Renasant Corporation (NASDAQ:RNST) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Saturday, July 8th.
According to Zacks, “Renasant Corporation is the parent of Renasant Bank and Renasant Insurance, Inc. “
Several other research analysts have also weighed in on the stock. ValuEngine upgraded shares of Renasant Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 27th. Jefferies Group LLC reissued a “hold” rating and issued a $44.00 target price on shares of Renasant Corporation in a research report on Friday, June 9th. Finally, Keefe, Bruyette & Woods set a $43.00 target price on shares of Renasant Corporation and gave the stock a “hold” rating in a research report on Saturday, May 27th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. Renasant Corporation has a consensus rating of “Hold” and a consensus target price of $43.50.
Shares of Renasant Corporation (NASDAQ RNST) traded down 0.28% during mid-day trading on Friday, reaching $42.35. 10,757 shares of the company were exchanged. The company’s 50 day moving average price is $42.21 and its 200 day moving average price is $41.28. Renasant Corporation has a 12 month low of $31.56 and a 12 month high of $45.31. The firm has a market capitalization of $1.88 billion, a PE ratio of 19.35 and a beta of 1.06.
Renasant Corporation (NASDAQ:RNST) last released its quarterly earnings data on Tuesday, April 25th. The financial services provider reported $0.55 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.02. The firm had revenue of $106.04 million for the quarter, compared to analyst estimates of $109.87 million. Renasant Corporation had a net margin of 19.90% and a return on equity of 8.35%. During the same quarter in the prior year, the business earned $0.54 EPS. Equities analysts anticipate that Renasant Corporation will post $2.35 earnings per share for the current year.
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In related news, Director Albert J. Dale III sold 8,000 shares of the company’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $42.10, for a total transaction of $336,800.00. Following the completion of the sale, the director now directly owns 40,620 shares of the company’s stock, valued at approximately $1,710,102. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Edward Robinson Mcgraw sold 5,000 shares of the company’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $43.00, for a total transaction of $215,000.00. Following the sale, the chief executive officer now directly owns 229,789 shares of the company’s stock, valued at $9,880,927. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,000 shares of company stock valued at $751,500. 3.86% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. bought a new position in Renasant Corporation during the first quarter valued at approximately $140,000. New York State Teachers Retirement System boosted its position in Renasant Corporation by 5.6% in the first quarter. New York State Teachers Retirement System now owns 3,800 shares of the financial services provider’s stock valued at $151,000 after buying an additional 200 shares during the last quarter. Amalgamated Bank boosted its position in Renasant Corporation by 4.2% in the first quarter. Amalgamated Bank now owns 5,350 shares of the financial services provider’s stock valued at $212,000 after buying an additional 214 shares during the last quarter. Trust Co. of Toledo NA OH bought a new position in Renasant Corporation during the second quarter valued at approximately $214,000. Finally, Smith Shellnut Wilson LLC ADV boosted its position in Renasant Corporation by 4.7% in the second quarter. Smith Shellnut Wilson LLC ADV now owns 6,870 shares of the financial services provider’s stock valued at $222,000 after buying an additional 309 shares during the last quarter. Hedge funds and other institutional investors own 66.48% of the company’s stock.
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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