Hovde Group Downgrades Renasant (NASDAQ:RNST) to Market Perform

Renasant (NASDAQ:RNST) was downgraded by investment analysts at Hovde Group from an “outperform” rating to a “market perform” rating in a report issued on Wednesday, MarketBeat Ratings reports.

Other research analysts have also recently issued research reports about the company. Truist Financial lowered their price objective on Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research note on Friday, September 20th. Piper Sandler raised shares of Renasant from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $34.00 to $40.00 in a research report on Monday, August 5th. Raymond James raised shares of Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 target price for the company in a report on Wednesday, July 31st. Stephens upgraded shares of Renasant from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $34.00 to $41.00 in a report on Wednesday, July 31st. Finally, Keefe, Bruyette & Woods upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $36.00 to $40.00 in a report on Friday, August 2nd. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $39.33.

Renasant Stock Performance

Shares of Renasant stock opened at $36.75 on Wednesday. Renasant has a 12 month low of $26.28 and a 12 month high of $38.77. The firm has a market capitalization of $2.34 billion, a P/E ratio of 11.97 and a beta of 1.01. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The business has a fifty day simple moving average of $33.47 and a two-hundred day simple moving average of $32.26.

Renasant (NASDAQ:RNST) last posted its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.63 by $0.07. Renasant had a net margin of 16.83% and a return on equity of 6.70%. The business had revenue of $318.34 million for the quarter, compared to analyst estimates of $184.73 million. During the same quarter in the previous year, the firm posted $0.75 earnings per share. On average, equities analysts forecast that Renasant will post 2.64 earnings per share for the current fiscal year.

Insider Activity at Renasant

In other Renasant news, Director John Creekmore sold 3,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total transaction of $114,000.00. Following the completion of the sale, the director now owns 24,057 shares of the company’s stock, valued at approximately $914,166. The trade was a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RNST. Mutual of America Capital Management LLC boosted its stake in shares of Renasant by 3.2% in the third quarter. Mutual of America Capital Management LLC now owns 9,560 shares of the financial services provider’s stock worth $311,000 after acquiring an additional 300 shares during the period. Louisiana State Employees Retirement System grew its holdings in Renasant by 1.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 28,300 shares of the financial services provider’s stock valued at $864,000 after buying an additional 500 shares in the last quarter. KBC Group NV raised its position in shares of Renasant by 32.0% during the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock valued at $80,000 after buying an additional 596 shares during the last quarter. Texas Permanent School Fund Corp lifted its holdings in shares of Renasant by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 49,135 shares of the financial services provider’s stock worth $1,539,000 after buying an additional 637 shares in the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of Renasant by 7.4% during the first quarter. ProShare Advisors LLC now owns 11,153 shares of the financial services provider’s stock worth $349,000 after acquiring an additional 765 shares during the last quarter. Institutional investors own 77.31% of the company’s stock.

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.