Renasant (RNST) Downgraded by BidaskClub to “Strong Sell”

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BidaskClub cut shares of Renasant (NASDAQ:RNST) from a sell rating to a strong sell rating in a research note published on Tuesday.

Several other brokerages have also recently weighed in on RNST. Zacks Investment Research upgraded Renasant from a sell rating to a hold rating in a report on Wednesday, January 9th. Stephens reiterated a hold rating and issued a $36.00 target price on shares of Renasant in a report on Wednesday, December 19th. TheStreet cut Renasant from a b- rating to a c+ rating in a research report on Tuesday, December 11th. Finally, ValuEngine upgraded Renasant from a strong sell rating to a sell rating in a report on Tuesday, October 30th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. Renasant has a consensus rating of Hold and a consensus price target of $44.00.

Shares of NASDAQ:RNST opened at $34.46 on Tuesday. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $1.98 billion, a P/E ratio of 14.24 and a beta of 1.12. Renasant has a fifty-two week low of $28.02 and a fifty-two week high of $49.78.

Renasant (NASDAQ:RNST) last posted its quarterly earnings data on Monday, October 22nd. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.01. The business had revenue of $138.90 million during the quarter, compared to the consensus estimate of $142.06 million. Renasant had a return on equity of 8.70% and a net margin of 20.84%. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.53 earnings per share. On average, analysts expect that Renasant will post 3.01 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 1st. Investors of record on Tuesday, December 18th were given a $0.21 dividend. The ex-dividend date of this dividend was Monday, December 17th. This represents a $0.84 annualized dividend and a yield of 2.44%. This is an increase from Renasant’s previous quarterly dividend of $0.20. Renasant’s dividend payout ratio (DPR) is presently 34.71%.

In other Renasant news, Director Fred F. Sharpe bought 1,000 shares of the firm’s stock in a transaction that occurred on Monday, November 5th. The shares were bought at an average price of $35.45 per share, with a total value of $35,450.00. Following the purchase, the director now owns 13,676 shares of the company’s stock, valued at $484,814.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bartow Morgan, Jr. acquired 25,000 shares of Renasant stock in a transaction on Monday, December 10th. The stock was purchased at an average cost of $32.95 per share, for a total transaction of $823,750.00. Following the purchase, the insider now owns 346,522 shares in the company, valued at $11,417,899.90. The disclosure for this purchase can be found here. Insiders purchased a total of 42,238 shares of company stock worth $1,394,435 over the last 90 days. 3.41% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of the business. Teachers Advisors LLC boosted its position in shares of Renasant by 1.0% during the third quarter. Teachers Advisors LLC now owns 89,222 shares of the financial services provider’s stock worth $3,677,000 after buying an additional 855 shares during the period. Vanguard Group Inc boosted its position in Renasant by 1.3% during the 3rd quarter. Vanguard Group Inc now owns 4,098,733 shares of the financial services provider’s stock worth $168,909,000 after purchasing an additional 54,183 shares during the period. Federated Investors Inc. PA boosted its position in Renasant by 213.7% in the 3rd quarter. Federated Investors Inc. PA now owns 734 shares of the financial services provider’s stock valued at $30,000 after buying an additional 500 shares during the last quarter. Marshall Wace North America L.P. acquired a new stake in Renasant during the third quarter worth about $836,000. Finally, Marshall Wace LLP acquired a new position in shares of Renasant during the third quarter valued at approximately $3,726,000. Institutional investors own 59.22% of the company’s stock.

About Renasant

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.

Read More: Mutual Funds

Analyst Recommendations for Renasant (NASDAQ:RNST)

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