Renasant (NYSE:RNST) Stock Rating Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Renasant (NYSE:RNST) from a hold rating to a sell rating in a research report released on Saturday,Wall Street Zen reports.

A number of other research analysts also recently issued reports on RNST. Raymond James Financial downgraded Renasant from a “strong-buy” rating to an “outperform” rating and reduced their price objective for the company from $50.00 to $45.00 in a research note on Thursday, October 29th. Weiss Ratings upgraded Renasant from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Piper Sandler boosted their price target on shares of Renasant from $46.00 to $48.00 and gave the stock an “overweight” rating in a report on Thursday, July 30th. Finally, TD Cowen reduced their price target on shares of Renasant from $46.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, October 29th. Five analysts have rated the stock with a Buy rating. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $46.00.

Renasant Price Performance

Renasant stock opened at $39.43 on Friday. Renasant has a 52 week low of $33.15 and a 52 week high of $44.54. The company’s 50 day moving average price is $40.20 and its two-hundred day moving average price is $40.28. The stock has a market cap of $3.56 billion, a P/E ratio of 11.04 and a beta of 1.02. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.20.

Renasant (NYSE:RNST) last released its earnings results on Tuesday, October 27th. The company reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by ($0.08). The business had revenue of $272.96 million during the quarter, compared to the consensus estimate of $282.34 million. Renasant had a net margin of 21.16% and a return on equity of 8.83%. During the same period in the prior year, the company earned $0.77 earnings per share. On average, equities analysts predict that Renasant will post 3.69 earnings per share for the current year.

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.4%. Renasant’s dividend payout ratio is 26.89%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Salomon & Ludwin LLC lifted its holdings in shares of Renasant by 153.1% in the third quarter. Salomon & Ludwin LLC now owns 1,063 shares of the company’s stock worth $41,000 after buying an additional 643 shares in the last quarter. FNY Investment Advisers LLC boosted its position in shares of Renasant by 151.9% in the second quarter. FNY Investment Advisers LLC now owns 1,063 shares of the company’s stock valued at $45,000 after acquiring an additional 641 shares during the period. Nykredit A S purchased a new position in Renasant during the second quarter valued at approximately $47,000. Versant Capital Management Inc grew its stake in Renasant by 33.6% during the second quarter. Versant Capital Management Inc now owns 1,276 shares of the company’s stock valued at $54,000 after acquiring an additional 321 shares in the last quarter. Finally, Assetmark Inc. purchased a new position in Renasant during the first quarter valued at approximately $89,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.

About Renasant

Renasant Corporation is a financial services holding company headquartered in Tupelo, Mississippi. Through its principal subsidiary, Renasant Bank, the company provides banking and related financial services to individuals, families, small businesses, commercial clients and other organizations.

Renasant Bank offers deposit accounts, consumer and commercial lending, residential mortgages, treasury management and other business banking services. Its broader offerings also include wealth management, trust and investment services, financial planning and insurance-related solutions.

Renasant traces its banking history to 1904 and has expanded through organic growth and acquisitions.