StockNews.com Lowers Renasant (NASDAQ:RNST) to Sell

StockNews.com lowered shares of Renasant (NASDAQ:RNST) from a hold rating to a sell rating in a report published on Friday morning.

A number of other equities analysts have also issued reports on RNST. Truist Financial reduced their target price 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. Stephens upped their target price on shares of Renasant from $36.00 to $37.00 and gave the stock an equal weight rating in a research report on Tuesday, January 30th. Finally, Keefe, Bruyette & Woods upped their target price 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 research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $33.00.

Renasant Price Performance

Shares of RNST stock opened at $29.80 on Friday. Renasant has a 1 year low of $22.99 and a 1 year high of $34.85. The firm’s 50 day moving average is $30.43 and its 200-day moving average is $29.78. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of 11.55 and a beta of 1.03. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.19.

Renasant (NASDAQ:RNST) last announced its earnings results on Wednesday, January 24th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $160.63 million. During the same period in the prior year, the business earned $0.89 earnings per share. Sell-side analysts forecast that Renasant will post 2.63 EPS for the current fiscal year.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date of this dividend is Friday, June 14th. Renasant’s dividend payout ratio (DPR) is 34.11%.

Institutional Investors Weigh In On Renasant

A number of institutional investors and hedge funds have recently modified their holdings of RNST. Vanguard Group Inc. increased its position in shares of Renasant by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 6,416,896 shares of the financial services provider’s stock valued at $216,121,000 after buying an additional 16,417 shares in the last quarter. Victory Capital Management Inc. raised its stake in Renasant by 89.4% during the 3rd quarter. Victory Capital Management Inc. now owns 4,535,641 shares of the financial services provider’s stock worth $118,788,000 after buying an additional 2,140,613 shares during the period. Dimensional Fund Advisors LP raised its stake in Renasant by 0.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,913,033 shares of the financial services provider’s stock worth $131,793,000 after buying an additional 34,897 shares during the period. State Street Corp raised its stake in Renasant by 10.8% during the 1st quarter. State Street Corp now owns 2,908,644 shares of the financial services provider’s stock worth $97,294,000 after buying an additional 282,738 shares during the period. Finally, Geode Capital Management LLC raised its stake in Renasant by 4.2% during the 2nd quarter. Geode Capital Management LLC now owns 1,142,178 shares of the financial services provider’s stock worth $29,845,000 after buying an additional 46,172 shares during the period. 77.31% of the stock is owned by institutional investors.

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.