Renasant (NYSE:RNST) Issues Earnings Results

Renasant (NYSE:RNST) announced its quarterly earnings data on Tuesday. The company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.91 by $0.03, FiscalAI reports. The company had revenue of $273.94 million for the quarter, compared to the consensus estimate of $280.71 million. Renasant had a net margin of 14.47% and a return on equity of 8.17%. During the same period in the prior year, the firm posted $0.01 EPS.

Renasant Stock Down 1.9%

Renasant stock opened at $43.06 on Wednesday. Renasant has a one year low of $33.04 and a one year high of $44.50. The stock has a fifty day moving average of $42.17 and a 200 day moving average of $39.69. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.89 and a current ratio of 0.90. The stock has a market cap of $3.97 billion, a PE ratio of 17.39 and a beta of 0.96.

Insider Buying and Selling at Renasant

In related news, Director Connie L. Engel sold 1,257 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $40.90, for a total value of $51,411.30. Following the transaction, the director owned 15,449 shares of the company’s stock, valued at approximately $631,864.10. This trade represents a 7.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Vice Chairman C Mitchell Waycaster sold 12,704 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $39.50, for a total transaction of $501,808.00. Following the sale, the insider owned 183,235 shares of the company’s stock, valued at $7,237,782.50. This trade represents a 6.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 15,611 shares of company stock worth $618,889 in the last three months. 2.07% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. grew its position in shares of Renasant by 42.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company’s stock valued at $42,000 after acquiring an additional 345 shares during the period. Los Angeles Capital Management LLC bought a new position in Renasant in the 4th quarter worth $60,000. State of Wyoming lifted its position in Renasant by 31.8% during the fourth quarter. State of Wyoming now owns 1,832 shares of the company’s stock valued at $65,000 after purchasing an additional 442 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in Renasant during the first quarter valued at $67,000. Finally, Danske Bank A S bought a new stake in Renasant during the third quarter valued at about $85,000. 77.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RNST. TD Cowen restated a “buy” rating on shares of Renasant in a research note on Thursday, April 30th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Renasant in a report on Friday, June 5th. Finally, Hovde Group boosted their price objective on shares of Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $45.50.

Renasant Company Profile

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.