Insider Selling: Renasant Corporation (RNST) EVP Sells 2,689 Shares of Stock
Renasant Corporation (NASDAQ:RNST) EVP Stuart Johnson sold 2,689 shares of the stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $41.29, for a total transaction of $111,028.81. Following the sale, the executive vice president now owns 54,170 shares of the company’s stock, valued at approximately $2,236,679.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.
Shares of Renasant Corporation (RNST) traded up $0.40 during trading hours on Tuesday, reaching $41.01. 167,600 shares of the company’s stock were exchanged, compared to its average volume of 189,516. Renasant Corporation has a 12-month low of $37.68 and a 12-month high of $45.31. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.14. The company has a market cap of $2,002.89, a price-to-earnings ratio of 17.14 and a beta of 1.00.
Renasant (NASDAQ:RNST) last issued its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.08). Renasant had a return on equity of 8.15% and a net margin of 20.44%. The company had revenue of $123.43 million for the quarter, compared to the consensus estimate of $127.07 million. During the same period in the prior year, the company earned $0.59 EPS. analysts expect that Renasant Corporation will post 2.3 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.76 dividend on an annualized basis and a yield of 1.85%. This is a positive change from Renasant’s previous quarterly dividend of $0.18. Renasant’s dividend payout ratio is currently 32.88%.
Large investors have recently modified their holdings of the business. Advisor Group Inc. grew its holdings in Renasant by 13.3% during the 2nd quarter. Advisor Group Inc. now owns 3,168 shares of the financial services provider’s stock worth $138,000 after acquiring an additional 371 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Renasant by 2.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 297,139 shares of the financial services provider’s stock worth $12,997,000 after acquiring an additional 6,792 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in Renasant by 3.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 182,292 shares of the financial services provider’s stock worth $7,974,000 after acquiring an additional 6,157 shares during the last quarter. Vanguard Group Inc. grew its holdings in Renasant by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 3,505,554 shares of the financial services provider’s stock worth $153,333,000 after acquiring an additional 95,523 shares during the last quarter. Finally, Wells Fargo & Company MN grew its holdings in Renasant by 9.0% during the 2nd quarter. Wells Fargo & Company MN now owns 1,042,216 shares of the financial services provider’s stock worth $45,587,000 after acquiring an additional 85,780 shares during the last quarter. 65.21% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts recently issued reports on RNST shares. Zacks Investment Research cut shares of Renasant from a “buy” rating to a “hold” rating in a research report on Saturday, October 21st. ValuEngine upgraded shares of Renasant from a “hold” rating to a “buy” rating in a research report on Monday, September 18th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $43.00 price objective on shares of Renasant in a report on Friday, September 29th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. The stock has an average rating of “Hold” and an average price target of $44.00.
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Renasant 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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