be found here. In the last three months, insiders purchased 9,023 shares of company stock valued at $375,621. 3.86% of the stock is owned by insiders.
Large investors have recently modified their holdings of the stock. Prudential Financial Inc. acquired a new position in Renasant Corporation in the 1st quarter valued at approximately $1,865,000. Bank of America Corp DE increased its position in Renasant Corporation by 16.5% in the 1st quarter. Bank of America Corp DE now owns 218,335 shares of the financial services provider’s stock valued at $8,665,000 after acquiring an additional 30,969 shares during the period. UBS Asset Management Americas Inc. increased its position in Renasant Corporation by 58.8% in the 1st quarter. UBS Asset Management Americas Inc. now owns 22,095 shares of the financial services provider’s stock valued at $877,000 after acquiring an additional 8,177 shares during the period. Jane Street Group LLC acquired a new position in Renasant Corporation in the 1st quarter valued at approximately $382,000. Finally, Dimensional Fund Advisors LP increased its position in Renasant Corporation by 7.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,828,731 shares of the financial services provider’s stock valued at $112,273,000 after acquiring an additional 193,727 shares during the period. 62.11% of the stock is owned by institutional investors and hedge funds.
Renasant Corporation Company Profile
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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