Renasant (NASDAQ:RNST) Shares Gap Down to $30.51

Renasant Co. (NASDAQ:RNST) shares gapped down prior to trading on Wednesday . The stock had previously closed at $30.51, but opened at $29.70. Renasant shares last traded at $29.11, with a volume of 31,455 shares traded.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RNST. Stephens increased their target price on Renasant from $36.00 to $37.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 30th. StockNews.com lowered Renasant from a “hold” rating to a “sell” rating in a research report on Friday, April 19th. Truist Financial lowered their price target on Renasant from $35.00 to $33.00 and set a “hold” rating for the company in a research report on Monday, April 1st. Finally, Keefe, Bruyette & Woods increased their price target on Renasant from $34.00 to $35.00 and gave the company a “market perform” rating in a research report on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $33.00.

Renasant Trading Down 2.6 %

The stock has a market capitalization of $1.67 billion, a PE ratio of 11.15 and a beta of 1.03. The firm has a 50-day moving average price of $30.37 and a 200-day moving average price of $29.87. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.19.

Renasant (NASDAQ:RNST) last announced its earnings results on Tuesday, April 23rd. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.02. Renasant had a return on equity of 7.98% and a net margin of 15.94%. The firm had revenue of $254.56 million during the quarter, compared to analyst estimates of $159.60 million. During the same period last year, the firm posted $0.82 EPS. As a group, equities analysts forecast that Renasant Co. will post 2.63 EPS for the current fiscal year.

Renasant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.96%. The ex-dividend date is Friday, June 14th. Renasant’s dividend payout ratio (DPR) is currently 34.11%.

Institutional Investors Weigh In On Renasant

Large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC purchased a new stake in Renasant in the 4th quarter worth about $25,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in Renasant in the 4th quarter worth about $37,000. TFO Wealth Partners LLC increased its holdings in Renasant by 13,710.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,381 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 1,371 shares during the last quarter. Covestor Ltd increased its holdings in Renasant by 26.6% in the 3rd quarter. Covestor Ltd now owns 2,204 shares of the financial services provider’s stock worth $58,000 after acquiring an additional 463 shares during the last quarter. Finally, Criterion Capital Advisors LLC purchased a new stake in Renasant in the 4th quarter worth about $113,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.

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.