Zacks Investment Research downgraded shares of Renasant (NASDAQ:RNST) from a hold rating to a sell rating in a research report released on Tuesday morning.
According to Zacks, “Renasant Corporation is the parent of Renasant Bank and Renasant Insurance, Inc. “
A number of other equities research analysts have also recently commented on RNST. BidaskClub cut shares of Renasant from a buy rating to a hold rating in a report on Tuesday, June 12th. ValuEngine cut shares of Renasant from a buy rating to a hold rating in a report on Wednesday, May 2nd. Finally, Sandler O’Neill upgraded shares of Renasant from a hold rating to a buy rating in a report on Monday, April 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $46.00.
NASDAQ:RNST opened at $48.22 on Tuesday. Renasant has a 52 week low of $37.68 and a 52 week high of $49.78. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.94 and a current ratio of 0.96. The company has a market cap of $2.31 billion, a PE ratio of 19.93 and a beta of 1.00.
Renasant (NASDAQ:RNST) last posted its quarterly earnings results on Tuesday, April 24th. The financial services provider reported $0.70 EPS for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.02. Renasant had a net margin of 19.29% and a return on equity of 8.50%. The firm had revenue of $124.76 million for the quarter, compared to analysts’ expectations of $124.21 million. During the same quarter in the prior year, the company posted $0.55 earnings per share. The business’s revenue for the quarter was up 15.6% on a year-over-year basis. equities analysts predict that Renasant will post 3.04 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, June 30th. Investors of record on Saturday, June 16th will be given a dividend of $0.20 per share. This is an increase from Renasant’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $0.80 dividend on an annualized basis and a yield of 1.66%. Renasant’s dividend payout ratio is 33.06%.
In related news, EVP Stuart Johnson sold 7,910 shares of the stock in a transaction that occurred on Thursday, May 17th. The shares were sold at an average price of $47.20, for a total transaction of $373,352.00. Following the transaction, the executive vice president now owns 47,428 shares in the company, valued at $2,238,601.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Edward Robinson Mcgraw sold 4,948 shares of the stock in a transaction that occurred on Tuesday, May 8th. The shares were sold at an average price of $46.48, for a total transaction of $229,983.04. Following the transaction, the insider now owns 230,258 shares in the company, valued at approximately $10,702,391.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 36,763 shares of company stock worth $1,715,014. 3.41% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in RNST. Ladenburg Thalmann Financial Services Inc. raised its position in Renasant by 227.2% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,771 shares of the financial services provider’s stock worth $114,000 after acquiring an additional 1,924 shares during the period. Csenge Advisory Group bought a new position in Renasant in the fourth quarter worth approximately $225,000. Paloma Partners Management Co bought a new position in Renasant in the fourth quarter worth approximately $247,000. Xact Kapitalforvaltning AB bought a new stake in shares of Renasant during the 4th quarter valued at $263,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Renasant during the 1st quarter valued at $270,000. Institutional investors and hedge funds own 66.97% of the company’s stock.
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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