Renasant (NASDAQ:RNST) Upgraded to “Hold” by StockNews.com

StockNews.com upgraded shares of Renasant (NASDAQ:RNST) from a sell rating to a hold rating in a research report sent to investors on Saturday.

Other research analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods increased their price target on Renasant from $34.00 to $35.00 and gave the stock a market perform rating in a research note on Tuesday, January 30th. Truist Financial lowered their target price on shares of Renasant from $35.00 to $33.00 and set a hold rating on the stock in a research note on Monday, April 1st. Finally, Stephens upped their price target 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. Five equities research analysts have rated the stock with a hold rating, According to MarketBeat, Renasant presently has an average rating of Hold and a consensus target price of $33.00.

Renasant Trading Down 1.3 %

Shares of NASDAQ:RNST opened at $29.47 on Friday. Renasant has a fifty-two week low of $22.99 and a fifty-two week high of $34.85. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.18. The company has a market cap of $1.66 billion, a PE ratio of 11.98 and a beta of 1.03. The company’s 50-day moving average price is $30.21 and its 200 day moving average price is $29.98.

Renasant (NASDAQ:RNST) last issued its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.02. Renasant had a return on equity of 7.44% and a net margin of 14.67%. The business had revenue of $254.56 million during the quarter, compared to the consensus estimate of $159.60 million. During the same period in the previous year, the firm posted $0.82 earnings per share. Sell-side analysts anticipate that Renasant will post 2.62 earnings per share for the current year.

Renasant Dividend Announcement

The firm 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 2.99%. The ex-dividend date is Friday, June 14th. Renasant’s payout ratio is 35.77%.

Hedge Funds Weigh In On Renasant

Several hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new stake in Renasant during the third quarter valued at approximately $865,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Renasant by 23.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,191 shares of the financial services provider’s stock worth $319,000 after acquiring an additional 2,350 shares in the last quarter. Strs Ohio grew its holdings in shares of Renasant by 14.3% in the 3rd quarter. Strs Ohio now owns 30,300 shares of the financial services provider’s stock worth $793,000 after acquiring an additional 3,800 shares during the last quarter. Watershed Asset Management L.L.C. raised its position in shares of Renasant by 8.2% during the third quarter. Watershed Asset Management L.L.C. now owns 8,957 shares of the financial services provider’s stock worth $235,000 after purchasing an additional 680 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in shares of Renasant by 89.4% during the third quarter. Victory Capital Management Inc. now owns 4,535,641 shares of the financial services provider’s stock valued at $118,788,000 after purchasing an additional 2,140,613 shares during the last quarter. Institutional investors and hedge funds 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.