Renasant Corp. (NASDAQ:RNST) has earned a consensus rating of “Hold” from the nine brokerages that are presently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $47.33.
RNST has been the topic of several research analyst reports. Zacks Investment Research raised shares of Renasant from a “sell” rating to a “hold” rating in a research note on Wednesday, September 19th. BidaskClub cut shares of Renasant from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 30th. Stephens reissued a “hold” rating and set a $50.00 price target on shares of Renasant in a research note on Monday, August 20th. Raymond James cut shares of Renasant from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 10th. Finally, ValuEngine cut shares of Renasant from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd.
In other Renasant news, Director Michael D. Shmerling acquired 1,000 shares of the business’s stock in a transaction that occurred on Friday, August 3rd. The shares were acquired at an average cost of $45.00 per share, for a total transaction of $45,000.00. Following the completion of the acquisition, the director now directly owns 159,357 shares of the company’s stock, valued at approximately $7,171,065. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.41% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in RNST. BlackRock Inc. lifted its holdings in Renasant by 7.8% in the second quarter. BlackRock Inc. now owns 3,249,749 shares of the financial services provider’s stock valued at $147,928,000 after buying an additional 235,926 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Renasant by 175,088.0% in the second quarter. PNC Financial Services Group Inc. now owns 131,391 shares of the financial services provider’s stock valued at $5,981,000 after buying an additional 131,316 shares during the period. Frontier Capital Management Co. LLC lifted its holdings in Renasant by 10.1% in the third quarter. Frontier Capital Management Co. LLC now owns 1,342,399 shares of the financial services provider’s stock valued at $55,320,000 after buying an additional 123,471 shares during the period. Jennison Associates LLC lifted its holdings in Renasant by 16.8% in the second quarter. Jennison Associates LLC now owns 770,628 shares of the financial services provider’s stock valued at $35,079,000 after buying an additional 110,747 shares during the period. Finally, Royce & Associates LP lifted its holdings in Renasant by 168.9% in the second quarter. Royce & Associates LP now owns 168,743 shares of the financial services provider’s stock valued at $7,681,000 after buying an additional 106,000 shares during the period. Institutional investors and hedge funds own 67.72% of the company’s stock.
RNST opened at $34.88 on Thursday. Renasant has a one year low of $32.01 and a one year high of $49.78. The company has a current ratio of 0.95, a quick ratio of 0.92 and a debt-to-equity ratio of 0.13. The company has a market cap of $1.68 billion, a PE ratio of 14.41 and a beta of 0.87.
Renasant (NASDAQ:RNST) last released its quarterly earnings results on Monday, October 22nd. The financial services provider reported $0.78 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.01. Renasant had a net margin of 20.84% and a return on equity of 9.37%. The business had revenue of $138.90 million for the quarter, compared to analysts’ expectations of $142.06 million. During the same period in the prior year, the firm earned $0.53 earnings per share. Renasant’s revenue was up 10.9% compared to the same quarter last year. As a group, equities analysts anticipate that Renasant will post 3.02 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 1st. Investors of record on Tuesday, December 18th will be issued a $0.21 dividend. This is a positive change from Renasant’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend is Monday, December 17th. Renasant’s dividend payout ratio is currently 33.06%.
Renasant Company Profile
Renasant Corporation operates as a bank holding company for Renasant Bank, which provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings, money market, individual retirement, and health savings accounts, as well as safe deposit and night depository facilities.
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