Renasant Corp. (NASDAQ:RNST) Given Consensus Recommendation of “Hold” by Analysts
Shares of Renasant Corp. (NASDAQ:RNST) have received a consensus recommendation of “Hold” from the seven research firms that are covering the stock. Four analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $35.50.
Several research firms have recently issued reports on RNST. Zacks Investment Research raised shares of Renasant Corp. from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research report on Wednesday, June 29th. 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 report on Monday, September 12th. Finally, Jefferies Group reaffirmed a “buy” rating and set a $39.00 price objective on shares of Renasant Corp. in a research report on Wednesday, July 20th.
Shares of Renasant Corp. (NASDAQ:RNST) traded up 0.12% during midday trading on Tuesday, hitting $33.74. The stock had a trading volume of 17,183 shares. The firm has a 50 day moving average price of $33.95 and a 200-day moving average price of $33.30. The stock has a market cap of $1.42 billion, a PE ratio of 16.99 and a beta of 0.98. Renasant Corp. has a 52-week low of $29.49 and a 52-week high of $37.28.
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Renasant Corp. (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, July 19th. The financial services provider reported $0.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.02. Renasant Corp. had a net margin of 18.32% and a return on equity of 8.53%. Equities analysts predict that Renasant Corp. will post $2.22 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Wednesday, September 14th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, September 12th. This represents a $0.72 annualized dividend and a yield of 2.14%. Renasant Corp.’s payout ratio is 36.36%.
In other Renasant Corp. news, insider O Leonard Dorminey sold 6,000 shares of the firm’s stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $33.01, for a total transaction of $198,060.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Fred F. Sharpe bought 1,000 shares of the stock in a transaction on Monday, August 29th. The shares were bought at an average cost of $35.12 per share, for a total transaction of $35,120.00. The disclosure for this purchase can be found here. Company insiders own 5.18% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. boosted its position in Renasant Corp. by 0.4% in the second quarter. Sei Investments Co. now owns 6,845 shares of the financial services provider’s stock valued at $221,000 after buying an additional 29 shares during the last quarter. Principal Financial Group Inc. boosted its position in Renasant Corp. by 2.2% in the second quarter. Principal Financial Group Inc. now owns 8,343 shares of the financial services provider’s stock valued at $270,000 after buying an additional 176 shares during the last quarter. California State Teachers Retirement System boosted its position in Renasant Corp. by 0.4% in the second quarter. California State Teachers Retirement System now owns 85,672 shares of the financial services provider’s stock valued at $2,770,000 after buying an additional 317 shares during the last quarter. Atlanta Capital Group boosted its position in Renasant Corp. by 1.5% in the second quarter. Atlanta Capital Group now owns 22,532 shares of the financial services provider’s stock valued at $728,000 after buying an additional 329 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in Renasant Corp. by 6.6% in the first quarter. Envestnet Asset Management Inc. now owns 6,507 shares of the financial services provider’s stock valued at $214,000 after buying an additional 404 shares during the last quarter. 60.68% of the stock is currently owned by hedge funds and other institutional investors.
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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