Renasant (NASDAQ:RNST) Downgraded to “Market Perform” Rating by Hovde Group

Hovde Group cut shares of Renasant (NASDAQ:RNST) from an outperform rating to a market perform rating in a research report report published on Wednesday morning, Marketbeat.com reports.

Several other research analysts have also commented on the company. Raymond James raised Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price objective on the stock in a research report on Wednesday, July 31st. Piper Sandler raised Renasant from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $34.00 to $40.00 in a research report on Monday, August 5th. Keefe, Bruyette & Woods raised Renasant from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $36.00 to $40.00 in a research report on Friday, August 2nd. Truist Financial cut their price objective on Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research report on Friday, September 20th. Finally, Stephens raised Renasant from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $34.00 to $41.00 in a research report on Wednesday, July 31st. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $39.33.

Renasant Trading Up 0.4 %

Shares of RNST opened at $36.91 on Wednesday. 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 firm has a market capitalization of $2.35 billion, a P/E ratio of 12.02 and a beta of 1.01. The stock’s fifty day simple moving average is $33.62 and its 200 day simple moving average is $32.35. Renasant has a twelve month low of $26.28 and a twelve month high of $38.77.

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

Renasant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend is Wednesday, December 18th. Renasant’s dividend payout ratio is currently 28.66%.

Insider Activity at Renasant

In other Renasant news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total value of $114,000.00. Following the completion of the transaction, the director now directly owns 24,057 shares in the company, valued at $914,166. The trade was a 11.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.82% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Renasant

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Mutual of America Capital Management LLC boosted its position in shares of Renasant by 3.2% during 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 buying an additional 300 shares during the period. Louisiana State Employees Retirement System boosted its position in shares of Renasant by 1.8% during the second quarter. Louisiana State Employees Retirement System now owns 28,300 shares of the financial services provider’s stock worth $864,000 after buying an additional 500 shares during the period. KBC Group NV boosted 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 worth $80,000 after buying an additional 596 shares during the period. Texas Permanent School Fund Corp raised its stake in Renasant by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 49,135 shares of the financial services provider’s stock valued at $1,539,000 after purchasing an additional 637 shares during the period. Finally, HighTower Advisors LLC raised its stake in Renasant by 7.1% during the 3rd quarter. HighTower Advisors LLC now owns 11,126 shares of the financial services provider’s stock valued at $365,000 after purchasing an additional 734 shares during the period. 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.