Renasant (NASDAQ:RNST) Lowered to “Sell” at StockNews.com

StockNews.com cut shares of Renasant (NASDAQ:RNST – Get Rating) from a hold rating to a sell rating in a report published on Tuesday morning.

Other analysts have also issued research reports about the stock. Truist Financial lowered their price target on shares of Renasant from $42.00 to $38.00 and set a hold rating on the stock in a research report on Wednesday, February 1st. Raymond James decreased their price target on shares of Renasant from $41.00 to $39.00 and set an outperform rating on the stock in a report on Thursday, January 26th. Finally, Piper Sandler decreased their price target on shares of Renasant from $39.00 to $37.50 and set a neutral rating on the stock in a report on Thursday, January 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Renasant presently has an average rating of Hold and a consensus target price of $37.70.

Renasant Stock Performance

NASDAQ RNST opened at $31.49 on Tuesday. The company’s 50 day moving average is $36.07 and its 200-day moving average is $36.38. Renasant has a 12-month low of $27.61 and a 12-month high of $41.77. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.20. The firm has a market cap of $1.76 billion, a P/E ratio of 10.64 and a beta of 1.11.

Renasant (NASDAQ:RNST – Get Rating) last posted its quarterly earnings results on Wednesday, January 25th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.01. Renasant had a net margin of 24.03% and a return on equity of 8.01%. The company had revenue of $198.46 million for the quarter, compared to analyst estimates of $172.70 million. During the same quarter in the previous year, the firm posted $0.68 earnings per share. Sell-side analysts predict that Renasant will post 3.4 earnings per share for the current year.

Renasant Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Friday, March 17th will be paid a $0.22 dividend. The ex-dividend date is Thursday, March 16th. This represents a $0.88 annualized dividend and a dividend yield of 2.79%. Renasant’s payout ratio is 29.73%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Hsbc Holdings PLC boosted its holdings in shares of Renasant by 29.7% during the 3rd quarter. Hsbc Holdings PLC now owns 241,553 shares of the financial services provider’s stock valued at $7,686,000 after acquiring an additional 55,262 shares during the last quarter. Guggenheim Capital LLC lifted its holdings in Renasant by 247.4% during the third quarter. Guggenheim Capital LLC now owns 45,613 shares of the financial services provider’s stock valued at $1,426,000 after purchasing an additional 32,483 shares in the last quarter. SummerHaven Investment Management LLC purchased a new position in Renasant during the third quarter valued at approximately $821,000. Prudential Financial Inc. raised its position in shares of Renasant by 34.0% during the third quarter. Prudential Financial Inc. now owns 127,424 shares of the financial services provider’s stock valued at $3,986,000 after buying an additional 32,360 shares during the last quarter. Finally, Forest Hill Capital LLC bought a new stake in shares of Renasant during the third quarter valued at approximately $2,435,000. 76.10% of the stock is currently owned by institutional investors.

About Renasant

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Renasant Corp. is a bank holding company, which engages in the provision of financial, fiduciary, and insurance services. It operates through the following segments: Community Banks, Insurance, Wealth Management, and Other. The Community Banks segment delivers banking and financial services to individuals and small to medium sized businesses including checking and savings accounts, business and personal loans, interim construction loans, specialty commercial lending, as well as safe deposit and night depository facilities.