Zacks Investment Research upgraded shares of Renasant Corporation (NASDAQ:RNST) from a hold rating to a buy rating in a research note released on Wednesday. Zacks Investment Research currently has $45.00 price target on the financial services provider’s stock.
According to Zacks, “Renasant Corporation is the parent of Renasant Bank and Renasant Insurance, Inc. “
Several other research analysts have also recently issued reports on the company. ValuEngine raised Renasant Corporation from a hold rating to a buy rating in a research report on Monday. BidaskClub cut Renasant Corporation from a sell rating to a strong sell rating in a research report on Thursday, July 27th. Jefferies Group LLC reaffirmed a hold rating and set a $44.00 price objective on shares of Renasant Corporation in a research report on Friday, July 14th. Finally, Keefe, Bruyette & Woods set a $43.00 price objective on Renasant Corporation and gave the stock a hold rating in a research report on Saturday, May 27th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $44.00.
Renasant Corporation (NASDAQ:RNST) traded up 0.20% during midday trading on Wednesday, reaching $40.72. The company’s stock had a trading volume of 70,250 shares. Renasant Corporation has a 1-year low of $32.51 and a 1-year high of $45.32. The firm has a market capitalization of $2.01 billion, a PE ratio of 18.37 and a beta of 1.06. The stock’s 50-day moving average price is $40.07 and its 200 day moving average price is $41.35.
Renasant Corporation (NASDAQ:RNST) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.04. The business 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 period in the prior year, the firm posted $0.59 EPS. Equities analysts anticipate that Renasant Corporation will post $2.35 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.72 annualized dividend and a dividend yield of 1.77%. Renasant Corporation’s dividend payout ratio is currently 32.58%.
In other news, Director Fred F. Sharpe bought 4,000 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The stock was purchased at an average cost of $42.36 per share, with a total value of $169,440.00. Following the transaction, the director now directly owns 9,666 shares in the company, valued at $409,451.76. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 stock was purchased at an average cost of $41.50 per share, with a total value of $41,500.00. Following the completion of the transaction, the director now owns 156,347 shares in the company, valued at $6,488,400.50. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 9,023 shares of company stock valued at $375,621. Insiders own 3.86% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in RNST. Nationwide Fund Advisors boosted its position in shares of Renasant Corporation by 3.3% in the 1st quarter. Nationwide Fund Advisors now owns 31,929 shares of the financial services provider’s stock valued at $1,267,000 after purchasing an additional 1,020 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Renasant Corporation by 139.5% in the 1st quarter. Russell Investments Group Ltd. now owns 32,310 shares of the financial services provider’s stock valued at $1,283,000 after purchasing an additional 18,818 shares during the period. First Trust Advisors LP boosted its position in shares of Renasant Corporation by 57.5% in the 1st quarter. First Trust Advisors LP now owns 132,177 shares of the financial services provider’s stock valued at $5,246,000 after purchasing an additional 48,251 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Renasant Corporation by 8.4% in the 1st quarter. Bank of New York Mellon Corp now owns 290,347 shares of the financial services provider’s stock valued at $11,524,000 after purchasing an additional 22,504 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its position in shares of Renasant Corporation by 58.8% in the 1st quarter. UBS Asset Management Americas Inc. now owns 22,095 shares of the financial services provider’s stock valued at $877,000 after purchasing an additional 8,177 shares during the period. 62.11% of the stock is owned by hedge funds and other institutional investors.
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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