ValuEngine upgraded shares of Renasant (NASDAQ:RNST) from a strong sell rating to a sell rating in a research report released on Tuesday, October 30th.
Several other brokerages also recently weighed in on RNST. Stephens set a $50.00 price target on shares of Renasant and gave the company a hold rating in a report on Tuesday, October 23rd. Zacks Investment Research downgraded shares of Renasant from a hold rating to a sell rating in a report on Friday, July 13th. Raymond James downgraded shares of Renasant from an outperform rating to a market perform rating in a report on Tuesday, July 10th. Finally, BidaskClub downgraded shares of Renasant from a hold rating to a sell rating in a report on Tuesday, July 3rd. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. Renasant presently has an average rating of Hold and a consensus target price of $47.20.
Shares of RNST traded up $0.13 on Tuesday, reaching $35.43. The company’s stock had a trading volume of 91,362 shares, compared to its average volume of 217,330. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.13. The company has a market cap of $2.07 billion, a price-to-earnings ratio of 14.64 and a beta of 1.01. Renasant has a 12-month low of $32.01 and a 12-month high of $49.78.
Renasant (NASDAQ:RNST) last posted its quarterly earnings data on Monday, October 22nd. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.01. The company had revenue of $138.90 million for the quarter, compared to the consensus estimate of $142.06 million. Renasant had a net margin of 20.84% and a return on equity of 8.70%. The firm’s revenue was up 10.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.53 earnings per share. As a group, analysts predict that Renasant will post 3.01 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 1st. Stockholders of record on Tuesday, December 18th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend is Monday, December 17th. This is an increase from Renasant’s previous quarterly dividend of $0.20. Renasant’s payout ratio is 33.06%.
In related news, Director Fred F. Sharpe bought 1,000 shares of the stock in a transaction dated Monday, November 5th. The shares were purchased at an average price of $35.45 per share, with a total value of $35,450.00. Following the completion of the acquisition, the director now owns 13,676 shares of the company’s stock, valued at $484,814.20. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 3.41% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. increased its position in Renasant by 2.6% in the third quarter. BlackRock Inc. now owns 3,332,986 shares of the financial services provider’s stock worth $137,353,000 after purchasing an additional 83,237 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Renasant by 0.8% in the third quarter. Dimensional Fund Advisors LP now owns 3,267,586 shares of the financial services provider’s stock worth $134,657,000 after purchasing an additional 24,889 shares during the last quarter. Wells Fargo & Company MN increased its position in Renasant by 4.5% in the third quarter. Wells Fargo & Company MN now owns 1,713,831 shares of the financial services provider’s stock worth $70,627,000 after purchasing an additional 73,172 shares during the last quarter. Frontier Capital Management Co. LLC increased its position in Renasant by 10.1% in the third quarter. Frontier Capital Management Co. LLC now owns 1,342,399 shares of the financial services provider’s stock worth $55,320,000 after purchasing an additional 123,471 shares during the last quarter. Finally, Northern Trust Corp increased its position in Renasant by 2.7% in the second quarter. Northern Trust Corp now owns 1,182,888 shares of the financial services provider’s stock worth $53,845,000 after purchasing an additional 31,406 shares during the last quarter. Institutional investors own 57.25% of the company’s stock.
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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To view ValuEngine’s full report, visit ValuEngine’s official website.
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