Renasant (NYSE:RNST) Issues Quarterly Earnings Results

Renasant (NYSE:RNST) announced its quarterly earnings data on Tuesday. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.91 by $0.03, FiscalAI reports. Renasant had a net margin of 14.47% and a return on equity of 8.17%.

Renasant Price Performance

Shares of RNST stock traded up $0.66 during trading hours on Tuesday, reaching $43.97. The stock had a trading volume of 439,351 shares, compared to its average volume of 722,090. The stock’s fifty day simple moving average is $42.09 and its 200 day simple moving average is $39.63. The firm has a market capitalization of $4.06 billion, a PE ratio of 18.25 and a beta of 0.96. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.13. Renasant has a 12 month low of $33.04 and a 12 month high of $44.50.

Insider Buying and Selling

In other Renasant news, Director Connie L. Engel sold 1,257 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $40.90, for a total value of $51,411.30. Following the sale, the director owned 15,449 shares of the company’s stock, valued at $631,864.10. This trade represents a 7.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $39.50, for a total value of $501,808.00. Following the completion of the sale, the insider directly owned 183,235 shares in the company, valued at approximately $7,237,782.50. The trade was a 6.48% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 15,611 shares of company stock worth $618,889 over the last ninety days. 2.07% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RNST. PNC Financial Services Group Inc. raised its stake in Renasant by 42.8% in the third quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company’s stock valued at $42,000 after purchasing an additional 345 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in Renasant in the 4th quarter worth approximately $60,000. State of Wyoming grew its stake in Renasant by 31.8% in the 4th quarter. State of Wyoming now owns 1,832 shares of the company’s stock worth $65,000 after buying an additional 442 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in Renasant in the 1st quarter worth approximately $67,000. Finally, Danske Bank A S bought a new position in shares of Renasant in the 3rd quarter worth $85,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Analyst Upgrades and Downgrades

RNST has been the topic of several research analyst reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Renasant in a research note on Friday, June 5th. TD Cowen reissued a “buy” rating on shares of Renasant in a report on Thursday, April 30th. Finally, Hovde Group increased 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. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Renasant has a consensus rating of “Buy” and an average target price of $45.50.

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 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 estate–1-4 family mortgage; real estate–commercial mortgage; real estate–construction 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.