Renasant (NYSE:RNST) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Renasant (NYSE:RNST) released its quarterly earnings data on Tuesday. The company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.03, FiscalAI reports. The business had revenue of $273.94 million for the quarter, compared to analyst estimates of $280.71 million. Renasant had a return on equity of 8.17% and a net margin of 14.47%.

Renasant Stock Up 1.5%

Shares of RNST traded up $0.66 during mid-day trading on Tuesday, reaching $43.97. 439,371 shares of the stock traded hands, compared to its average volume of 722,090. The stock has a fifty day simple moving average of $42.09 and a 200 day simple moving average of $39.63. Renasant has a 12-month low of $33.04 and a 12-month high of $44.50. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.13. The firm has a market cap of $4.06 billion, a price-to-earnings ratio of 18.25 and a beta of 0.96.

Insider Activity

In other news, Director Connie L. Engel sold 1,257 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $40.90, for a total value of $51,411.30. Following the completion of the transaction, the director directly owned 15,449 shares in the company, valued at approximately $631,864.10. This represents a 7.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Albert J. Dale III sold 1,650 shares of Renasant stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $39.80, for a total transaction of $65,670.00. Following the sale, the director directly owned 40,075 shares in the company, valued at $1,594,985. This trade represents a 3.95% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 15,611 shares of company stock worth $618,889. 2.07% of the stock is currently owned by company insiders.

Institutional Trading of Renasant

Hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp boosted its holdings in Renasant by 14.1% in the second quarter. State Street Corp now owns 4,812,696 shares of the company’s stock valued at $172,920,000 after purchasing an additional 595,609 shares during the last quarter. Channing Capital Management LLC raised its holdings in Renasant by 35.0% in the fourth quarter. Channing Capital Management LLC now owns 2,225,536 shares of the company’s stock valued at $78,383,000 after acquiring an additional 576,986 shares in the last quarter. Wellington Management Group LLP raised its holdings in Renasant by 15.3% in the third quarter. Wellington Management Group LLP now owns 2,962,781 shares of the company’s stock valued at $109,297,000 after acquiring an additional 394,249 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Renasant by 48.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 910,983 shares of the company’s stock valued at $32,732,000 after acquiring an additional 298,077 shares during the last quarter. Finally, Mendon Capital Advisors Corp bought a new position in Renasant during the 2nd quarter valued at $8,982,000. 77.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of Renasant in a report on Friday, June 5th. TD Cowen reaffirmed a “buy” rating on shares of Renasant in a research report on Thursday, April 30th. Finally, Hovde Group increased their price target on Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Renasant has an average rating of “Buy” and a consensus price target of $45.50.

Renasant Company Profile

Renasant Corporation operates as a bank holding company for Renasant Bank that 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 accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate–1-4 family mortgage; real estate–commercial mortgage; real estate–construction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.