Renasant (NASDAQ:RNST) Lowered to “Sell” Rating by StockNews.com

StockNews.com downgraded shares of Renasant (NASDAQ:RNST) from a hold rating to a sell rating in a research report report published on Friday morning.

Several other equities analysts have also recently weighed in on RNST. Stephens boosted their price objective on Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a research report on Thursday. Piper Sandler increased their price objective on Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday. Raymond James reaffirmed an “outperform” rating and set a $44.00 target price (up previously from $40.00) on shares of Renasant in a research report on Thursday. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $46.00 price target (up from $45.00) on shares of Renasant in a report on Thursday. Finally, Hovde Group downgraded shares of Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $42.83.

Renasant Stock Down 1.0 %

Shares of RNST stock opened at $38.82 on Friday. The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of 13.66 and a beta of 1.03. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The stock’s 50 day simple moving average is $36.46 and its 200 day simple moving average is $34.83. Renasant has a twelve month low of $27.98 and a twelve month high of $39.55.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th were given a dividend of $0.22 per share. The ex-dividend date was Wednesday, December 18th. This represents a $0.88 annualized dividend and a dividend yield of 2.27%. Renasant’s dividend payout ratio (DPR) is currently 26.91%.

Insiders Place Their Bets

In other news, Director John Creekmore sold 3,000 shares of the 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 completion of the transaction, the director now directly owns 24,057 shares of the company’s stock, valued at approximately $914,166. This represents a 11.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.82% of the company’s stock.

Institutional Trading of Renasant

A number of large investors have recently bought and sold shares of the stock. State Street Corp boosted its stake in shares of Renasant by 26.5% in the 3rd quarter. State Street Corp now owns 3,369,915 shares of the financial services provider’s stock valued at $109,522,000 after purchasing an additional 705,344 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Renasant by 81.1% in the third quarter. JPMorgan Chase & Co. now owns 263,353 shares of the financial services provider’s stock valued at $8,559,000 after buying an additional 117,950 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Renasant during the third quarter worth approximately $2,534,000. Charles Schwab Investment Management Inc. raised its stake in shares of Renasant by 21.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 734,744 shares of the financial services provider’s stock valued at $23,879,000 after acquiring an additional 131,821 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of Renasant by 122.0% in the 3rd quarter. Franklin Resources Inc. now owns 27,669 shares of the financial services provider’s stock worth $910,000 after acquiring an additional 15,203 shares in the last quarter. 77.31% of the stock is currently 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.