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

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

A number of other research analysts have also recently commented on the company. Truist Financial lowered their target price on Renasant from $35.00 to $33.00 and set a hold rating for the company in a research note on Monday, April 1st. Stephens raised their price objective on Renasant from $36.00 to $37.00 and gave the company an equal weight rating in a research report on Tuesday, January 30th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Renasant from $34.00 to $35.00 and gave the company a market perform rating in a report on Tuesday, January 30th. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, Renasant currently has an average rating of Hold and an average target price of $33.00.

Renasant Stock Down 1.4 %

Shares of Renasant stock opened at $29.06 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18. Renasant has a 12-month low of $22.99 and a 12-month high of $34.85. The company has a market cap of $1.63 billion, a P/E ratio of 11.81 and a beta of 1.03. The company’s fifty day simple moving average is $30.15 and its two-hundred day simple moving average is $30.01.

Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.02. Renasant had a net margin of 14.67% and a return on equity of 7.44%. The company had revenue of $254.56 million for the quarter, compared to analysts’ expectations of $159.60 million. During the same quarter in the previous year, the company earned $0.82 earnings per share. Research analysts anticipate that Renasant will post 2.62 EPS for the current year.

Renasant Announces Dividend

The business 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 $0.22 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 3.03%. Renasant’s payout ratio is currently 35.77%.

Hedge Funds Weigh In On Renasant

Several institutional investors and hedge funds have recently modified their holdings of RNST. GAMMA Investing LLC purchased a new stake in shares of Renasant during the fourth quarter valued at approximately $25,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in Renasant during the 4th quarter valued at $37,000. TFO Wealth Partners LLC increased its holdings in shares of Renasant by 13,710.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,381 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 1,371 shares in the last quarter. Covestor Ltd raised its stake in shares of Renasant by 26.6% in the third quarter. Covestor Ltd now owns 2,204 shares of the financial services provider’s stock worth $58,000 after purchasing an additional 463 shares during the last quarter. Finally, Criterion Capital Advisors LLC purchased a new position in shares of Renasant in the fourth quarter worth $113,000. 77.31% of the stock is currently 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.