Renasant (NASDAQ:RNST) Lowered to Sell at Zacks Investment Research

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Zacks Investment Research cut shares of Renasant (NASDAQ:RNST) from a hold rating to a sell rating in a research report sent to investors on Wednesday, Zacks.com reports.

According to Zacks, “Renasant Corporation is the parent of Renasant Bank and Renasant Insurance, Inc. “

A number of other brokerages have also weighed in on RNST. SunTrust Banks started coverage on Renasant in a research note on Wednesday. They issued a hold rating and a $37.00 target price for the company. They noted that the move was a valuation call. BidaskClub lowered Renasant from a hold rating to a sell rating in a research note on Wednesday, May 15th. Three analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $37.00.

Shares of NASDAQ:RNST opened at $34.74 on Wednesday. Renasant has a twelve month low of $28.02 and a twelve month high of $47.65. The firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of 11.58 and a beta of 1.21. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 0.96. The firm has a fifty day simple moving average of $35.20.

Renasant (NASDAQ:RNST) last announced its earnings results on Tuesday, April 23rd. The financial services provider reported $0.77 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.77. Renasant had a return on equity of 8.76% and a net margin of 24.55%. The company had revenue of $150.50 million during the quarter, compared to analyst estimates of $150.40 million. During the same period last year, the company posted $0.70 earnings per share. The firm’s quarterly revenue was up 20.6% compared to the same quarter last year. On average, analysts predict that Renasant will post 3.19 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a $0.22 dividend. This is a boost from Renasant’s previous quarterly dividend of $0.21. The ex-dividend date is Thursday, June 13th. This represents a $0.88 annualized dividend and a yield of 2.53%. Renasant’s dividend payout ratio (DPR) is currently 29.33%.

In related news, EVP James W. Gray sold 2,431 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $34.84, for a total value of $84,696.04. Following the transaction, the executive vice president now owns 58,880 shares in the company, valued at $2,051,379.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.64% of the stock is owned by company insiders.

A number of institutional investors have recently bought and sold shares of the stock. Bank of Montreal Can lifted its holdings in shares of Renasant by 16.3% in the 4th quarter. Bank of Montreal Can now owns 2,478 shares of the financial services provider’s stock worth $76,000 after acquiring an additional 348 shares during the last quarter. Rhumbline Advisers increased its stake in Renasant by 41.3% during the 4th quarter. Rhumbline Advisers now owns 71,490 shares of the financial services provider’s stock worth $2,158,000 after buying an additional 20,887 shares during the period. Prudential Financial Inc. increased its stake in Renasant by 416.2% during the 4th quarter. Prudential Financial Inc. now owns 147,597 shares of the financial services provider’s stock worth $4,454,000 after buying an additional 119,004 shares during the period. LPL Financial LLC increased its stake in Renasant by 20.1% during the 4th quarter. LPL Financial LLC now owns 31,320 shares of the financial services provider’s stock worth $945,000 after buying an additional 5,233 shares during the period. Finally, New York State Common Retirement Fund increased its stake in Renasant by 3.0% during the 4th quarter. New York State Common Retirement Fund now owns 401,531 shares of the financial services provider’s stock worth $12,118,000 after buying an additional 11,650 shares during the period. Institutional investors and hedge funds own 61.79% of the company’s stock.

About Renasant

Renasant Corporation operates as a bank holding company for Renasant Bank, which provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings, money market, individual retirement, and health savings accounts, as well as safe deposit and night depository facilities.

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