Renasant Corp. (NASDAQ:RNST) – FIG Partners increased their FY2018 EPS estimates for shares of Renasant in a report issued on Wednesday. FIG Partners analyst J. Rodis now anticipates that the financial services provider will earn $2.94 per share for the year, up from their previous forecast of $2.60.
Several other analysts have also issued reports on RNST. ValuEngine upgraded Renasant from a “hold” rating to a “buy” rating in a research note on Monday, September 18th. Zacks Investment Research upgraded Renasant from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research note on Wednesday, September 20th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $43.00 target price on shares of Renasant in a research note on Friday, September 29th. Finally, BidaskClub downgraded Renasant from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $44.67.
Renasant (NASDAQ:RNST) last released its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.08). The business had revenue of $123.43 million during the quarter, compared to the consensus estimate of $127.07 million. Renasant had a net margin of 20.44% and a return on equity of 8.15%. During the same quarter in the prior year, the company earned $0.59 EPS.
Several institutional investors and hedge funds have recently modified their holdings of RNST. Vanguard Group Inc. boosted its stake in Renasant by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 3,505,554 shares of the financial services provider’s stock valued at $153,333,000 after purchasing an additional 95,523 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Renasant by 2.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,017,641 shares of the financial services provider’s stock valued at $129,456,000 after purchasing an additional 82,379 shares during the last quarter. BlackRock Inc. boosted its stake in Renasant by 0.7% during the 2nd quarter. BlackRock Inc. now owns 2,820,549 shares of the financial services provider’s stock valued at $123,371,000 after purchasing an additional 18,829 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Renasant by 36.5% during the 3rd quarter. Wells Fargo & Company MN now owns 1,423,017 shares of the financial services provider’s stock valued at $61,048,000 after purchasing an additional 380,801 shares during the last quarter. Finally, Frontier Capital Management Co. LLC boosted its stake in Renasant by 2.2% during the 3rd quarter. Frontier Capital Management Co. LLC now owns 1,273,099 shares of the financial services provider’s stock valued at $54,616,000 after purchasing an additional 27,222 shares during the last quarter. Institutional investors own 64.66% of the company’s stock.
In other news, EVP Stuart Johnson sold 2,689 shares of the firm’s stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $41.29, for a total value of $111,028.81. Following the completion of the sale, the executive vice president now directly owns 54,170 shares in the company, valued at approximately $2,236,679.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Michael D. Shmerling bought 1,000 shares of Renasant stock in a transaction dated Friday, November 10th. The stock was purchased at an average price of $39.40 per share, with a total value of $39,400.00. Following the completion of the purchase, the director now owns 157,347 shares in the company, valued at $6,199,471.80. The disclosure for this purchase can be found here. Over the last three months, insiders sold 32,729 shares of company stock valued at $1,356,863. Corporate insiders own 3.86% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be given a $0.19 dividend. The ex-dividend date is Thursday, December 14th. This is a positive change from Renasant’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a dividend yield of 1.86%. Renasant’s dividend payout ratio (DPR) is 34.70%.
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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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