Renasant (NASDAQ:RNST) Shares Gap Down to $30.51

Shares of Renasant Co. (NASDAQ:RNST) gapped down prior to trading on Wednesday . The stock had previously closed at $30.51, but opened at $29.70. Renasant shares last traded at $29.11, with a volume of 31,455 shares trading hands.

Analyst Upgrades and Downgrades

RNST has been the topic of several research analyst reports. Stephens boosted their price target on shares of Renasant from $36.00 to $37.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 30th. StockNews.com cut shares of Renasant from a “hold” rating to a “sell” rating in a research report on Friday, April 19th. Keefe, Bruyette & Woods boosted their price target on shares of Renasant from $34.00 to $35.00 and gave the company a “market perform” rating in a research report on Tuesday, January 30th. Finally, Truist Financial reduced their price target on shares of Renasant from $35.00 to $33.00 and set a “hold” rating on the stock in a research report on Monday, April 1st. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to MarketBeat.com, Renasant currently has an average rating of “Hold” and an average target price of $33.00.

Renasant Price Performance

The company has a debt-to-equity ratio of 0.18, a current ratio of 0.93 and a quick ratio of 0.90. The firm’s 50 day moving average is $30.31 and its 200 day moving average is $29.87. The firm has a market cap of $1.69 billion, a P/E ratio of 10.25 and a beta of 1.03.

Renasant (NASDAQ:RNST) last posted its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.65 EPS for the quarter, topping the consensus estimate of $0.63 by $0.02. Renasant had a net margin of 14.67% and a return on equity of 7.44%. The business had revenue of $254.56 million for the quarter, compared to analyst estimates of $159.60 million. During the same quarter in the previous year, the firm posted $0.82 earnings per share. As a group, analysts anticipate that Renasant Co. will post 2.63 earnings per share for the current year.

Renasant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.93%. The ex-dividend date is Friday, June 14th. Renasant’s payout ratio is currently 35.77%.

Institutional Investors Weigh In On Renasant

Several hedge funds have recently bought and sold shares of RNST. Vanguard Group Inc. lifted its stake in shares of Renasant by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 6,416,896 shares of the financial services provider’s stock worth $216,121,000 after buying an additional 16,417 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Renasant by 89.4% in the third quarter. Victory Capital Management Inc. now owns 4,535,641 shares of the financial services provider’s stock worth $118,788,000 after buying an additional 2,140,613 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Renasant by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,913,033 shares of the financial services provider’s stock worth $131,793,000 after buying an additional 34,897 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Renasant by 4.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 830,687 shares of the financial services provider’s stock worth $27,978,000 after buying an additional 38,036 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Renasant by 7.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 755,441 shares of the financial services provider’s stock worth $25,443,000 after buying an additional 50,084 shares in the last quarter. 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. 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.