Renasant (NASDAQ:RNST) Downgraded by StockNews.com to Sell

Renasant (NASDAQ:RNST) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Friday.

RNST has been the subject of several other research reports. Keefe, Bruyette & Woods boosted their target price on Renasant from $34.00 to $35.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 30th. Stephens boosted their target price on Renasant from $36.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 30th. Finally, Truist Financial lowered their target price on Renasant from $35.00 to $33.00 and set a “hold” rating for the company in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. According to MarketBeat, Renasant currently has an average rating of “Hold” and a consensus price target of $33.00.

Renasant Trading Up 3.6 %

RNST opened at $29.80 on Friday. Renasant has a twelve month low of $22.99 and a twelve month high of $34.85. The company has a 50-day simple moving average of $30.43 and a 200 day simple moving average of $29.75. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of 11.55 and a beta of 1.03.

Renasant (NASDAQ:RNST) last posted its quarterly earnings data on Wednesday, January 24th. The financial services provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.12. Renasant had a net margin of 15.94% and a return on equity of 7.98%. The business had revenue of $230.79 million during the quarter, compared to analysts’ expectations of $160.63 million. During the same quarter in the prior year, the business posted $0.89 earnings per share. Analysts predict that Renasant will post 2.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RNST. Victory Capital Management Inc. increased its stake in shares of Renasant by 89.4% in the third quarter. Victory Capital Management Inc. now owns 4,535,641 shares of the financial services provider’s stock valued at $118,788,000 after buying an additional 2,140,613 shares during the period. Norges Bank acquired a new position in shares of Renasant in the fourth quarter valued at approximately $19,074,000. State Street Corp boosted its holdings in Renasant by 10.8% in the first quarter. State Street Corp now owns 2,908,644 shares of the financial services provider’s stock valued at $97,294,000 after acquiring an additional 282,738 shares during the last quarter. Millennium Management LLC boosted its holdings in Renasant by 2,244.0% in the second quarter. Millennium Management LLC now owns 292,433 shares of the financial services provider’s stock valued at $8,425,000 after acquiring an additional 279,957 shares during the last quarter. Finally, Morgan Stanley boosted its holdings in Renasant by 64.6% in the fourth quarter. Morgan Stanley now owns 599,592 shares of the financial services provider’s stock valued at $22,539,000 after acquiring an additional 235,315 shares during the last quarter. Institutional investors and hedge funds own 77.31% of the company’s stock.

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.