Keefe, Bruyette & Woods Analysts Give Renasant Corp. (RNST) a $43.00 Price Target
Renasant Corp. (NASDAQ:RNST) has been given a $43.00 price target by investment analysts at Keefe, Bruyette & Woods in a report issued on Saturday. The brokerage currently has a “hold” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 4.04% from the stock’s previous close.
A number of other analysts have also recently commented on RNST. Zacks Investment Research upgraded shares of Renasant Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, May 16th. Jefferies Group LLC restated a “hold” rating and set a $44.00 price objective on shares of Renasant Corp. in a research note on Wednesday, April 5th.
Shares of Renasant Corp. (NASDAQ:RNST) traded down 0.07% during trading on Friday, hitting $41.33. The stock had a trading volume of 101,197 shares. Renasant Corp. has a 52 week low of $30.21 and a 52 week high of $44.65. The stock’s 50 day moving average is $41.58 and its 200 day moving average is $40.82. The stock has a market capitalization of $1.83 billion, a price-to-earnings ratio of 18.88 and a beta of 1.02.
Renasant Corp. (NASDAQ:RNST) last issued its earnings results on Tuesday, April 25th. The financial services provider reported $0.55 EPS for the quarter, beating the consensus estimate of $0.53 by $0.02. The company had revenue of $106.04 million during the quarter, compared to analysts’ expectations of $109.87 million. Renasant Corp. had a net margin of 19.50% and a return on equity of 8.75%. During the same quarter in the previous year, the company posted $0.54 EPS. On average, equities research analysts expect that Renasant Corp. will post $2.23 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $0.72 annualized dividend and a yield of 1.74%. Renasant Corp.’s dividend payout ratio (DPR) is currently 33.33%.
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In related news, EVP Michael D. Ross sold 1,492 shares of the firm’s stock in a transaction dated Monday, March 13th. The shares were sold at an average price of $40.85, for a total value of $60,948.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Edward Robinson Mcgraw sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $42.04, for a total transaction of $210,200.00. Following the completion of the sale, the chief executive officer now owns 15,000 shares of the company’s stock, valued at $630,600. The disclosure for this sale can be found here. Insiders sold a total of 19,796 shares of company stock valued at $823,821 over the last quarter. 5.18% of the stock is currently owned by company insiders.
Large investors have recently modified their holdings of the stock. New York State Teachers Retirement System increased its stake in shares of Renasant Corp. by 5.6% in the first quarter. New York State Teachers Retirement System now owns 3,800 shares of the financial services provider’s stock valued at $151,000 after buying an additional 200 shares during the period. Amalgamated Bank increased its stake in shares of Renasant Corp. by 4.2% in the first quarter. Amalgamated Bank now owns 5,350 shares of the financial services provider’s stock valued at $212,000 after buying an additional 214 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of Renasant Corp. by 4.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 6,490 shares of the financial services provider’s stock valued at $273,000 after buying an additional 302 shares during the period. Alliancebernstein L.P. increased its stake in shares of Renasant Corp. by 0.7% in the first quarter. Alliancebernstein L.P. now owns 53,451 shares of the financial services provider’s stock valued at $2,121,000 after buying an additional 383 shares during the period. Finally, BlackRock Inc. increased its stake in shares of Renasant Corp. by 4.0% in the third quarter. BlackRock Inc. now owns 10,443 shares of the financial services provider’s stock valued at $351,000 after buying an additional 406 shares during the period. Institutional investors and hedge funds own 59.29% of the company’s stock.
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). 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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