Zacks Investment Research upgraded shares of Renasant (NASDAQ:RNST) from a hold rating to a buy rating in a report published on Thursday. They currently have $49.00 price target on the financial services provider’s stock.
According to Zacks, “Renasant Corporation is the parent of Renasant Bank and Renasant Insurance, Inc. “
A number of other analysts also recently issued reports on RNST. BidaskClub downgraded shares of Renasant from a hold rating to a sell rating in a report on Tuesday, December 12th. Keefe, Bruyette & Woods reiterated a hold rating and issued a $45.00 price target on shares of Renasant in a report on Friday, December 22nd. Sandler O’Neill reiterated a hold rating and issued a $45.00 price target on shares of Renasant in a report on Thursday, January 4th. Hovde Group set a $47.00 price target on shares of Renasant and gave the company a hold rating in a report on Friday, January 19th. Finally, Hilliard Lyons upgraded shares of Renasant from a neutral rating to a buy rating in a report on Friday, February 9th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Renasant currently has an average rating of Buy and an average price target of $46.00.
Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.03. The company had revenue of $125.70 million for the quarter, compared to the consensus estimate of $124.55 million. Renasant had a net margin of 18.19% and a return on equity of 8.19%. equities analysts forecast that Renasant will post 3 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Friday, March 16th were paid a $0.19 dividend. The ex-dividend date of this dividend was Thursday, March 15th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.74%. Renasant’s payout ratio is currently 31.40%.
In other Renasant news, Director J Niles Mcneel sold 8,948 shares of Renasant stock in a transaction on Wednesday, March 7th. The shares were sold at an average price of $44.36, for a total value of $396,933.28. Following the completion of the transaction, the director now directly owns 14,831 shares of the company’s stock, valued at approximately $657,903.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Fred F. Sharpe acquired 2,000 shares of the company’s stock in a transaction on Friday, January 19th. The stock was acquired at an average cost of $43.80 per share, with a total value of $87,600.00. Following the completion of the purchase, the director now directly owns 11,666 shares in the company, valued at $510,970.80. The disclosure for this purchase can be found here. Insiders sold a total of 23,948 shares of company stock valued at $1,048,833 over the last three months. Corporate insiders own 3.41% of the company’s stock.
Several large investors have recently modified their holdings of the business. American International Group Inc. grew its stake in shares of Renasant by 5.4% in the 4th quarter. American International Group Inc. now owns 30,523 shares of the financial services provider’s stock worth $1,248,000 after buying an additional 1,558 shares in the last quarter. Teachers Advisors LLC grew its stake in shares of Renasant by 2.1% in the 4th quarter. Teachers Advisors LLC now owns 77,601 shares of the financial services provider’s stock worth $3,173,000 after buying an additional 1,561 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Renasant by 33.6% during the 3rd quarter. Principal Financial Group Inc. now owns 7,179 shares of the financial services provider’s stock worth $308,000 after purchasing an additional 1,805 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Renasant by 227.2% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,771 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 1,924 shares during the period. Finally, HBK Investments L P boosted its stake in shares of Renasant by 36.4% during the 4th quarter. HBK Investments L P now owns 7,500 shares of the financial services provider’s stock worth $307,000 after purchasing an additional 2,000 shares during the period. 65.42% of the stock is owned by institutional investors and hedge funds.
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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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