Renasant (NASDAQ:RNST) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of Renasant (NASDAQ:RNST) from a sell rating to a hold rating in a report issued on Saturday.

RNST has been the subject of a number of other research reports. Stephens boosted 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. Keefe, Bruyette & Woods boosted their target price on Renasant from $34.00 to $35.00 and gave the stock a market perform rating in a report on Tuesday, January 30th. Finally, Truist Financial decreased their target price on Renasant from $35.00 to $33.00 and set a hold rating for the company in a report on Monday, April 1st. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $33.00.

Renasant Stock Down 0.2 %

RNST opened at $29.85 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.93 and a quick ratio of 0.90. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of 9.98 and a beta of 1.03. The business has a 50-day moving average of $30.26 and a two-hundred day moving average of $29.93. Renasant has a 12 month low of $22.99 and a 12 month high of $34.85.

Renasant (NASDAQ:RNST) last posted its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.65 EPS for the quarter, beating the consensus estimate of $0.63 by $0.02. The company had revenue of $254.56 million during the quarter, compared to analysts’ expectations of $159.60 million. Renasant had a return on equity of 7.44% and a net margin of 14.67%. During the same quarter in the previous year, the business earned $0.82 EPS. On average, research analysts expect that Renasant will post 2.62 earnings per share for the current year.

Renasant Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.95%. The ex-dividend date is Friday, June 14th. Renasant’s dividend payout ratio (DPR) is presently 35.77%.

Hedge Funds Weigh In On Renasant

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Resolute Wealth Strategies LLC lifted its position in Renasant by 0.6% during the 3rd quarter. Resolute Wealth Strategies LLC now owns 75,058 shares of the financial services provider’s stock worth $1,966,000 after acquiring an additional 435 shares in the last quarter. Covestor Ltd lifted its position in Renasant by 26.6% during 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 in the last quarter. Watershed Asset Management L.L.C. lifted its position in Renasant by 8.2% during the 3rd quarter. Watershed Asset Management L.L.C. now owns 8,957 shares of the financial services provider’s stock worth $235,000 after acquiring an additional 680 shares in the last quarter. GAMMA Investing LLC acquired a new position in Renasant during the 4th quarter worth approximately $25,000. Finally, New York State Common Retirement Fund lifted its position in Renasant by 0.3% during the 4th quarter. New York State Common Retirement Fund now owns 314,417 shares of the financial services provider’s stock worth $10,590,000 after acquiring an additional 829 shares in the last quarter. 77.31% of the stock is owned by institutional investors and hedge funds.

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.