Renasant Co. (NASDAQ:RNST – Get Free Report) shares gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $29.69, but opened at $30.89. Renasant shares last traded at $30.79, with a volume of 75,933 shares.
The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.75 by $0.08. Renasant had a return on equity of 8.54% and a net margin of 23.35%. During the same period in the prior year, the company earned $0.72 EPS.
Wall Street Analyst Weigh In
Several analysts have recently weighed in on RNST shares. Keefe, Bruyette & Woods dropped their price target on shares of Renasant from $40.00 to $35.00 and set a “market perform” rating for the company in a research note on Thursday, April 6th. Truist Financial reduced their price objective on shares of Renasant from $31.00 to $29.00 in a research report on Thursday, June 29th. Raymond James downgraded shares of Renasant from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 6th. StockNews.com assumed coverage on Renasant in a research report on Thursday, May 18th. They issued a “sell” rating for the company. Finally, Piper Sandler lowered their price objective on Renasant from $34.50 to $32.00 in a research report on Thursday, April 27th. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $35.00.
Insider Buying and Selling at Renasant
In related news, Director John Foy acquired 3,000 shares of the firm’s stock in a transaction on Wednesday, May 3rd. The shares were purchased at an average cost of $25.95 per share, for a total transaction of $77,850.00. Following the completion of the acquisition, the director now directly owns 34,793 shares in the company, valued at $902,878.35. The purchase was disclosed in a filing with the SEC, which is available at this link. In other Renasant news, EVP Curtis J. Perry bought 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 10th. The shares were purchased at an average cost of $24.45 per share, for a total transaction of $244,500.00. Following the purchase, the executive vice president now directly owns 70,413 shares in the company, valued at $1,721,597.85. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Foy acquired 3,000 shares of the company’s stock in a transaction dated Wednesday, May 3rd. The stock was purchased at an average cost of $25.95 per share, with a total value of $77,850.00. Following the completion of the purchase, the director now directly owns 34,793 shares of the company’s stock, valued at approximately $902,878.35. The disclosure for this purchase can be found here. 2.87% of the stock is owned by company insiders.
Institutional Trading of Renasant
A number of institutional investors and hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Renasant by 0.9% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 47,696 shares of the financial services provider’s stock worth $1,374,000 after acquiring an additional 404 shares in the last quarter. Arizona State Retirement System increased its holdings in shares of Renasant by 2.7% in the 1st quarter. Arizona State Retirement System now owns 16,212 shares of the financial services provider’s stock valued at $496,000 after acquiring an additional 425 shares during the last quarter. FMR LLC grew its stake in shares of Renasant by 1.9% in the 2nd quarter. FMR LLC now owns 24,654 shares of the financial services provider’s stock valued at $710,000 after purchasing an additional 459 shares during the last quarter. SummerHaven Investment Management LLC grew its position in shares of Renasant by 2.0% in the first quarter. SummerHaven Investment Management LLC now owns 27,065 shares of the financial services provider’s stock valued at $828,000 after purchasing an additional 520 shares during the period. Finally, Magnolia Capital Advisors LLC grew its holdings in shares of Renasant by 2.0% during the fourth quarter. Magnolia Capital Advisors LLC now owns 26,872 shares of the financial services provider’s stock valued at $1,010,000 after purchasing an additional 532 shares during the last quarter. 75.08% of the stock is currently owned by institutional investors and hedge funds.
Renasant Price Performance
The company has a market cap of $1.74 billion, a PE ratio of 9.67 and a beta of 1.08. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.86 and a quick ratio of 0.85. The stock has a fifty day moving average price of $27.81 and a 200-day moving average price of $30.87.
About Renasant
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 factoring equipment leasing services, as well as safe deposit and night depository facilities.