Hovde Group Downgrades Renasant (NASDAQ:RNST) to Market Perform

Hovde Group downgraded shares of Renasant (NASDAQ:RNST) from an outperform rating to a market perform rating in a report published on Wednesday, Marketbeat.com reports.

A number of other research firms have also recently issued reports on RNST. Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $34.00 to $41.00 in a research report on Wednesday, July 31st. Keefe, Bruyette & Woods upgraded Renasant from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $36.00 to $40.00 in a research report on Friday, August 2nd. Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $34.00 to $40.00 in a research report on Monday, August 5th. Truist Financial reduced their price target on Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a report on Friday, September 20th. Finally, Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price target on the stock in a report 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. According to MarketBeat, Renasant presently has an average rating of “Moderate Buy” and a consensus target price of $39.33.

Renasant Stock Down 1.0 %

Shares of NASDAQ RNST opened at $37.01 on Wednesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. Renasant has a 52 week low of $26.28 and a 52 week high of $38.77. The stock has a market capitalization of $2.35 billion, a P/E ratio of 12.06 and a beta of 1.01. The stock’s fifty day moving average is $33.47 and its 200 day moving average is $32.26.

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

Insider Buying and Selling

In related news, Director John Creekmore sold 3,000 shares of Renasant 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 transaction, the director now directly owns 24,057 shares of the company’s stock, valued at $914,166. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.82% of the stock is owned by insiders.

Hedge Funds Weigh In On Renasant

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. lifted its stake in shares of Renasant by 1.7% in the third quarter. Victory Capital Management Inc. now owns 3,955,366 shares of the financial services provider’s stock worth $128,549,000 after acquiring an additional 65,777 shares during the period. Dimensional Fund Advisors LP lifted its stake in Renasant by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,887,606 shares of the financial services provider’s stock valued at $118,725,000 after buying an additional 22,821 shares during the period. Westwood Holdings Group Inc. lifted its stake in Renasant by 13.0% in the first quarter. Westwood Holdings Group Inc. now owns 2,151,074 shares of the financial services provider’s stock valued at $67,372,000 after buying an additional 247,354 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in Renasant by 21.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock valued at $56,775,000 after buying an additional 303,945 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in 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 buying an additional 131,821 shares during the period. 77.31% of the stock is owned by institutional investors and hedge funds.

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.