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

Renasant (NASDAQ:RNST) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday, Zacks.com reports.

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

A number of other equities analysts have also weighed in on RNST. SunTrust Banks initiated coverage on Renasant in a research note on Wednesday, June 26th. They issued a “hold” rating and a $37.00 price objective for the company. They noted that the move was a valuation call. BidaskClub raised Renasant from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 27th. Three research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The stock has a consensus rating of “Hold” and an average target price of $37.00.

NASDAQ RNST opened at $33.11 on Wednesday. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of 11.04 and a beta of 1.20. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.91 and a current ratio of 0.96. The stock has a 50-day simple moving average of $34.86. Renasant has a twelve month low of $28.02 and a twelve month high of $47.65.

Renasant (NASDAQ:RNST) last released its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. The firm had revenue of $154.76 million during 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 quarter in the prior year, the company posted $0.74 earnings per share. On average, sell-side analysts forecast that Renasant will post 3.09 earnings per share for the current fiscal year.

In related news, EVP James W. Gray sold 2,431 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $34.84, for a total transaction of $84,696.04. Following the completion of the transaction, the executive vice president now directly owns 58,880 shares of the company’s stock, valued at $2,051,379.20. The sale was disclosed in a filing with the SEC, which is available through this link. 3.64% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the stock. Strs Ohio boosted its stake in Renasant by 44.4% during the second quarter. Strs Ohio now owns 1,300 shares of the financial services provider’s stock valued at $46,000 after buying an additional 400 shares during the last quarter. Quantamental Technologies LLC purchased a new stake in Renasant during the second quarter valued at approximately $59,000. Smith Shellnut Wilson LLC ADV purchased a new stake in Renasant during the first quarter valued at approximately $222,000. Shulman DeMeo Asset Management LLC purchased a new stake in Renasant during the second quarter valued at approximately $236,000. Finally, Bank of Montreal Can raised its position in Renasant by 268.7% during the second quarter. Bank of Montreal Can now owns 6,626 shares of the financial services provider’s stock valued at $238,000 after purchasing an additional 4,829 shares during the period. 61.87% of the stock is owned by institutional investors.

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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