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

Zacks Investment Research cut shares of Renasant (NASDAQ:RNST) from a hold rating to a sell rating in a research report sent to investors on Tuesday morning, Zacks.com reports.

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

Several other analysts have also recently commented on the stock. ValuEngine upgraded shares of Renasant from a sell rating to a hold rating in a research note on Friday, October 4th. SunTrust Banks reduced their price objective on shares of Renasant from $37.00 to $36.00 and set a hold rating for the company in a research note on Tuesday, August 27th. DA Davidson assumed coverage on shares of Renasant in a research note on Tuesday, August 20th. They issued a neutral rating and a $37.00 price objective for the company. Finally, BidaskClub upgraded shares of Renasant from a strong sell rating to a sell rating in a research note on Thursday, September 12th. Two equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $36.75.

Shares of NASDAQ:RNST opened at $35.42 on Tuesday. The company has a market cap of $1.99 billion, a price-to-earnings ratio of 10.86 and a beta of 1.22. The firm’s 50-day simple moving average is $34.08 and its 200-day simple moving average is $34.67. The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 0.12. Renasant has a fifty-two week low of $28.02 and a fifty-two week high of $39.02.

Renasant (NASDAQ:RNST) last issued its earnings results on Monday, July 22nd. The financial services provider reported $0.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.01. The business had revenue of $154.76 million for the quarter, compared to the consensus estimate of $153.47 million. Renasant had a net margin of 24.65% and a return on equity of 8.69%. During the same quarter in the previous year, the firm earned $0.74 earnings per share. On average, research analysts forecast that Renasant will post 3.03 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend was Friday, September 13th. Renasant’s dividend payout ratio (DPR) is 29.33%.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its stake in shares of Renasant by 12.1% in the second quarter. BlackRock Inc. now owns 3,931,894 shares of the financial services provider’s stock valued at $141,312,000 after purchasing an additional 424,447 shares during the period. Wells Fargo & Company MN raised its position in Renasant by 1.6% during the second quarter. Wells Fargo & Company MN now owns 1,910,583 shares of the financial services provider’s stock worth $68,666,000 after acquiring an additional 30,930 shares during the last quarter. Northern Trust Corp raised its position in Renasant by 9.0% during the second quarter. Northern Trust Corp now owns 1,272,185 shares of the financial services provider’s stock worth $45,723,000 after acquiring an additional 104,902 shares during the last quarter. Nuveen Asset Management LLC raised its position in Renasant by 15.4% during the second quarter. Nuveen Asset Management LLC now owns 1,205,321 shares of the financial services provider’s stock worth $43,319,000 after acquiring an additional 160,573 shares during the last quarter. Finally, Westwood Holdings Group Inc. raised its position in Renasant by 53.9% during the first quarter. Westwood Holdings Group Inc. now owns 1,200,353 shares of the financial services provider’s stock worth $40,632,000 after acquiring an additional 420,195 shares during the last quarter. Hedge funds and other institutional investors own 63.30% of the company’s stock.

Renasant Company Profile

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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