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

Hovde Group lowered shares of Renasant (NASDAQ:RNST) from an outperform rating to a market perform rating in a research note released on Wednesday, MarketBeat Ratings reports.

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

Renasant Stock Up 0.4 %

Shares of NASDAQ RNST opened at $36.91 on Wednesday. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of 12.02 and a beta of 1.01. 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 business has a 50-day moving average of $33.62 and a two-hundred day moving average of $32.35. Renasant has a 1 year low of $26.28 and a 1 year high of $38.77.

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

Renasant Dividend Announcement

The company 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 $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date is Wednesday, December 18th. Renasant’s dividend payout ratio is currently 28.66%.

Insider Buying and Selling

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

Institutional Investors Weigh In On Renasant

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Mutual of America Capital Management LLC lifted its stake in Renasant by 3.2% in the 3rd quarter. Mutual of America Capital Management LLC now owns 9,560 shares of the financial services provider’s stock valued at $311,000 after buying an additional 300 shares in the last quarter. Louisiana State Employees Retirement System lifted its stake in shares of Renasant by 1.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 28,300 shares of the financial services provider’s stock worth $864,000 after purchasing an additional 500 shares during the period. KBC Group NV lifted its stake in shares of Renasant by 32.0% during the 3rd quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock worth $80,000 after purchasing an additional 596 shares during the period. Texas Permanent School Fund Corp lifted its stake in shares of Renasant by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 49,135 shares of the financial services provider’s stock worth $1,539,000 after purchasing an additional 637 shares during the period. Finally, HighTower Advisors LLC lifted its stake in shares of Renasant by 7.1% during the 3rd quarter. HighTower Advisors LLC now owns 11,126 shares of the financial services provider’s stock worth $365,000 after purchasing an additional 734 shares during the period. 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.