Renasant Corp. (RNST) Trading 4.2% Higher on Earnings Beat
Shares of Renasant Corp. (NASDAQ:RNST) rose 4.2% during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $34.46 and last traded at $34.38, with a volume of 133,085 shares. The stock had previously closed at $33.01.
The financial services provider reported $0.59 earnings per share for the quarter, beating the Zacks’ 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%. During the same period in the prior year, the firm earned $0.53 EPS.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Wednesday, September 14th were paid a $0.18 dividend. The ex-dividend date was Monday, September 12th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.18%. Renasant Corp.’s dividend payout ratio (DPR) is presently 36.36%.
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RNST has been the topic of a number of analyst reports. Zacks Investment Research upgraded Renasant Corp. from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a research note on Wednesday, June 29th. Jefferies Group reaffirmed a “buy” rating and set a $39.00 price objective on shares of Renasant Corp. in a report on Wednesday, July 20th. Finally, Raymond James Financial Inc. cut Renasant Corp. from a “strong-buy” rating to an “outperform” rating and set a $38.00 price objective for the company. in a report on Monday, September 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Renasant Corp. has an average rating of “Hold” and an average price target of $35.20.
In other news, insider O Leonard Dorminey sold 6,000 shares of the business’s stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Fred F. Sharpe purchased 1,000 shares of the business’s stock in a transaction dated Monday, August 29th. The stock was bought at an average cost of $35.12 per share, with a total value of $35,120.00. The disclosure for this purchase can be found here. 5.18% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in RNST. Monarch Partners Asset Management LLC boosted its position in Renasant Corp. by 8.0% in the second quarter. Monarch Partners Asset Management LLC now owns 164,810 shares of the financial services provider’s stock worth $5,328,000 after buying an additional 12,250 shares during the period. Green Square Capital LLC raised its position in Renasant Corp. by 11.2% in the second quarter. Green Square Capital LLC now owns 11,403 shares of the financial services provider’s stock valued at $369,000 after buying an additional 1,152 shares during the last quarter. Carroll Financial Associates Inc. raised 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 during the last quarter. Boothbay Fund Management LLC acquired a new position in Renasant Corp. during the first quarter valued at approximately $234,000. Finally, LPL Financial LLC raised its position in Renasant Corp. by 52.2% in the first quarter. LPL Financial LLC now owns 51,631 shares of the financial services provider’s stock valued at $1,651,000 after buying an additional 17,716 shares during the last quarter. 60.08% of the stock is owned by institutional investors.
The company’s 50-day moving average is $33.96 and its 200-day moving average is $33.42. The firm has a market capitalization of $1.45 billion, a PE ratio of 17.3160 and a beta of 0.98.
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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