FIG Partners Comments on Renasant Corp.’s FY2019 Earnings (RNST)

Renasant Corp. (NASDAQ:RNST) – Stock analysts at FIG Partners issued their FY2019 earnings per share estimates for Renasant in a report released on Wednesday. FIG Partners analyst J. Rodis forecasts that the financial services provider will post earnings of $3.15 per share for the year.

RNST has been the topic of a number of other reports. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $45.00 price objective on shares of Renasant in a report on Friday, December 22nd. BidaskClub lowered Renasant from a “hold” rating to a “sell” rating in a report on Friday, December 29th. ValuEngine lowered Renasant from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. Hovde Group set a $47.00 price objective on Renasant and gave the company a “hold” rating in a report on Friday. Finally, Zacks Investment Research lowered Renasant from a “buy” rating to a “hold” rating in a report on Saturday, October 21st. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $45.60.

Shares of Renasant (NASDAQ:RNST) traded up $0.60 during mid-day trading on Monday, hitting $44.04. The stock had a trading volume of 229,300 shares, compared to its average volume of 199,854. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $2,190.00, a price-to-earnings ratio of 22.24 and a beta of 1.01. Renasant has a fifty-two week low of $37.68 and a fifty-two week high of $45.31.

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th were paid a $0.19 dividend. This is an increase from Renasant’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.73%. Renasant’s dividend payout ratio is presently 38.38%.

In related news, Director Fred F. Sharpe bought 2,000 shares of the stock in a transaction dated Friday, January 19th. The shares were purchased at an average price of $43.80 per share, for a total transaction of $87,600.00. Following the completion of the purchase, the director now directly owns 11,666 shares of the company’s stock, valued at $510,970.80. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Michael D. Shmerling bought 1,000 shares of the stock in a transaction dated Friday, November 10th. The stock was bought at an average price of $39.40 per share, for a total transaction of $39,400.00. Following the purchase, the director now directly owns 157,347 shares of the company’s stock, valued at $6,199,471.80. The disclosure for this purchase can be found here. Insiders sold 22,729 shares of company stock worth $932,963 in the last 90 days. Company insiders own 3.86% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Advisor Group Inc. boosted its position in Renasant by 13.3% during the second quarter. Advisor Group Inc. now owns 3,168 shares of the financial services provider’s stock worth $138,000 after purchasing an additional 371 shares in the last quarter. Ameritas Investment Partners Inc. boosted its position in Renasant by 7.5% during the second quarter. Ameritas Investment Partners Inc. now owns 3,792 shares of the financial services provider’s stock worth $166,000 after purchasing an additional 264 shares in the last quarter. Highwater Wealth Management LLC purchased a new position in Renasant during the third quarter worth approximately $213,000. Jane Street Group LLC purchased a new position in Renasant during the third quarter worth approximately $217,000. Finally, Amalgamated Bank boosted its position in Renasant by 1.2% during the second quarter. Amalgamated Bank now owns 5,415 shares of the financial services provider’s stock worth $237,000 after purchasing an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 64.65% of the company’s stock.

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About Renasant

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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