Renasant Corporation (RNST) Director Buys $41,500.00 in Stock
Renasant Corporation (NASDAQ:RNST) Director Michael D. Shmerling purchased 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was purchased at an average price of $41.50 per share, for a total transaction of $41,500.00. Following the completion of the transaction, the director now directly owns 156,347 shares in the company, valued at $6,488,400.50. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.
Shares of Renasant Corporation (NASDAQ RNST) traded up 0.22% during mid-day trading on Tuesday, reaching $41.66. 214,014 shares of the company’s stock traded hands. The company has a 50 day moving average of $43.15 and a 200 day moving average of $41.46. Renasant Corporation has a 12 month low of $31.56 and a 12 month high of $45.31. The company has a market cap of $1.85 billion, a price-to-earnings ratio of 18.79 and a beta of 1.04.
Renasant Corporation (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.04. Renasant Corporation had a return on equity of 8.41% and a net margin of 20.31%. The firm had revenue of $113.87 million for the quarter, compared to analyst estimates of $112.43 million. During the same period in the previous year, the firm earned $0.59 earnings per share. Analysts expect that Renasant Corporation will post $2.34 earnings per share for the current fiscal year.
A number of institutional investors have recently modified their holdings of the stock. Ameritas Investment Partners Inc. purchased a new position in shares of Renasant Corporation during the first quarter worth $140,000. New York State Teachers Retirement System raised its position in shares of 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 worth $151,000 after buying an additional 200 shares during the last quarter. Amalgamated Bank raised its position in shares of Renasant Corporation by 4.2% in the first quarter. Amalgamated Bank now owns 5,350 shares of the financial services provider’s stock worth $212,000 after buying an additional 214 shares during the last quarter. Trust Co. of Toledo NA OH purchased a new position in shares of Renasant Corporation during the second quarter worth $214,000. Finally, Smith Shellnut Wilson LLC ADV raised its position in shares of Renasant Corporation by 4.7% in the second quarter. Smith Shellnut Wilson LLC ADV now owns 6,870 shares of the financial services provider’s stock worth $222,000 after buying an additional 309 shares during the last quarter. 66.65% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on RNST. Jefferies Group LLC reiterated a “hold” rating and issued a $44.00 price target on shares of Renasant Corporation in a research report on Friday, July 14th. Zacks Investment Research downgraded shares of Renasant Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Keefe, Bruyette & Woods set a $43.00 price target on shares of Renasant Corporation and gave the company a “hold” rating in a research report on Saturday, May 27th. ValuEngine upgraded shares of Renasant Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, June 27th. Finally, BidaskClub downgraded shares of Renasant Corporation from a “hold” rating to a “sell” rating in a research report on Sunday, July 16th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $43.50.
About Renasant Corporation
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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