Renasant (NASDAQ:RNST) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of Renasant (NASDAQ:RNST) from a sell rating to a hold rating in a research note published on Saturday.

Other analysts have also issued reports about the stock. Truist Financial dropped their price target on shares of Renasant from $35.00 to $33.00 and set a hold rating on the stock in a research report on Monday, April 1st. Stephens raised their target price on shares of Renasant from $36.00 to $37.00 and gave the company an equal weight rating in a research note on Tuesday, January 30th. Finally, Keefe, Bruyette & Woods boosted their price target on Renasant from $34.00 to $35.00 and gave the stock a market perform rating in a research report on Tuesday, January 30th. Five analysts have rated the stock with a hold rating, According to MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $33.00.

Renasant Stock Performance

RNST opened at $29.06 on Friday. The business’s 50-day simple moving average is $30.15 and its 200 day simple moving average is $30.01. Renasant has a 52-week low of $22.99 and a 52-week high of $34.85. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.92 and a current ratio of 0.93. The firm has a market capitalization of $1.63 billion, a PE ratio of 11.81 and a beta of 1.03.

Renasant (NASDAQ:RNST) last announced its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. The company had revenue of $254.56 million for the quarter, compared to analysts’ expectations of $159.60 million. Renasant had a return on equity of 7.44% and a net margin of 14.67%. During the same quarter in the prior year, the business posted $0.82 EPS. As a group, sell-side analysts expect that Renasant will post 2.62 earnings per share for the current fiscal year.

Renasant Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid 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 yield of 3.03%. Renasant’s dividend payout ratio (DPR) is currently 35.77%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Illinois Municipal Retirement Fund bought a new position in Renasant during the 3rd quarter worth $875,000. Resolute Wealth Strategies LLC raised its stake in Renasant by 0.6% in the 3rd quarter. Resolute Wealth Strategies LLC now owns 75,058 shares of the financial services provider’s stock worth $1,966,000 after purchasing an additional 435 shares in the last quarter. Deutsche Bank AG boosted its holdings in Renasant by 13.9% in the 3rd quarter. Deutsche Bank AG now owns 27,167 shares of the financial services provider’s stock valued at $712,000 after purchasing an additional 3,317 shares during the period. Public Employees Retirement System of Ohio grew its position in shares of Renasant by 10.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 139,706 shares of the financial services provider’s stock worth $3,659,000 after purchasing an additional 12,741 shares in the last quarter. Finally, Brookstone Capital Management bought a new position in shares of Renasant during the fourth quarter worth approximately $211,000. 77.31% of the stock is owned by institutional investors.

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.