Renasant (NASDAQ:RNST) Cut to Market Perform at Hovde Group

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

RNST has been the subject of a number of other reports. Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 target price for the company in a research note on Wednesday, July 31st. Piper Sandler upgraded shares of Renasant from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $34.00 to $40.00 in a research report on Monday, August 5th. Truist Financial dropped their price target on shares of Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research report on Friday, September 20th. Stephens upgraded shares of Renasant from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $34.00 to $41.00 in a research note on Wednesday, July 31st. Finally, Keefe, Bruyette & Woods raised Renasant from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $36.00 to $40.00 in a report on Friday, August 2nd. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $39.33.

Renasant Price Performance

Shares of Renasant stock opened at $36.91 on Wednesday. The firm has a fifty day moving average price of $33.62 and a two-hundred day moving average price of $32.37. Renasant has a fifty-two week low of $26.28 and a fifty-two week high of $38.77. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The company has a market cap of $2.35 billion, a PE ratio of 12.02 and a beta of 1.01.

Renasant (NASDAQ:RNST) last released its earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, topping 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 return on equity of 6.70% and a net margin of 16.83%. During the same period last year, the business earned $0.75 earnings per share. Analysts expect that Renasant will post 2.64 EPS for the current year.

Renasant Announces Dividend

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

Insiders Place Their Bets

In other Renasant news, Director John Creekmore sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the completion of the sale, the director now owns 24,057 shares in the company, valued at approximately $914,166. This trade represents a 11.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.82% of the company’s stock.

Institutional Trading of Renasant

Several hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets lifted its holdings in Renasant by 74.7% during the 1st quarter. BNP Paribas Financial Markets now owns 41,701 shares of the financial services provider’s stock worth $1,306,000 after buying an additional 17,836 shares in the last quarter. Texas Permanent School Fund Corp lifted its stake in shares of Renasant by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 49,135 shares of the financial services provider’s stock valued at $1,539,000 after acquiring an additional 637 shares during the period. SG Americas Securities LLC bought a new position in Renasant in the first quarter valued at about $273,000. Russell Investments Group Ltd. increased its position in Renasant by 5.8% in the first quarter. Russell Investments Group Ltd. now owns 32,421 shares of the financial services provider’s stock worth $1,015,000 after purchasing an additional 1,765 shares during the period. Finally, ProShare Advisors LLC raised its holdings in Renasant by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 11,153 shares of the financial services provider’s stock worth $349,000 after purchasing an additional 765 shares during the last quarter. 77.31% of the stock is owned by institutional investors.

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.