Q4 2016 EPS Estimates for Renasant Corp. (RNST) Cut by Jefferies Group
Renasant Corp. (NASDAQ:RNST) – Jefferies Group cut their Q4 2016 EPS estimates for Renasant Corp. in a research note issued to investors on Tuesday. Jefferies Group analyst E. Harmon now expects that the firm will post earnings of $0.56 per share for the quarter, down from their previous forecast of $0.57. Jefferies Group has a “Buy” rating and a $39.00 price objective on the stock. Jefferies Group also issued estimates for Renasant Corp.’s Q1 2017 earnings at $0.55 EPS, Q2 2017 earnings at $0.59 EPS, Q3 2017 earnings at $0.62 EPS, Q4 2017 earnings at $0.64 EPS, FY2017 earnings at $2.40 EPS and FY2018 earnings at $2.60 EPS.
Renasant Corp. (NASDAQ:RNST) last announced its earnings results on Tuesday, July 19th. The financial services provider reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. Renasant Corp. had a return on equity of 8.53% and a net margin of 18.32%.
Several other research firms have also issued reports on RNST. Zacks Investment Research lowered Renasant Corp. from a “hold” rating to a “sell” rating in a research note on Friday, September 23rd. Raymond James Financial Inc. lowered Renasant Corp. from a “strong-buy” rating to an “outperform” rating and set a $38.00 price target for the company. in a research note on Monday, September 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $35.20.
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Shares of Renasant Corp. (NASDAQ:RNST) traded down 2.25% during midday trading on Thursday, hitting $33.01. The company had a trading volume of 42,746 shares. The firm’s 50 day moving average is $34.20 and its 200 day moving average is $33.41. Renasant Corp. has a 52 week low of $29.49 and a 52 week high of $37.28. The company has a market capitalization of $1.39 billion, a P/E ratio of 16.62 and a beta of 0.98.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in Renasant Corp. by 157.1% in the first quarter. BlackRock Inc. now owns 3,095 shares of the financial services provider’s stock valued at $102,000 after buying an additional 1,891 shares in the last quarter. Advisor Group Inc. bought a new position in Renasant Corp. during the second quarter valued at approximately $103,000. Fuller & Thaler Asset Management Inc. bought a new position in Renasant Corp. during the second quarter valued at approximately $110,000. Carroll Financial Associates Inc. increased its position in 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 valued at $145,000 after buying an additional 4,494 shares in the last quarter. Finally, Panagora Asset Management Inc. bought a new position in Renasant Corp. during the second quarter valued at approximately $155,000. Hedge funds and other institutional investors own 60.13% of the company’s stock.
In other news, insider O Leonard Dorminey sold 6,000 shares of Renasant Corp. stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $33.01, for a total value of $198,060.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP R Rick Hart sold 4,000 shares of Renasant Corp. stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $33.15, for a total value of $132,600.00. Following the completion of the transaction, the executive vice president now owns 69,139 shares in the company, valued at approximately $2,291,957.85. The disclosure for this sale can be found here. 5.18% of the stock is owned by insiders.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Wednesday, September 14th were issued a $0.18 dividend. The ex-dividend date was Monday, September 12th. This represents a $0.72 annualized dividend and a dividend yield of 2.13%. Renasant Corp.’s dividend payout ratio is currently 36.36%.
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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