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

StockNews.com downgraded shares of Renasant (NASDAQ:RNST) from a hold rating to a sell rating in a research note issued to investors on Friday morning.

A number of other equities analysts have also recently issued reports on RNST. Stephens raised their price objective on shares of Renasant from $36.00 to $37.00 and gave the company an equal weight rating in a research note on Tuesday, January 30th. 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. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Renasant from $34.00 to $35.00 and gave the stock a market perform rating in a research report on Tuesday, January 30th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. Based on data from MarketBeat, Renasant has a consensus rating of Hold and an average price target of $33.00.

Renasant Trading Up 0.7 %

Renasant stock opened at $30.01 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.91 and a quick ratio of 0.90. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of 11.63 and a beta of 1.03. Renasant has a one year low of $22.99 and a one year high of $34.85. The company’s fifty day moving average price is $30.38 and its two-hundred day moving average price is $29.84.

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

Renasant Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date is Friday, June 14th. Renasant’s payout ratio is 34.11%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. raised its position in 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 acquiring an additional 2,140,613 shares during the period. Norges Bank bought a new stake in Renasant in the fourth quarter worth about $13,469,000. Hsbc Holdings PLC bought a new stake in Renasant in the fourth quarter worth about $3,883,000. Charles Schwab Investment Management Inc. raised its position in 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 acquiring an additional 50,084 shares during the period. Finally, Mendon Capital Advisors Corp bought a new stake in Renasant in the fourth quarter worth about $1,684,000. 77.31% of the stock is currently owned by institutional investors and hedge funds.

About Renasant

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.