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TUPELO, MS – Renasant (NYSE:RNST) Corporation (NASDAQ:RNST), a $2.07 billion market cap financial services provider with a solid financial health score of "GOOD" according to InvestingPro, has reported significant changes to its executive team as part of a long-term succession plan, according to a recent 8-K filing with the Securities and Exchange Commission (SEC).
Effective today, E. Robinson McGraw has resigned from his position as an officer and employee of Renasant Corporation and Renasant Bank. McGraw, however, will maintain his role as director and Chairman of the Board for both entities.
Concurrently, C. Mitchell Waycaster has stepped down as Chief Executive Officer but will continue to serve as Executive Vice Chairman of the Company and the Bank. In his stead, Kevin D. Chapman has been appointed as the new Chief Executive Officer, in addition to his current role as President of both Renasant Corporation and Renasant Bank.
The company has previously disclosed detailed information about the background, compensation, and benefit arrangements of Mr. Chapman, as well as Mr. McGraw and Mr. Waycaster, in its Form 8-K filed on December 20, 2024, and its definitive proxy statement for the 2025 Annual Meeting of Shareholders filed on March 12, 2025. This information has been incorporated by reference in the latest SEC filing.
Renasant Corporation’s transition in leadership comes as part of a planned strategy that aligns with the company’s growth and operational goals. This announcement does not indicate any immediate changes to the company’s policies or strategic direction.
The company, headquartered on 209 Troy Street in Tupelo, Mississippi, operates within the state commercial banks sector and is registered with the New York Stock Exchange under the trading symbol RNST. Despite a YTD decline of 9.72%, InvestingPro’s Fair Value analysis suggests the stock is currently slightly undervalued.
The information provided in this article is based on the SEC filing by Renasant Corporation.
In other recent news, Renasant Corporation reported strong first-quarter financial results for 2025, exceeding analysts’ expectations. The company achieved earnings per share of $0.66, surpassing the anticipated $0.52, while revenue reached $170.59 million, slightly above the forecasted $170.14 million. Additionally, Renasant announced a quarterly cash dividend of $0.22 per share, reinforcing its commitment to delivering value to shareholders. The company also completed the acquisition of The First Bancshares (NYSE:FBMS) ahead of schedule, which is expected to enhance its market position and provide capital flexibility.
In a strategic move, Kevin D. Chapman has been appointed as the new CEO and President of Renasant Corporation, succeeding C. Mitchell Waycaster, who remains as Executive Vice Chairman. Shareholders recently approved several significant proposals at the Annual Meeting, including the election of directors and amendments to the Articles of Incorporation. Among these amendments was an increase in the authorized shares of common stock and the elimination of personal liability for directors under certain conditions.
Raymond (NSE:RYMD) James has upgraded Renasant’s stock rating to Strong Buy, citing the company’s robust quarterly performance and successful acquisition as key factors. The firm set a price target of $40.00, reflecting optimism about Renasant’s future prospects. These developments underscore Renasant’s strategic direction and operational execution, providing a positive outlook for investors.
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