Renasant (NASDAQ:RNST) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Renasant (NASDAQ:RNST) from a hold rating to a sell rating in a research report report published on Wednesday, Zacks.com reports.

According to Zacks, “Renasant Corporation is the parent of Renasant Bank and Renasant Insurance, Inc. “

Other analysts have also recently issued research reports about the company. SunTrust Banks assumed coverage on Renasant in a research report on Wednesday, June 26th. They set a hold rating and a $37.00 price objective for the company. They noted that the move was a valuation call. BidaskClub upgraded Renasant from a strong sell rating to a sell rating in a research report on Saturday, July 27th. Three equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. Renasant has an average rating of Hold and an average price target of $37.00.

Shares of NASDAQ:RNST traded up $0.10 during midday trading on Wednesday, hitting $32.24. 67,990 shares of the stock were exchanged, compared to its average volume of 240,047. The company has a market capitalization of $1.91 billion, a PE ratio of 10.75 and a beta of 1.20. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.12. Renasant has a twelve month low of $28.02 and a twelve month high of $47.65. The firm has a 50 day simple moving average of $34.81.

Renasant (NASDAQ:RNST) last released its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.01. The business had revenue of $154.76 million during the quarter, compared to the consensus estimate of $153.47 million. Renasant had a return on equity of 8.69% and a net margin of 24.65%. During the same quarter in the previous year, the company posted $0.74 EPS. As a group, sell-side analysts anticipate that Renasant will post 3.09 earnings per share for the current year.

In other Renasant news, EVP James W. Gray sold 2,431 shares of Renasant stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $34.84, for a total value of $84,696.04. Following the completion of the sale, the executive vice president now owns 58,880 shares in the company, valued at approximately $2,051,379.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.64% of the stock is owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Legal & General Group Plc grew its holdings in shares of Renasant by 7.6% in the fourth quarter. Legal & General Group Plc now owns 19,597 shares of the financial services provider’s stock valued at $592,000 after purchasing an additional 1,391 shares during the period. Norges Bank purchased a new position in shares of Renasant during the fourth quarter worth approximately $16,406,000. Geode Capital Management LLC grew its position in shares of Renasant by 8.7% during the fourth quarter. Geode Capital Management LLC now owns 574,644 shares of the financial services provider’s stock worth $17,342,000 after acquiring an additional 46,102 shares during the last quarter. American Century Companies Inc. purchased a new position in shares of Renasant during the fourth quarter worth approximately $2,010,000. Finally, BNP Paribas Arbitrage SA grew its position in shares of Renasant by 296.1% during the first quarter. BNP Paribas Arbitrage SA now owns 11,300 shares of the financial services provider’s stock worth $383,000 after acquiring an additional 8,447 shares during the last quarter. Institutional investors own 61.87% of the company’s stock.

Renasant Company Profile

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.

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