Renasant (NASDAQ:RNST) Lowered to Market Perform Rating by Hovde Group

Hovde Group downgraded shares of Renasant (NASDAQ:RNST) from an outperform rating to a market perform rating in a report issued on Wednesday, MarketBeat.com reports.

Other equities analysts have also issued research reports about the stock. Truist Financial decreased their price target on shares of Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a report on Friday, September 20th. Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price target for the company in a report on Wednesday, July 31st. Keefe, Bruyette & Woods raised Renasant from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $36.00 to $40.00 in a research report on Friday, August 2nd. Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $34.00 to $41.00 in a research report on Wednesday, July 31st. Finally, Piper Sandler upgraded shares of Renasant from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $34.00 to $40.00 in a report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Renasant currently has a consensus rating of “Moderate Buy” and an average price target of $39.33.

Renasant Trading Up 0.4 %

NASDAQ:RNST opened at $36.91 on Wednesday. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. Renasant has a 1-year low of $26.28 and a 1-year high of $38.77. The firm has a market capitalization of $2.35 billion, a price-to-earnings ratio of 12.02 and a beta of 1.01. The business’s 50-day moving average price is $33.62 and its two-hundred day moving average price is $32.37.

Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. The business had revenue of $318.34 million for the quarter, compared to the consensus estimate of $184.73 million. Renasant had a net margin of 16.83% and a return on equity of 6.70%. During the same period last year, the company posted $0.75 EPS. On average, equities analysts expect that Renasant will post 2.64 earnings per share for the current year.

Renasant Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Wednesday, December 18th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.38%. Renasant’s dividend payout ratio (DPR) is presently 28.66%.

Insider Transactions at Renasant

In other Renasant news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the sale, the director now directly owns 24,057 shares in the company, valued at approximately $914,166. The trade was a 11.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Renasant

Hedge funds have recently modified their holdings of the stock. Quarry LP boosted its position in Renasant by 698.3% during the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 817 shares during the last quarter. Hantz Financial Services Inc. bought a new stake in shares of Renasant during the 2nd quarter worth approximately $29,000. Meeder Asset Management Inc. acquired a new stake in shares of Renasant in the 2nd quarter valued at approximately $39,000. Innealta Capital LLC bought a new position in shares of Renasant in the second quarter valued at $48,000. Finally, KBC Group NV increased its holdings in Renasant by 32.0% during the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock worth $80,000 after buying an additional 596 shares during the last quarter. 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.