Renasant (NASDAQ:RNST) Upgraded by BidaskClub to Sell

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BidaskClub upgraded shares of Renasant (NASDAQ:RNST) from a strong sell rating to a sell rating in a research note issued to investors on Thursday morning, BidAskClub reports.

A number of other analysts have also commented on RNST. Zacks Investment Research lowered Renasant from a hold rating to a sell rating in a report on Wednesday, August 14th. DA Davidson started coverage on Renasant in a report on Tuesday, August 20th. They issued a neutral rating and a $37.00 price target on the stock. Finally, SunTrust Banks cut their price target on Renasant from $37.00 to $36.00 and set a hold rating on the stock in a report on Tuesday, August 27th. Three equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company. Renasant has a consensus rating of Hold and an average target price of $36.75.

RNST stock opened at $36.20 on Thursday. The firm has a market cap of $2.08 billion, a PE ratio of 12.07 and a beta of 1.23. The business’s 50-day moving average price is $33.52 and its two-hundred day moving average price is $35.00. Renasant has a 1-year low of $28.02 and a 1-year high of $44.73. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.12.

Renasant (NASDAQ:RNST) last issued its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. The company had revenue of $154.76 million for the quarter, compared to analyst estimates of $153.47 million. Renasant had a return on equity of 8.69% and a net margin of 24.65%. During the same period in the previous year, the company posted $0.74 earnings per share. On average, analysts forecast that Renasant will post 3.03 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a $0.22 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.43%. Renasant’s dividend payout ratio (DPR) is 29.33%.

Institutional investors have recently modified their holdings of the company. Royal Bank of Canada increased its position in shares of Renasant by 9.8% in the second quarter. Royal Bank of Canada now owns 43,207 shares of the financial services provider’s stock valued at $1,554,000 after acquiring an additional 3,863 shares during the last quarter. HM Payson & Co. acquired a new stake in shares of Renasant in the second quarter valued at about $32,000. Private Capital Group LLC acquired a new stake in shares of Renasant in the second quarter valued at about $30,000. Eaton Vance Management acquired a new stake in shares of Renasant in the second quarter valued at about $7,190,000. Finally, Nuveen Asset Management LLC increased its position in shares of Renasant by 15.4% in the second quarter. Nuveen Asset Management LLC now owns 1,205,321 shares of the financial services provider’s stock valued at $43,319,000 after acquiring an additional 160,573 shares during the last quarter. Institutional investors own 63.29% of the company’s stock.

Renasant Company Profile

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.

Further Reading: How to use beta for portfolio diversification

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