BidaskClub upgraded shares of Renasant (NASDAQ:RNST) from a sell rating to a hold rating in a research note released on Wednesday, December 20th.
Several other research analysts have also recently issued reports on the stock. Zacks Investment Research raised shares of Renasant from a hold rating to a buy rating and set a $45.00 target price for the company in a report on Wednesday, September 20th. ValuEngine raised shares of Renasant from a hold rating to a buy rating in a report on Monday, September 18th. Finally, Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $43.00 target price on shares of Renasant in a report on Friday, September 29th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Renasant has an average rating of Hold and an average price target of $45.25.
Shares of Renasant (NASDAQ RNST) traded up $0.70 on Wednesday, hitting $43.54. 173,888 shares of the stock were exchanged, compared to its average volume of 161,586. The company has a market cap of $2,110.00, a price-to-earnings ratio of 19.88 and a beta of 1.01. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.93 and a quick ratio of 0.91. Renasant has a 52-week low of $37.68 and a 52-week high of $45.31.
Renasant (NASDAQ:RNST) last announced its earnings results on Tuesday, October 17th. The financial services provider reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.08). Renasant had a net margin of 20.44% and a return on equity of 8.15%. The company had revenue of $123.43 million for the quarter, compared to the consensus estimate of $127.07 million. During the same period in the previous year, the firm posted $0.59 EPS. sell-side analysts expect that Renasant will post 2.31 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th were issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.75%. This is a boost from Renasant’s previous quarterly dividend of $0.18. The ex-dividend date was Thursday, December 14th. Renasant’s payout ratio is presently 34.70%.
In other news, Director Michael D. Shmerling purchased 1,000 shares of the company’s stock in a transaction on Friday, November 10th. The stock was acquired at an average cost of $39.40 per share, for a total transaction of $39,400.00. Following the completion of the transaction, the director now directly owns 157,347 shares in the company, valued at approximately $6,199,471.80. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director J Niles Mcneel sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, October 23rd. The stock was sold at an average price of $42.39, for a total transaction of $423,900.00. Following the completion of the transaction, the director now owns 29,921 shares of the company’s stock, valued at $1,268,351.19. The disclosure for this sale can be found here. Insiders have sold 32,729 shares of company stock valued at $1,356,863 over the last 90 days. 3.86% of the stock is currently owned by company insiders.
Large investors have recently modified their holdings of the stock. Advisor Group Inc. boosted its position in shares of 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 acquiring an additional 371 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Renasant by 2.3% during the second quarter. Bank of New York Mellon Corp now owns 297,139 shares of the financial services provider’s stock worth $12,997,000 after acquiring an additional 6,792 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Renasant by 3.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 182,292 shares of the financial services provider’s stock worth $7,974,000 after acquiring an additional 6,157 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Renasant by 2.8% during the second quarter. Vanguard Group Inc. now owns 3,505,554 shares of the financial services provider’s stock worth $153,333,000 after acquiring an additional 95,523 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in shares of Renasant by 9.0% during the second quarter. Wells Fargo & Company MN now owns 1,042,216 shares of the financial services provider’s stock worth $45,587,000 after acquiring an additional 85,780 shares during the last quarter. Hedge funds and other institutional investors own 64.66% of the company’s stock.
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Renasant Company Profile
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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