Renasant (RNST) Downgraded to “Sell” at BidaskClub

BidaskClub downgraded shares of Renasant (NASDAQ:RNST) from a hold rating to a sell rating in a research report sent to investors on Friday.

A number of other research analysts have also recently commented on the company. Hovde Group set a $47.00 target price on Renasant and gave the company a hold rating in a research note on Friday, January 19th. Zacks Investment Research raised Renasant from a hold rating to a buy rating and set a $47.00 target price on the stock in a research note on Wednesday, January 10th. Sandler O’Neill reissued a hold rating and issued a $45.00 target price on shares of Renasant in a research note on Thursday, January 4th. Keefe, Bruyette & Woods reissued a hold rating and issued a $45.00 target price on shares of Renasant in a research note on Friday, December 22nd. Finally, ValuEngine cut Renasant from a buy rating to a hold rating in a research note on Thursday, November 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. The company has an average rating of Hold and an average price target of $45.60.

Renasant (NASDAQ RNST) opened at $43.56 on Friday. The company has a market capitalization of $2,156.32, a price-to-earnings ratio of 22.11 and a beta of 1.01. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.93 and a quick ratio of 0.91. Renasant has a 12 month low of $37.68 and a 12 month high of $45.31.

Renasant (NASDAQ:RNST) last released its earnings results on Tuesday, January 16th. The financial services provider reported $0.64 EPS for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.03. The business had revenue of $125.70 million for the quarter, compared to analysts’ expectations of $124.55 million. Renasant had a return on equity of 8.45% and a net margin of 18.19%. equities analysts forecast that Renasant will post 3.03 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th were paid a dividend of $0.19 per share. This is a boost from Renasant’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date of this dividend was Thursday, December 14th. Renasant’s dividend payout ratio (DPR) is 38.58%.

In other news, EVP William Mark Williams sold 7,000 shares of the firm’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $41.32, for a total transaction of $289,240.00. Following the transaction, the executive vice president now directly owns 21,652 shares of the company’s stock, valued at $894,660.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael D. Shmerling acquired 1,000 shares of Renasant stock in a transaction dated Friday, November 10th. The shares were bought at an average cost of $39.40 per share, for a total transaction of $39,400.00. Following the completion of the purchase, the director now directly owns 157,347 shares of the company’s stock, valued at approximately $6,199,471.80. The disclosure for this purchase can be found here. Insiders have sold 22,729 shares of company stock worth $932,963 over the last ninety days. Insiders own 3.86% of the company’s stock.

Several large investors have recently made changes to their positions in RNST. Advisor Group Inc. grew its stake in shares of Renasant by 13.3% during the second quarter. Advisor Group Inc. now owns 3,168 shares of the financial services provider’s stock valued at $138,000 after buying an additional 371 shares during the last quarter. Ameritas Investment Partners Inc. grew its stake in shares of Renasant by 7.5% during the second quarter. Ameritas Investment Partners Inc. now owns 3,792 shares of the financial services provider’s stock valued at $166,000 after buying an additional 264 shares during the last quarter. Highwater Wealth Management LLC bought a new position in shares of Renasant during the third quarter valued at about $213,000. Jane Street Group LLC bought a new position in shares of Renasant during the third quarter valued at about $217,000. Finally, Amalgamated Bank grew its stake in shares of Renasant by 1.2% during the second quarter. Amalgamated Bank now owns 5,415 shares of the financial services provider’s stock valued at $237,000 after buying an additional 65 shares during the last quarter. 65.19% of the stock is currently owned by hedge funds and other institutional investors.

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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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