Renasant (RNST) Hits New 1-Year High and Low at $47.96

Shares of Renasant Co. (NASDAQ:RNST) reached a new 52-week high and low during mid-day trading on Thursday . The stock traded as low as $47.96 and last traded at $47.54, with a volume of 4986 shares trading hands. The stock had previously closed at $46.75.

Several analysts have issued reports on RNST shares. Zacks Investment Research upgraded Renasant from a “sell” rating to a “hold” rating in a research note on Wednesday, March 28th. Hovde Group set a $47.00 price target on Renasant and gave the stock a “hold” rating in a research report on Friday, January 19th. BidaskClub raised Renasant from a “hold” rating to a “buy” rating in a report on Friday, March 9th. Hilliard Lyons raised Renasant from a “neutral” rating to a “buy” rating in a report on Friday, February 9th. Finally, ValuEngine upgraded Renasant from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $46.00.

The company has a market cap of $2.31 billion, a PE ratio of 19.59 and a beta of 0.99. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.94.

Renasant (NASDAQ:RNST) last posted its quarterly earnings results on Tuesday, April 24th. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. The company had revenue of $124.76 million for the quarter, compared to analysts’ expectations of $124.21 million. Renasant had a net margin of 19.29% and a return on equity of 8.50%. Renasant’s revenue was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.55 EPS. equities research analysts expect that Renasant Co. will post 2.99 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Saturday, June 30th. Stockholders of record on Saturday, June 16th will be given a dividend of $0.20 per share. This is a positive change from Renasant’s previous quarterly dividend of $0.19. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend is Thursday, June 14th. Renasant’s payout ratio is 31.40%.

In other Renasant news, EVP Stuart Johnson sold 7,910 shares of the company’s stock in a transaction dated Thursday, May 17th. The shares were sold at an average price of $47.20, for a total transaction of $373,352.00. Following the completion of the sale, the executive vice president now directly owns 47,428 shares in the company, valued at $2,238,601.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Edward Robinson Mcgraw sold 8,580 shares of the company’s stock in a transaction dated Thursday, May 10th. The shares were sold at an average price of $47.19, for a total transaction of $404,890.20. Following the sale, the insider now owns 212,056 shares of the company’s stock, valued at $10,006,922.64. The disclosure for this sale can be found here. Insiders have sold a total of 50,711 shares of company stock valued at $2,332,148 over the last 90 days. Company insiders own 3.41% of the company’s stock.

Several large investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company increased its stake in shares of Renasant by 2,105.8% during the first quarter. The Manufacturers Life Insurance Company now owns 759,841 shares of the financial services provider’s stock valued at $32,338,000 after purchasing an additional 725,394 shares in the last quarter. Eaton Vance Management grew its holdings in shares of Renasant by 1,524.4% during the fourth quarter. Eaton Vance Management now owns 200,066 shares of the financial services provider’s stock valued at $8,181,000 after buying an additional 187,750 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Renasant by 13.0% during the fourth quarter. Wells Fargo & Company MN now owns 1,607,332 shares of the financial services provider’s stock valued at $65,723,000 after buying an additional 184,315 shares during the last quarter. New York State Common Retirement Fund grew its holdings in shares of Renasant by 377.2% during the first quarter. New York State Common Retirement Fund now owns 226,091 shares of the financial services provider’s stock valued at $9,622,000 after buying an additional 178,716 shares during the last quarter. Finally, BlackRock Inc. boosted its holdings in Renasant by 5.7% in the fourth quarter. BlackRock Inc. now owns 3,025,099 shares of the financial services provider’s stock worth $123,696,000 after purchasing an additional 162,700 shares during the last quarter. 68.24% of the stock is owned by hedge funds and other institutional investors.

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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