DA Davidson Initiates Coverage on Renasant (NASDAQ:RNST)

DA Davidson assumed coverage on shares of Renasant (NASDAQ:RNST) in a report published on Tuesday, BenzingaRatingsTable reports. The brokerage issued a neutral rating and a $37.00 target price on the financial services provider’s stock. DA Davidson also issued estimates for Renasant’s Q3 2019 earnings at $0.73 EPS, FY2019 earnings at $3.00 EPS and FY2020 earnings at $2.94 EPS.

A number of other research firms also recently issued reports on RNST. Zacks Investment Research downgraded Renasant from a hold rating to a sell rating in a research report on Wednesday, August 14th. SunTrust Banks began coverage on Renasant in a research report on Wednesday, June 26th. They set a hold rating and a $37.00 price target for the company. They noted that the move was a valuation call. Finally, BidaskClub downgraded Renasant from a sell rating to a strong sell rating in a research report on Thursday, August 15th. Three equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The stock has a consensus rating of Hold and an average target price of $37.00.

RNST stock opened at $32.08 on Tuesday. The stock has a 50-day moving average price of $34.33 and a two-hundred day moving average price of $35.39. Renasant has a 12-month low of $28.02 and a 12-month high of $47.53. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.12. The company has a market cap of $1.93 billion, a PE ratio of 10.53 and a beta of 1.20.

Renasant (NASDAQ:RNST) last posted its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.01. Renasant had a return on equity of 8.69% and a net margin of 24.65%. The firm had revenue of $154.76 million during the quarter, compared to the consensus estimate of $153.47 million. During the same quarter in the previous year, the business earned $0.74 earnings per share. Equities analysts forecast that Renasant will post 3.04 EPS for the current fiscal year.

In other news, EVP James W. Gray sold 2,431 shares of the company’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $34.84, for a total value of $84,696.04. Following the completion of the sale, the executive vice president now owns 58,880 shares of the company’s stock, valued at $2,051,379.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.64% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada grew its holdings in Renasant by 9.8% in the 2nd quarter. Royal Bank of Canada now owns 43,207 shares of the financial services provider’s stock worth $1,554,000 after buying an additional 3,863 shares in the last quarter. HM Payson & Co. bought a new position in Renasant in the 2nd quarter worth approximately $32,000. Private Capital Group LLC bought a new position in Renasant in the 2nd quarter worth approximately $30,000. Eaton Vance Management bought a new position in Renasant in the 2nd quarter worth approximately $7,190,000. Finally, Nuveen Asset Management LLC grew its holdings in Renasant by 15.4% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,205,321 shares of the financial services provider’s stock worth $43,319,000 after buying an additional 160,573 shares in the last quarter. 63.23% of the stock is owned by institutional investors.

About Renasant

Renasant Corporation operates as a bank holding company for Renasant Bank, which 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, money market, individual retirement, and health savings accounts, as well as safe deposit and night depository facilities.

Read More: The primary rules of Elliott Wave theory

Receive News & Ratings for Renasant Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Renasant and related companies with MarketBeat.com's FREE daily email newsletter.