StockNews.com Downgrades Renasant (NASDAQ:RNST) to Sell

StockNews.com downgraded shares of Renasant (NASDAQ:RNST) from a hold rating to a sell rating in a research note released on Friday.

Several other equities analysts have also weighed in on RNST. Piper Sandler increased their target price on Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday. Stephens increased their price target on shares of Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday. Raymond James restated an “outperform” rating and set a $44.00 price objective (up previously from $40.00) on shares of Renasant in a report on Thursday. Hovde Group cut shares of Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $46.00 price objective (up previously from $45.00) on shares of Renasant in a research report on Thursday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $42.83.

Renasant Price Performance

Shares of RNST stock opened at $38.82 on Friday. The firm’s 50 day moving average price is $36.46 and its two-hundred day moving average price is $34.83. The stock has a market cap of $2.47 billion, a PE ratio of 13.66 and a beta of 1.03. Renasant has a 52-week low of $27.98 and a 52-week high of $39.55. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th were given a $0.22 dividend. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $0.88 annualized dividend and a yield of 2.27%. Renasant’s dividend payout ratio is currently 26.91%.

Insiders Place Their Bets

In other news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the sale, the director now directly owns 24,057 shares in the company, valued at $914,166. This trade represents a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.82% of the company’s stock.

Institutional Investors Weigh In On Renasant

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RNST. New York State Common Retirement Fund grew its holdings in shares of Renasant by 4.0% in the 4th quarter. New York State Common Retirement Fund now owns 335,301 shares of the financial services provider’s stock valued at $11,987,000 after acquiring an additional 12,971 shares in the last quarter. CIBC Asset Management Inc acquired a new position in shares of Renasant during the 4th quarter worth approximately $220,000. Principal Financial Group Inc. raised its stake in shares of Renasant by 2.9% during the 4th quarter. Principal Financial Group Inc. now owns 308,195 shares of the financial services provider’s stock worth $11,018,000 after purchasing an additional 8,710 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Renasant by 0.8% during the 4th quarter. Rhumbline Advisers now owns 184,830 shares of the financial services provider’s stock worth $6,608,000 after purchasing an additional 1,479 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of Renasant by 13.7% in the 4th quarter. Blue Trust Inc. now owns 21,814 shares of the financial services provider’s stock valued at $780,000 after buying an additional 2,623 shares during the last quarter. 77.31% of the stock is currently owned by institutional investors and hedge funds.

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.