Renasant (NASDAQ:RNST) Downgraded to Sell at StockNews.com

StockNews.com cut shares of Renasant (NASDAQ:RNST) from a hold rating to a sell rating in a report issued on Friday.

RNST has been the subject of several other research reports. Truist Financial reduced their target price on shares of Renasant from $35.00 to $33.00 and set a hold rating for the company in a research note on Monday, April 1st. Stephens raised their target price on shares of Renasant from $36.00 to $37.00 and gave the stock an equal weight rating in a research note on Tuesday, January 30th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Renasant from $34.00 to $35.00 and gave the company a market perform rating in a report on Tuesday, January 30th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. Based on data from MarketBeat, Renasant currently has a consensus rating of Hold and a consensus target price of $33.00.

Renasant Stock Up 3.4 %

Shares of NASDAQ:RNST opened at $29.76 on Friday. The stock has a market cap of $1.67 billion, a P/E ratio of 9.10 and a beta of 1.03. The firm has a fifty day moving average price of $30.47 and a 200 day moving average price of $29.73. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.91 and a quick ratio of 0.90. Renasant has a 1-year low of $22.99 and a 1-year high of $34.85.

Renasant (NASDAQ:RNST) last issued its quarterly earnings results on Wednesday, January 24th. The financial services provider reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.12. The firm had revenue of $230.79 million during the quarter, compared to analysts’ expectations of $160.63 million. Renasant had a net margin of 15.94% and a return on equity of 7.98%. During the same quarter in the prior year, the business earned $0.89 EPS. Sell-side analysts predict that Renasant will post 2.63 EPS for the current year.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 annualized dividend and a yield of 2.96%. Renasant’s dividend payout ratio (DPR) is currently 34.11%.

Hedge Funds Weigh In On Renasant

Several hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD grew its holdings in shares of Renasant by 0.9% during the second quarter. Price T Rowe Associates Inc. MD now owns 47,696 shares of the financial services provider’s stock worth $1,374,000 after buying an additional 404 shares in the last quarter. Resolute Wealth Strategies LLC grew its holdings in shares of Renasant by 0.6% during the third quarter. Resolute Wealth Strategies LLC now owns 75,058 shares of the financial services provider’s stock worth $1,966,000 after buying an additional 435 shares in the last quarter. FMR LLC grew its holdings in shares of Renasant by 1.9% during the second quarter. FMR LLC now owns 24,654 shares of the financial services provider’s stock worth $710,000 after buying an additional 459 shares in the last quarter. Covestor Ltd grew its holdings in shares of Renasant by 26.6% during the third quarter. Covestor Ltd now owns 2,204 shares of the financial services provider’s stock worth $58,000 after buying an additional 463 shares in the last quarter. Finally, Magnolia Capital Advisors LLC grew its holdings in shares of Renasant by 2.0% during the fourth quarter. Magnolia Capital Advisors LLC now owns 26,872 shares of the financial services provider’s stock worth $1,010,000 after buying an additional 532 shares in the last quarter. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

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. The company operates through Community Banks, Insurance, and Wealth Management segments. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and factoring equipment leasing services, as well as safe deposit and night depository facilities.