Renasant Corporation (RNST) Given Average Recommendation of “Hold” by Brokerages
Renasant Corporation (NASDAQ:RNST) has been given a consensus recommendation of “Hold” by the six ratings firms that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $41.67.
A number of equities analysts have commented on the stock. Zacks Investment Research upgraded shares of Renasant Corporation from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research report on Tuesday, July 4th. Jefferies Group LLC restated a “hold” rating and set a $44.00 price objective on shares of Renasant Corporation in a research report on Friday, June 9th. BidaskClub downgraded shares of Renasant Corporation from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. 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 price objective on shares of Renasant Corporation and gave the stock a “hold” rating in a research report on Saturday, May 27th.
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Renasant Corporation (RNST) traded down 0.73% during mid-day trading on Friday, reaching $39.66. 176,463 shares of the company traded hands. Renasant Corporation has a 52 week low of $32.51 and a 52 week high of $45.31. The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of 17.89 and a beta of 1.04. The stock’s 50 day moving average price is $42.35 and its 200 day moving average price is $41.52.
Renasant Corporation (NASDAQ:RNST) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.61 EPS for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.04. The company had revenue of $113.87 million during the quarter, compared to the consensus estimate of $112.43 million. Renasant Corporation had a net margin of 20.31% and a return on equity of 8.31%. During the same quarter in the prior year, the firm earned $0.59 EPS. Equities analysts forecast that Renasant Corporation will post $2.35 EPS for the current year.
In related news, Director Fred F. Sharpe purchased 2,000 shares of the stock in a transaction dated Friday, August 11th. The shares were acquired at an average cost of $39.55 per share, with a total value of $79,100.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Albert J. Dale III sold 15,000 shares of the company’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $42.54, for a total transaction of $638,100.00. Following the transaction, the director now directly owns 25,620 shares in the company, valued at $1,089,874.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 9,023 shares of company stock worth $375,621 and have sold 25,000 shares worth $1,052,800. Corporate insiders own 3.86% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Advisor Group Inc. boosted its position in Renasant Corporation by 13.3% in the second quarter. Advisor Group Inc. now owns 3,168 shares of the financial services provider’s stock worth $138,000 after buying an additional 371 shares during the period. Ameritas Investment Partners Inc. acquired a new stake in shares of Renasant Corporation during the first quarter worth approximately $140,000. New York State Teachers Retirement System boosted its stake 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 boosted its stake 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. Finally, Trust Co. of Toledo NA OH acquired a new stake in shares of Renasant Corporation during the second quarter worth approximately $214,000. 66.33% of the stock is currently owned by institutional investors and hedge funds.
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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