Renasant (NYSE:RNST) Posts Earnings Results

Key Points

• Renasant exceeded earnings expectations, reporting quarterly EPS of $0.94 versus the $0.91 analyst consensus. The company posted an 8.17% return on equity and a 14.47% net margin.
• Renasant shares rose 1.5% to $43.97, near the company’s 52-week high of $44.50. Analysts maintain a consensus “Buy” rating with an average price target of $45.50.
• Institutional investors own 77.31% of Renasant, while company insiders have sold 15,611 shares worth approximately $618,889 over the past 90 days.

Renasant (NYSE:RNST - Get Free Report) issued its quarterly earnings data on Tuesday. The company reported $0.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.03, FiscalAI reports. Renasant had a return on equity of 8.17% and a net margin of 14.47%.

Renasant Trading Up 1.5%

Shares of Renasant stock traded up $0.66 on Tuesday, reaching $43.97. 439,351 shares of the company's stock were exchanged, compared to its average volume of 722,090. 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 company has a market capitalization of $4.06 billion, a P/E ratio of 18.25 and a beta of 0.96. The firm's 50-day moving average is $42.09 and its two-hundred day moving average is $39.63. Renasant has a 52 week low of $33.04 and a 52 week high of $44.50.

Analyst Upgrades and Downgrades

Several analysts recently commented on RNST shares. TD Cowen reiterated a "buy" rating on shares of Renasant in a report on Thursday, April 30th. Hovde Group boosted their price target 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. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Renasant in a research report on Friday, June 5th. Three analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $45.50.

Insider Transactions at Renasant

In other news, Director Albert J. Dale III sold 1,650 shares of the company's stock in a transaction that occurred on 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Connie L. Engel sold 1,257 shares of the company's stock in a transaction on Friday, May 29th. The stock was 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. The trade was a 7.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 15,611 shares of company stock valued at $618,889 in the last 90 days. 2.07% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. CIBC Bancorp USA Inc. purchased a new position in Renasant during the 3rd quarter worth $371,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Renasant by 99.5% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 9,778 shares of the company's stock valued at $361,000 after purchasing an additional 4,876 shares in the last quarter. Lido Advisors LLC lifted its position in shares of Renasant by 4.0% during the fourth quarter. Lido Advisors LLC now owns 9,615 shares of the company's stock valued at $352,000 after purchasing an additional 368 shares in the last quarter. CIBC Asset Management Inc boosted its stake in shares of Renasant by 4.0% in the 4th quarter. CIBC Asset Management Inc now owns 9,296 shares of the company's stock worth $327,000 after buying an additional 359 shares during the last quarter. Finally, Abel Hall LLC purchased a new position in Renasant in the fourth quarter worth $252,000. Institutional investors own 77.31% of the company's stock.

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.

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