Renasant (NASDAQ:RNST) Raised to Hold at StockNews.com

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

Several other equities analysts also recently commented on RNST. Stephens boosted their price target 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. Keefe, Bruyette & Woods lifted their price objective on Renasant from $34.00 to $35.00 and gave the company a market perform rating in a research note on Tuesday, January 30th. Finally, Truist Financial cut their target price on shares of Renasant from $35.00 to $33.00 and set a hold rating on the stock in a research note on Monday, April 1st. Five analysts have rated the stock with a hold rating, According to MarketBeat, Renasant currently has an average rating of Hold and an average target price of $33.00.

Renasant Price Performance

RNST opened at $29.47 on Friday. The stock’s 50-day moving average price is $30.21 and its 200 day moving average price is $29.98. Renasant has a 12-month low of $22.99 and a 12-month high of $34.85. The firm has a market cap of $1.66 billion, a price-to-earnings ratio of 11.98 and a beta of 1.03. 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 (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.02. The business had revenue of $254.56 million for the quarter, compared to analysts’ expectations of $159.60 million. Renasant had a net margin of 14.67% and a return on equity of 7.44%. During the same quarter in the prior year, the company earned $0.82 earnings per share. As a group, sell-side analysts expect that Renasant will post 2.62 earnings per share for the current year.

Renasant Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.99%. Renasant’s payout ratio is currently 35.77%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Resolute Wealth Strategies LLC increased its stake in Renasant by 0.6% in the third quarter. Resolute Wealth Strategies LLC now owns 75,058 shares of the financial services provider’s stock valued at $1,966,000 after purchasing an additional 435 shares during the period. Covestor Ltd grew its holdings in shares of Renasant by 26.6% during the third quarter. Covestor Ltd now owns 2,204 shares of the financial services provider’s stock worth $58,000 after buying an additional 463 shares during the last quarter. Watershed Asset Management L.L.C. increased its position in Renasant by 8.2% in the 3rd quarter. Watershed Asset Management L.L.C. now owns 8,957 shares of the financial services provider’s stock valued at $235,000 after acquiring an additional 680 shares during the period. GAMMA Investing LLC purchased a new stake in Renasant during the 4th quarter valued at approximately $25,000. Finally, New York State Common Retirement Fund lifted its position in Renasant by 0.3% during the 4th quarter. New York State Common Retirement Fund now owns 314,417 shares of the financial services provider’s stock worth $10,590,000 after acquiring an additional 829 shares during the period. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Renasant Company Profile

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.