Renasant (NASDAQ:RNST) Upgraded to Hold by Zacks Investment Research

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Renasant (NASDAQ:RNST) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday, September 19th.

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

Several other analysts have also recently issued reports on RNST. BidaskClub cut Renasant from a “buy” rating to a “hold” rating in a research note on Tuesday, June 12th. Raymond James cut Renasant from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 10th. Finally, Stephens reissued a “hold” rating and issued a $50.00 target price on shares of Renasant in a research note on Monday, August 20th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $47.20.

Shares of NASDAQ RNST traded down $0.89 during trading hours on Wednesday, hitting $37.57. The company’s stock had a trading volume of 256,035 shares, compared to its average volume of 163,024. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.95 and a quick ratio of 0.92. The stock has a market capitalization of $2.04 billion, a PE ratio of 15.52 and a beta of 0.87. Renasant has a 12 month low of $36.70 and a 12 month high of $49.78.

Renasant (NASDAQ:RNST) last posted its earnings results on Tuesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.74. The company had revenue of $127.97 million for the quarter, compared to analysts’ expectations of $127.80 million. Renasant had a return on equity of 8.73% and a net margin of 20.66%. During the same period last year, the firm earned $0.57 earnings per share. As a group, equities research analysts anticipate that Renasant will post 3 earnings per share for the current year.

In related news, Director Michael D. Shmerling acquired 1,000 shares of the stock in a transaction on Friday, August 3rd. The stock was acquired at an average cost of $45.00 per share, for a total transaction of $45,000.00. Following the completion of the acquisition, the director now directly owns 159,357 shares of the company’s stock, valued at approximately $7,171,065. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 3.41% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Sheets Smith Wealth Management lifted its holdings in Renasant by 13.3% in the second quarter. Sheets Smith Wealth Management now owns 9,851 shares of the financial services provider’s stock worth $448,000 after buying an additional 1,159 shares during the period. Metropolitan Life Insurance Co. NY lifted its holdings in shares of Renasant by 8.4% during the second quarter. Metropolitan Life Insurance Co. NY now owns 15,650 shares of the financial services provider’s stock valued at $712,000 after purchasing an additional 1,214 shares during the last quarter. BW Gestao de Investimentos Ltda. lifted its holdings in shares of Renasant by 12.9% during the first quarter. BW Gestao de Investimentos Ltda. now owns 11,034 shares of the financial services provider’s stock valued at $470,000 after purchasing an additional 1,258 shares during the last quarter. Swiss National Bank lifted its holdings in shares of Renasant by 2.1% during the first quarter. Swiss National Bank now owns 85,800 shares of the financial services provider’s stock valued at $3,652,000 after purchasing an additional 1,800 shares during the last quarter. Finally, MetLife Investment Advisors LLC lifted its holdings in shares of Renasant by 10.3% during the second quarter. MetLife Investment Advisors LLC now owns 22,158 shares of the financial services provider’s stock valued at $1,009,000 after purchasing an additional 2,071 shares during the last quarter. Institutional investors and hedge funds own 67.72% 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.

Further Reading: How to Invest in Growth Stocks

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Analyst Recommendations for Renasant (NASDAQ:RNST)

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