Published On: Sat, Sep 10th, 2016

Renasant Corp. (RNST) Downgraded to “Sell” at Zacks Investment Research

Renasant Corp. (NASDAQ:RNST) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Renasant Corporation is the parent of Renasant Bank and Renasant Insurance, Inc. “
Separately, Jefferies Group reiterated a “buy” rating and set a $39.00 price objective on shares of Renasant Corp. in a research note on Wednesday, July 20th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $34.50.

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Shares of Renasant Corp. (NASDAQ:RNST) traded down 1.15% on Wednesday, hitting $35.09. The stock had a trading volume of 106,105 shares. The firm has a market cap of $1.48 billion, a P/E ratio of 17.67 and a beta of 0.98. The firm’s 50-day moving average price is $33.71 and its 200 day moving average price is $33.19. Renasant Corp. has a 12 month low of $29.49 and a 12 month high of $37.28.
Renasant Corp. (NASDAQ:RNST) last posted its quarterly earnings data on Tuesday, July 19th. The financial services provider reported $0.59 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.02. Renasant Corp. had a net margin of 18.32% and a return on equity of 8.53%. Analysts anticipate that Renasant Corp. will post $2.23 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Wednesday, September 14th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, September 12th. This represents a $0.72 dividend on an annualized basis and a yield of 2.05%. Renasant Corp.’s dividend payout ratio is presently 36.36%.
In other news, Director Fred F. Sharpe acquired 1,000 shares of the firm’s stock in a transaction on Monday, August 29th. The stock was acquired at an average price of $35.12 per share, for a total transaction of $35,120.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP R Rick Hart sold 4,000 shares of the company’s stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $33.15, for a total transaction of $132,600.00. Following the completion of the transaction, the executive vice president now owns 69,139 shares of the company’s stock, valued at approximately $2,291,957.85. The disclosure for this sale can be found here. Corporate insiders own 5.18% of the company’s stock.
Other hedge funds and institutional investors have recently modified their holdings of the company. Susquehanna International Group LLP increased its position in shares of Renasant Corp. by 62.4% in the fourth quarter. Susquehanna International Group LLP now owns 90,599 shares of the financial services provider’s stock worth $3,118,000 after buying an additional 34,812 shares during the period. Norges Bank purchased a new position in shares of Renasant Corp. during the fourth quarter worth $10,676,000. Virginia Retirement System purchased a new position in shares of Renasant Corp. during the first quarter worth $1,267,000. BlackRock Inc. increased its position in shares of Renasant Corp. by 157.1% in the first quarter. BlackRock Inc. now owns 3,095 shares of the financial services provider’s stock worth $102,000 after buying an additional 1,891 shares during the period. Finally, BlackRock Group LTD increased its position in shares of Renasant Corp. by 36.6% in the first quarter. BlackRock Group LTD now owns 36,848 shares of the financial services provider’s stock worth $1,212,000 after buying an additional 9,872 shares during the period. Institutional investors and hedge funds own 61.00% of the company’s stock.
About Renasant Corp.
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.
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