Renasant (RNST) Downgraded by ValuEngine

Renasant (NASDAQ:RNST) was downgraded by ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Friday.

RNST has been the topic of a number of other research reports. Hovde Group set a $47.00 price target on shares of Renasant and gave the company a “hold” rating in a report on Friday, January 19th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $45.00 price objective on shares of Renasant in a report on Friday, December 22nd. BidaskClub raised shares of Renasant from a “sell” rating to a “hold” rating in a report on Wednesday, December 20th. Hilliard Lyons raised shares of Renasant from a “neutral” rating to a “buy” rating in a report on Friday, February 9th. Finally, Zacks Investment Research downgraded shares of Renasant from a “hold” rating to a “sell” rating in a report on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. Renasant presently has a consensus rating of “Hold” and an average price target of $45.60.

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Shares of Renasant (RNST) traded down $1.73 during midday trading on Friday, hitting $41.18. 232,359 shares of the stock were exchanged, compared to its average volume of 161,276. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.98 and a current ratio of 0.99. The stock has a market cap of $2,180.99, a P/E ratio of 20.90 and a beta of 1.03. Renasant has a 12-month low of $37.68 and a 12-month high of $45.31.

Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.03. The firm had revenue of $125.70 million for the quarter, compared to the consensus estimate of $124.55 million. Renasant had a net margin of 18.19% and a return on equity of 8.19%. equities research analysts forecast that Renasant will post 3.01 EPS for the current fiscal year.

In other Renasant news, EVP R Rick Hart sold 10,000 shares of Renasant stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $43.17, for a total transaction of $431,700.00. Following the transaction, the executive vice president now owns 83,450 shares of the company’s stock, valued at $3,602,536.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP James W. Gray sold 5,000 shares of Renasant stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $44.04, for a total transaction of $220,200.00. Following the transaction, the executive vice president now directly owns 50,003 shares in the company, valued at approximately $2,202,132.12. The disclosure for this sale can be found here. In the last three months, insiders sold 23,948 shares of company stock worth $1,048,833. 3.86% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of RNST. Wells Fargo & Company MN lifted its holdings in Renasant by 36.5% during the third quarter. Wells Fargo & Company MN now owns 1,423,017 shares of the financial services provider’s stock valued at $61,048,000 after purchasing an additional 380,801 shares in the last quarter. Eaton Vance Management lifted its holdings in Renasant by 1,524.4% during the fourth quarter. Eaton Vance Management now owns 200,066 shares of the financial services provider’s stock valued at $8,181,000 after purchasing an additional 187,750 shares in the last quarter. BlackRock Inc. lifted its holdings in Renasant by 5.7% during the fourth quarter. BlackRock Inc. now owns 3,025,099 shares of the financial services provider’s stock valued at $123,696,000 after purchasing an additional 162,700 shares in the last quarter. Jennison Associates LLC lifted its holdings in Renasant by 25.6% during the fourth quarter. Jennison Associates LLC now owns 675,109 shares of the financial services provider’s stock valued at $27,605,000 after purchasing an additional 137,791 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in Renasant by 280.5% during the fourth quarter. Millennium Management LLC now owns 182,797 shares of the financial services provider’s stock valued at $7,475,000 after purchasing an additional 134,754 shares in the last quarter. 65.47% of the stock is currently owned by institutional investors and hedge funds.

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About Renasant

Renasant Corporation is a bank holding company that owns and operates Renasant Bank (the Bank) and Renasant Insurance, Inc (Renasant Insurance). The Company’s segments include Community Banks, which delivers a range of banking and financial services to individuals and small to medium-sized businesses, including checking and savings accounts, business and personal loans, equipment leasing, as well as safe deposit and night depository facilities; Insurance, which includes a full service insurance agency offering all lines of commercial and personal insurance through major carriers; Wealth Management, which offers a range of fiduciary services that includes the administration and management of trust accounts, including personal and corporate benefit accounts, and custodial accounts, and Other.

Analyst Recommendations for Renasant (NASDAQ:RNST)

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