Key Points
- Renasant director Connie Engel sold 1,257 shares on May 29 at an average price of $40.90, a transaction worth about $51,411. After the sale, she still held 15,449 shares, a 7.52% reduction in her position.
- The bank reported strong quarterly earnings of $0.93 per share, beating estimates of $0.84, with revenue also slightly ahead of expectations at $278.49 million.
- Renasant raised its quarterly dividend to $0.24 per share from $0.23, which works out to an annualized yield of about 2.3%.
Renasant Corp (NYSE:RNST - Get Free Report) Director Connie Engel sold 1,257 shares of the company's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $40.90, for a total transaction of $51,411.30. Following the transaction, the director owned 15,449 shares in the company, valued at approximately $631,864.10. This trade represents a 7.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Renasant Stock Performance
RNST opened at $41.48 on Wednesday. Renasant Corp has a 52-week low of $33.04 and a 52-week high of $42.40. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.13. The company has a market cap of $3.83 billion, a P/E ratio of 17.21 and a beta of 0.97. The firm's 50-day moving average price is $39.65 and its 200-day moving average price is $38.03.
Renasant (NYSE:RNST - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.09. Renasant had a net margin of 14.47% and a return on equity of 8.17%. The company had revenue of $278.49 million for the quarter, compared to the consensus estimate of $275.71 million. During the same quarter in the prior year, the company earned $0.65 EPS. As a group, equities analysts anticipate that Renasant Corp will post 3.73 EPS for the current fiscal year.
Renasant Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be issued a $0.24 dividend. This is a boost from Renasant's previous quarterly dividend of $0.23. The ex-dividend date is Tuesday, June 16th. This represents a $0.96 annualized dividend and a yield of 2.3%. Renasant's dividend payout ratio is currently 38.17%.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Maryland State Retirement & Pension System lifted its position in shares of Renasant by 2.0% during the 4th quarter. Maryland State Retirement & Pension System now owns 13,939 shares of the company's stock valued at $491,000 after buying an additional 279 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in shares of Renasant by 1.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 21,701 shares of the company's stock valued at $764,000 after buying an additional 300 shares in the last quarter. Jones Financial Companies Lllp lifted its position in shares of Renasant by 12.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 2,825 shares of the company's stock valued at $106,000 after buying an additional 306 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Renasant by 27.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,464 shares of the company's stock valued at $52,000 after buying an additional 312 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Renasant by 68.7% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 857 shares of the company's stock valued at $32,000 after buying an additional 349 shares in the last quarter. Hedge funds and other institutional investors own 77.31% of the company's stock.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on RNST shares. Weiss Ratings reiterated a "buy (b-)" rating on shares of Renasant in a report on Friday. Wall Street Zen upgraded shares of Renasant from a "sell" rating to a "hold" rating in a report on Sunday, March 8th. Hovde Group increased their price target on shares of Renasant from $44.00 to $46.00 and gave the stock an "outperform" rating in a report on Wednesday, April 29th. Finally, TD Cowen reiterated a "buy" rating on shares of Renasant in a report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $45.50.
Get Our Latest Research Report on RNST
About Renasant
(
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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.
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