Renasant (NASDAQ:RNST) Downgraded by StockNews.com to Sell

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

A number of other brokerages have also recently commented on RNST. Truist Financial reduced their target price on shares of Renasant from $35.00 to $33.00 and set a hold rating for the company in a report on Monday, April 1st. Keefe, Bruyette & Woods increased their price objective on shares of Renasant from $34.00 to $35.00 and gave the stock a market perform rating in a research note on Tuesday, January 30th. Finally, Stephens increased their price objective on shares of Renasant from $36.00 to $37.00 and gave the stock an equal weight rating in a research note on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company. Based on data from MarketBeat.com, Renasant presently has an average rating of Hold and an average target price of $33.00.

Renasant Trading Up 0.7 %

NASDAQ:RNST opened at $30.01 on Friday. Renasant has a one year low of $22.99 and a one year high of $34.85. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.91 and a quick ratio of 0.90. The company’s 50-day simple moving average is $30.38 and its 200 day simple moving average is $29.84. The firm has a market capitalization of $1.69 billion, a P/E ratio of 11.63 and a beta of 1.03.

Renasant (NASDAQ:RNST) last released its quarterly earnings data on Wednesday, January 24th. The financial services provider reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.12. Renasant had a net margin of 15.94% and a return on equity of 7.98%. The firm had revenue of $230.79 million during the quarter, compared to analysts’ expectations of $160.63 million. During the same period in the previous year, the company earned $0.89 earnings per share. As a group, analysts forecast that Renasant will post 2.63 EPS for the current fiscal year.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date of this dividend is Friday, June 14th. Renasant’s dividend payout ratio (DPR) is 34.11%.

Institutional Trading of Renasant

A number of institutional investors have recently modified their holdings of the company. GAMMA Investing LLC acquired a new stake in Renasant during the 4th quarter valued at approximately $25,000. Atlantic Edge Private Wealth Management LLC purchased a new position in shares of Renasant during the 4th quarter valued at approximately $37,000. TFO Wealth Partners LLC increased its holdings in shares of Renasant by 13,710.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,381 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 1,371 shares in the last quarter. Covestor Ltd increased its holdings in shares of Renasant by 26.6% during the 3rd quarter. Covestor Ltd now owns 2,204 shares of the financial services provider’s stock valued at $58,000 after purchasing an additional 463 shares in the last quarter. Finally, Criterion Capital Advisors LLC purchased a new position in shares of Renasant during the 4th quarter valued at approximately $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.