Renasant Corporation (NASDAQ:RNST) Stock Rating Lowered by Zacks Investment Research
Renasant Corporation (NASDAQ:RNST) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Saturday.
According to Zacks, “Renasant Corporation is the parent of Renasant Bank and Renasant Insurance, Inc. “
RNST has been the topic of several other research reports. Jefferies Group LLC reiterated a “hold” rating and issued a $44.00 target price on shares of Renasant Corporation in a research report on Friday, June 9th. ValuEngine upgraded shares of Renasant Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, June 27th. Finally, Keefe, Bruyette & Woods set a $43.00 target price on shares of Renasant Corporation and gave the company a “hold” rating in a research report on Saturday, May 27th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $43.50.
Shares of Renasant Corporation (RNST) opened at 44.00 on Friday. Renasant Corporation has a 52 week low of $30.98 and a 52 week high of $45.16. The firm has a 50-day moving average of $42.21 and a 200 day moving average of $41.28. The stock has a market cap of $1.95 billion, a PE ratio of 20.10 and a beta of 1.06.
Renasant Corporation (NASDAQ:RNST) last announced its earnings results on Tuesday, April 25th. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.02. Renasant Corporation had a net margin of 19.90% and a return on equity of 8.35%. The business had revenue of $106.04 million for the quarter, compared to analyst estimates of $109.87 million. During the same quarter last year, the business earned $0.54 earnings per share. On average, equities analysts forecast that Renasant Corporation will post $2.30 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Friday, June 16th were given a $0.18 dividend. The ex-dividend date was Wednesday, June 14th. This represents a $0.72 annualized dividend and a dividend yield of 1.64%. Renasant Corporation’s dividend payout ratio (DPR) is 33.03%.
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In other news, CEO Edward Robinson Mcgraw sold 5,000 shares of the firm’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $43.00, for a total value of $215,000.00. Following the transaction, the chief executive officer now directly owns 229,789 shares of the company’s stock, valued at $9,880,927. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Albert J. Dale III sold 8,000 shares of the firm’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $42.10, for a total transaction of $336,800.00. Following the completion of the transaction, the director now directly owns 40,620 shares in the company, valued at $1,710,102. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,000 shares of company stock worth $751,500. Company insiders own 3.86% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. New York State Teachers Retirement System increased its position in Renasant Corporation 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 in the last quarter. Amalgamated Bank increased its position in Renasant Corporation 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 in the last quarter. Envestnet Asset Management Inc. increased its position in Renasant Corporation 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 in the last quarter. Alliancebernstein L.P. increased its position in Renasant Corporation 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 in the last quarter. Finally, Legal & General Group Plc increased its position in Renasant Corporation by 3.8% in the first quarter. Legal & General Group Plc now owns 15,843 shares of the financial services provider’s stock valued at $630,000 after buying an additional 574 shares in the last quarter. 67.16% of the stock is currently owned by hedge funds and other institutional investors.
Renasant Corporation 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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