Renasant (RNST) Downgraded by Zacks Investment Research

Renasant (NASDAQ:RNST) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

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

A number of other research firms have also commented on RNST. BidaskClub lowered Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 26th. Hovde Group set a $47.00 target price on Renasant and gave the stock a “hold” rating in a research report on Friday, January 19th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $45.00 target price on shares of Renasant in a research report on Friday, December 22nd. Sandler O’Neill reiterated a “hold” rating and set a $45.00 target price on shares of Renasant in a research report on Thursday, January 4th. Finally, Hilliard Lyons upgraded Renasant from a “neutral” rating to a “buy” rating in a research report on Friday, February 9th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $45.60.

Shares of Renasant (NASDAQ:RNST) opened at $41.72 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.91 and a current ratio of 0.93. The company has a market capitalization of $2,064.09, a price-to-earnings ratio of 21.18 and a beta of 1.03. Renasant has a 52 week low of $37.68 and a 52 week high of $45.31.

Renasant (NASDAQ:RNST) last posted its quarterly earnings data on Tuesday, January 16th. The financial services provider reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.03. The business had revenue of $125.70 million for the quarter, compared to analyst estimates of $124.55 million. Renasant had a return on equity of 8.45% and a net margin of 18.19%. research analysts expect that Renasant will post 3.01 EPS for the current year.

In other Renasant news, Director Fred F. Sharpe bought 2,000 shares of Renasant stock in a transaction that occurred on Friday, January 19th. The shares were purchased at an average cost of $43.80 per share, for a total transaction of $87,600.00. Following the completion of the transaction, the director now owns 11,666 shares of the company’s stock, valued at approximately $510,970.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director J Niles Mcneel sold 12,990 shares of the stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $40.85, for a total value of $530,641.50. Following the transaction, the director now owns 24,431 shares in the company, valued at $998,006.35. The disclosure for this sale can be found here. Insiders have sold 32,679 shares of company stock worth $1,362,610 over the last quarter. 3.86% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Renasant by 2.8% in the 2nd quarter. Vanguard Group Inc. now owns 3,505,554 shares of the financial services provider’s stock worth $153,333,000 after purchasing an additional 95,523 shares during the period. BlackRock Inc. raised its holdings in shares of Renasant by 5.7% in the 4th quarter. BlackRock Inc. now owns 3,025,099 shares of the financial services provider’s stock worth $123,696,000 after purchasing an additional 162,700 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Renasant by 2.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 3,017,641 shares of the financial services provider’s stock worth $129,456,000 after purchasing an additional 82,379 shares during the period. Wells Fargo & Company MN raised its holdings in shares of Renasant by 13.0% in the 4th quarter. Wells Fargo & Company MN now owns 1,607,332 shares of the financial services provider’s stock worth $65,723,000 after purchasing an additional 184,315 shares during the period. Finally, Frontier Capital Management Co. LLC raised its holdings in shares of Renasant by 2.2% in the 3rd quarter. Frontier Capital Management Co. LLC now owns 1,273,099 shares of the financial services provider’s stock worth $54,616,000 after purchasing an additional 27,222 shares during the period. Institutional investors own 65.28% of the company’s stock.

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About Renasant

Renasant Corporation is a bank holding company that owns and operates Renasant Bank (the Bank) and Renasant Insurance, Inc (Renasant Insurance). The Company’s segments include Community Banks, which delivers a range of banking and financial services to individuals and small to medium-sized businesses, including checking and savings accounts, business and personal loans, equipment leasing, as well as safe deposit and night depository facilities; Insurance, which includes a full service insurance agency offering all lines of commercial and personal insurance through major carriers; Wealth Management, which offers a range of fiduciary services that includes the administration and management of trust accounts, including personal and corporate benefit accounts, and custodial accounts, and Other.

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