Renasant (NASDAQ:RNST) Shares Gap Down to $30.51

Renasant Co. (NASDAQ:RNST - Get Free Report)'s share price gapped down before the market opened on Wednesday . The stock had previously closed at $30.51, but opened at $29.70. Renasant shares last traded at $29.11, with a volume of 31,455 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on RNST shares. Truist Financial reduced their price objective on Renasant from $35.00 to $33.00 and set a "hold" rating for the company in a research note on Monday, April 1st. StockNews.com lowered shares of Renasant from a "hold" rating to a "sell" rating in a research report on Friday, April 19th. Stephens increased their target price on shares of Renasant from $36.00 to $37.00 and gave the company an "equal weight" rating in a research report on Tuesday, January 30th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Renasant from $34.00 to $35.00 and gave the stock a "market perform" rating in a report on Tuesday, January 30th. One analyst has rated the stock with a sell rating and four have given a hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $33.00.

Renasant Trading Up 0.5 %

The company has a market cap of $1.72 billion, a P/E ratio of 11.15 and a beta of 1.03. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.19. The firm's 50-day moving average price is $30.37 and its 200-day moving average price is $29.87.

Renasant (NASDAQ:RNST - Get Free Report) last issued its earnings results on Tuesday, April 23rd. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.02. Renasant had a net margin of 15.94% and a return on equity of 7.98%. The business had revenue of $254.56 million for the quarter, compared to analysts' expectations of $159.60 million. During the same quarter in the previous year, the firm posted $0.82 EPS. As a group, equities research analysts expect that Renasant Co. will post 2.63 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.22 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.88 annualized dividend and a yield of 2.87%. Renasant's dividend payout ratio is currently 34.11%.

Institutional Investors Weigh In On Renasant

Several hedge funds and other institutional investors have recently modified their holdings of RNST. SG Americas Securities LLC purchased a new stake in shares of Renasant in the third quarter worth $865,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Renasant by 23.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,191 shares of the financial services provider's stock worth $319,000 after buying an additional 2,350 shares in the last quarter. Strs Ohio grew its holdings in shares of Renasant by 14.3% during the 3rd quarter. Strs Ohio now owns 30,300 shares of the financial services provider's stock worth $793,000 after acquiring an additional 3,800 shares during the period. Watershed Asset Management L.L.C. lifted its stake in shares of Renasant by 8.2% in the 3rd quarter. Watershed Asset Management L.L.C. now owns 8,957 shares of the financial services provider's stock valued at $235,000 after purchasing an additional 680 shares during the period. Finally, Victory Capital Management Inc. grew its stake in Renasant by 89.4% in the third quarter. Victory Capital Management Inc. now owns 4,535,641 shares of the financial services provider's stock worth $118,788,000 after purchasing an additional 2,140,613 shares during the period. 77.31% of the stock is currently owned by institutional investors.

About Renasant

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.