Key Points
- Renasant director Albert Dale III sold 1,650 shares on May 19 at an average price of $39.80, totaling $65,670. After the sale, he still owned 40,075 shares worth about $1.59 million.
- The bank reported solid quarterly results, with EPS of $0.93 versus analyst expectations of $0.84 and revenue of $278.49 million, both above forecasts.
- Renasant raised its quarterly dividend to $0.24 per share from $0.23, which annualizes to $0.96 and implies a 2.3% yield.
Renasant Corp (NYSE:RNST - Get Free Report) Director Albert Dale III sold 1,650 shares of the stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $39.80, for a total transaction of $65,670.00. Following the transaction, the director directly owned 40,075 shares of the company's stock, valued at $1,594,985. This represents a 3.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Renasant Price Performance
Shares of NYSE:RNST opened at $41.20 on Friday. Renasant Corp has a 52 week low of $33.04 and a 52 week high of $42.11. The company has a 50-day moving average price of $38.29 and a 200 day moving average price of $37.43. The company has a market cap of $3.80 billion, a P/E ratio of 17.09 and a beta of 0.97. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.13.
Renasant (NYSE:RNST - Get Free Report) last issued its earnings results on Tuesday, April 28th. The company reported $0.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.84 by $0.09. The business had revenue of $278.49 million during the quarter, compared to the consensus estimate of $275.71 million. Renasant had a return on equity of 8.17% and a net margin of 14.47%.During the same period in the prior year, the business posted $0.65 EPS. Research analysts predict that Renasant Corp will post 3.73 earnings per share for the current year.
Renasant Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.3%. This is an increase from Renasant's previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Tuesday, June 16th. Renasant's dividend payout ratio is 38.17%.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in RNST. Royal Bank of Canada boosted its position in shares of Renasant by 128.5% in the 1st quarter. Royal Bank of Canada now owns 52,238 shares of the company's stock worth $1,772,000 after buying an additional 29,380 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Renasant by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,167 shares of the company's stock valued at $1,261,000 after purchasing an additional 1,621 shares in the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of Renasant in the first quarter valued at approximately $67,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Renasant by 13.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 189,105 shares of the company's stock worth $6,416,000 after purchasing an additional 23,072 shares in the last quarter. Finally, Jane Street Group LLC purchased a new position in shares of Renasant during the 1st quarter worth approximately $390,000. Institutional investors and hedge funds own 77.31% of the company's stock.
Analyst Ratings Changes
A number of equities analysts have recently issued reports on RNST shares. TD Cowen reiterated a "buy" rating on shares of Renasant in a report on Thursday, April 30th. Hovde Group upped their target price on shares of Renasant from $44.00 to $46.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 29th. Wall Street Zen raised shares of Renasant from a "sell" rating to a "hold" rating in a report on Sunday, March 8th. Finally, Weiss Ratings upgraded shares of Renasant from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, March 10th. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $45.50.
Get Our Latest Research Report on RNST
Renasant Company Profile
(
Get Free Report)
Renasant Corporation operates as a bank holding company for Renasant Bank that 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 accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate1-4 family mortgage; real estatecommercial mortgage; real estateconstruction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.
Further Reading
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