BidaskClub Lowers Renasant (RNST) to Sell

BidaskClub downgraded shares of Renasant (NASDAQ:RNST) from a hold rating to a sell rating in a research note released on Friday morning.

A number of other research analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Renasant from a buy rating to a hold rating in a research report on Saturday, October 21st. Keefe, Bruyette & Woods restated a hold rating and set a $45.00 target price on shares of Renasant in a research report on Friday, December 22nd. ValuEngine lowered shares of Renasant from a buy rating to a hold rating in a research report on Thursday, November 9th. Sandler O’Neill restated a hold rating and set a $45.00 target price on shares of Renasant in a research report on Thursday, January 4th. Finally, Hovde Group set a $47.00 target price on shares of Renasant and gave the stock a hold rating in a research report on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. Renasant presently has an average rating of Hold and an average price target of $45.60.

Renasant (NASDAQ RNST) opened at $43.72 on Friday. The firm has a market cap of $2,160.00, a PE ratio of 22.08 and a beta of 1.01. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.14. Renasant has a fifty-two week low of $37.68 and a fifty-two week high of $45.31.

Renasant (NASDAQ:RNST) last released its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $0.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.03. The company had revenue of $125.70 million during the quarter, compared to the consensus estimate of $124.55 million. equities research analysts anticipate that Renasant will post 3.03 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date was Thursday, December 14th. This is a positive change from Renasant’s previous quarterly dividend of $0.18. Renasant’s dividend payout ratio is presently 38.38%.

In other Renasant news, EVP William Mark Williams sold 7,000 shares of the stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $41.32, for a total transaction of $289,240.00. Following the transaction, the executive vice president now owns 21,652 shares in the company, valued at approximately $894,660.64. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Michael D. Shmerling purchased 1,000 shares of Renasant stock in a transaction that occurred on Friday, November 10th. The shares were purchased at an average price of $39.40 per share, for a total transaction of $39,400.00. Following the transaction, the director now directly owns 157,347 shares in the company, valued at approximately $6,199,471.80. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 22,729 shares of company stock worth $932,963. Company insiders own 3.86% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Amalgamated Bank boosted its position in shares of Renasant by 1.2% during the 2nd quarter. Amalgamated Bank now owns 5,415 shares of the financial services provider’s stock worth $237,000 after acquiring an additional 65 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Renasant by 1.1% during the 2nd quarter. Legal & General Group Plc now owns 16,021 shares of the financial services provider’s stock worth $702,000 after acquiring an additional 178 shares in the last quarter. Ameritas Investment Partners Inc. boosted its position in shares of Renasant by 7.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,792 shares of the financial services provider’s stock worth $166,000 after acquiring an additional 264 shares in the last quarter. Advisor Group Inc. boosted its position in shares of Renasant by 13.3% during the 2nd quarter. Advisor Group Inc. now owns 3,168 shares of the financial services provider’s stock worth $138,000 after acquiring an additional 371 shares in the last quarter. Finally, Citadel Advisors LLC boosted its position in shares of Renasant by 6.2% during the 2nd quarter. Citadel Advisors LLC now owns 29,662 shares of the financial services provider’s stock worth $1,297,000 after acquiring an additional 1,742 shares in the last quarter. Institutional investors and hedge funds own 64.65% of the company’s stock.

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Renasant Company Profile

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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