Renasant (NYSE:RNST) Cut to Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Renasant from “hold” to “sell.” Other analysts were mixed, while MarketBeat reports an average “Buy” rating and a $46 price target.
• Renasant’s latest quarterly results missed expectations: earnings were $0.86 per share versus $0.94 forecast, and revenue was $272.96 million versus $282.34 million expected.
• Shares opened at $39.43 and were down 0.7%; the stock’s 12-month range is $33.15 to $44.54.

Renasant (NYSE:RNST - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Saturday, Wall Street Zen reports.

Several other analysts also recently weighed in on RNST. TD Cowen dropped their price target on Renasant from $46.00 to $45.00 and set a "buy" rating on the stock in a research note on Thursday, October 29th. Piper Sandler boosted their target price on Renasant from $46.00 to $48.00 and gave the stock an "overweight" rating in a report on Thursday, July 30th. Raymond James Financial cut shares of Renasant from a "strong-buy" rating to an "outperform" rating and dropped their target price for the company from $50.00 to $45.00 in a report on Thursday, October 29th. Finally, Weiss Ratings raised Renasant from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Five analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $46.00.

Renasant Trading Down 0.7%

Shares of RNST stock opened at $39.43 on Friday. Renasant has a 12 month low of $33.15 and a 12 month high of $44.54. The company has a market cap of $3.60 billion, a PE ratio of 11.14 and a beta of 1.02. The business's 50 day moving average is $40.20 and its two-hundred day moving average is $40.28. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.20.

Renasant (NYSE:RNST - Get Free Report) last issued its earnings results on Tuesday, October 27th. The company reported $0.86 earnings per share for the quarter, missing analysts' consensus estimates of $0.94 by ($0.08). The firm had revenue of $272.96 million for the quarter, compared to analyst estimates of $282.34 million. Renasant had a return on equity of 8.83% and a net margin of 21.16%. During the same quarter in the previous year, the firm posted $0.77 earnings per share. Equities analysts predict that Renasant will post 3.69 EPS for the current year.

Institutional Trading of Renasant

A number of hedge funds have recently modified their holdings of the company. Salomon & Ludwin LLC increased its holdings in Renasant by 153.1% in the 3rd quarter. Salomon & Ludwin LLC now owns 1,063 shares of the company's stock worth $41,000 after purchasing an additional 643 shares in the last quarter. FNY Investment Advisers LLC boosted its holdings in shares of Renasant by 151.9% in the 2nd quarter. FNY Investment Advisers LLC now owns 1,063 shares of the company's stock worth $45,000 after purchasing an additional 641 shares during the period. Nykredit A S acquired a new position in Renasant during the 2nd quarter valued at approximately $47,000. Versant Capital Management Inc lifted its stake in shares of Renasant by 33.6% in the second quarter. Versant Capital Management Inc now owns 1,276 shares of the company's stock worth $54,000 after buying an additional 321 shares in the last quarter. Finally, Assetmark Inc. acquired a new position in Renasant during the 1st quarter worth $89,000. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Renasant Company Profile

Renasant Corporation is a financial services holding company headquartered in Tupelo, Mississippi. Through its principal subsidiary, Renasant Bank, the company provides banking and related financial services to individuals, families, small businesses, commercial clients and other organizations.

Renasant Bank offers deposit accounts, consumer and commercial lending, residential mortgages, treasury management and other business banking services. Its broader offerings also include wealth management, trust and investment services, financial planning and insurance-related solutions.

Renasant traces its banking history to 1904 and has expanded through organic growth and acquisitions.

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