Renasant Corp. (NASDAQ:RNST) released its earnings results on Tuesday. The financial services provider reported $0.59 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.01. Renasant Corp. had a net margin of 18.32% and a return on equity of 8.53%. During the same period last year, the business posted $0.53 EPS.
Shares of Renasant Corp. (NASDAQ:RNST) traded up 3.317% during mid-day trading on Wednesday, reaching $34.105. The company’s stock had a trading volume of 228,585 shares. The firm’s 50 day moving average price is $33.96 and its 200-day moving average price is $33.42. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of 17.173 and a beta of 0.98. Renasant Corp. has a 1-year low of $29.49 and a 1-year high of $37.28.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Wednesday, September 14th were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend was Monday, September 12th. Renasant Corp.’s payout ratio is 36.36%.
A number of research analysts have weighed in on RNST shares. Zacks Investment Research raised shares of Renasant Corp. from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research note on Wednesday, June 29th. Jefferies Group reaffirmed a “buy” rating and set a $39.00 price target on shares of Renasant Corp. in a research report on Wednesday, July 20th. Finally, Raymond James Financial Inc. lowered shares of Renasant Corp. from a “strong-buy” rating to an “outperform” rating and set a $38.00 price target on the stock. in a research report on Monday, September 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $35.20.
In other Renasant Corp. news, Director Fred F. Sharpe purchased 1,000 shares of the stock in a transaction dated Monday, August 29th. The shares were acquired at an average cost of $35.12 per share, for a total transaction of $35,120.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider O Leonard Dorminey sold 6,000 shares of the stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $33.01, for a total transaction of $198,060.00. The disclosure for this sale can be found here. Company insiders own 5.18% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in RNST. BlackRock Inc. raised its stake in Renasant Corp. by 157.1% in the first quarter. BlackRock Inc. now owns 3,095 shares of the financial services provider’s stock valued at $102,000 after buying an additional 1,891 shares in the last quarter. Advisor Group Inc. acquired a new stake in Renasant Corp. during the second quarter valued at approximately $103,000. Fuller & Thaler Asset Management Inc. acquired a new stake in Renasant Corp. during the second quarter valued at approximately $110,000. Carroll Financial Associates Inc. raised its stake in Renasant Corp. by 29,960.0% in the second quarter. Carroll Financial Associates Inc. now owns 4,509 shares of the financial services provider’s stock valued at $145,000 after buying an additional 4,494 shares in the last quarter. Finally, Panagora Asset Management Inc. acquired a new stake in Renasant Corp. during the second quarter valued at approximately $155,000. Institutional investors and hedge funds own 60.08% of the company’s stock.
Renasant Corp. Company Profile
Renasant Corporation is a bank holding company that owns and operates Renasant Bank (the Bank) and Renasant Insurance, Inc (Renasant Insurance), a subsidiary of the Bank with operations in Mississippi. The Company operates through three segments: Community Banks segment, Insurance segment and Wealth Management segment.
Receive News & Ratings for Renasant Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Renasant Corp. and related companies with MarketBeat.com's FREE daily email newsletter.