Renasant Corporation (RNST) Upgraded by ValuEngine to Buy
Renasant Corporation (NASDAQ:RNST) was upgraded by ValuEngine from a “hold” rating to a “buy” rating in a report issued on Monday.
Several other equities research analysts have also recently weighed in on the company. BidaskClub cut Renasant Corporation from a “hold” rating to a “sell” rating in a research note on Sunday, July 16th. Keefe, Bruyette & Woods set a $43.00 target price on Renasant Corporation and gave the stock a “hold” rating in a research note on Saturday, May 27th. Zacks Investment Research cut Renasant Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $44.00 target price on shares of Renasant Corporation in a research note on Friday, June 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $44.00.
Shares of Renasant Corporation (NASDAQ:RNST) traded up 0.39% during trading on Monday, reaching $40.86. The company’s stock had a trading volume of 126,470 shares. The company’s 50 day moving average price is $40.07 and its 200 day moving average price is $41.35. Renasant Corporation has a 12 month low of $32.51 and a 12 month high of $45.32. The firm has a market cap of $2.02 billion, a PE ratio of 18.43 and a beta of 1.06.
Renasant Corporation (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.04. The company had revenue of $113.87 million during the quarter, compared to analysts’ expectations of $112.43 million. Renasant Corporation had a return on equity of 8.31% and a net margin of 20.31%. During the same quarter in the prior year, the firm posted $0.59 earnings per share. On average, equities analysts predict that Renasant Corporation will post $2.35 earnings per share for the current year.
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In other Renasant Corporation news, Director Fred F. Sharpe bought 2,000 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The stock was acquired at an average price of $39.55 per share, with a total value of $79,100.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael D. Shmerling bought 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The shares were acquired at an average cost of $41.50 per share, with a total value of $41,500.00. Following the purchase, the director now directly owns 156,347 shares of the company’s stock, valued at $6,488,400.50. The disclosure for this purchase can be found here. Insiders have purchased 9,023 shares of company stock valued at $375,621 in the last ninety days. 3.86% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Prudential Financial Inc. acquired a new stake in Renasant Corporation during the first quarter worth approximately $1,865,000. Bank of America Corp DE grew its stake in Renasant Corporation by 16.5% during the first quarter. Bank of America Corp DE now owns 218,335 shares of the financial services provider’s stock worth $8,665,000 after purchasing an additional 30,969 shares during the period. UBS Asset Management Americas Inc. grew its stake in Renasant Corporation by 58.8% during the first quarter. UBS Asset Management Americas Inc. now owns 22,095 shares of the financial services provider’s stock worth $877,000 after purchasing an additional 8,177 shares during the period. Jane Street Group LLC acquired a new stake in Renasant Corporation during the first quarter worth approximately $382,000. Finally, Dimensional Fund Advisors LP grew its stake in Renasant Corporation by 7.4% during the first quarter. Dimensional Fund Advisors LP now owns 2,828,731 shares of the financial services provider’s stock worth $112,273,000 after purchasing an additional 193,727 shares during the period. 62.11% of the stock is 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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