Renasant (NASDAQ:RNST) Cut to “Market Perform” at Hovde Group

Renasant (NASDAQ:RNST) was downgraded by stock analysts at Hovde Group from an “outperform” rating to a “market perform” rating in a note issued to investors on Wednesday, MarketBeat.com reports.

RNST has been the subject of a number of other research reports. Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a report on Wednesday, July 31st. Keefe, Bruyette & Woods raised shares of Renasant from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $36.00 to $40.00 in a research note on Friday, August 2nd. Stephens raised shares of Renasant from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $34.00 to $41.00 in a research report on Wednesday, July 31st. Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $34.00 to $40.00 in a report on Monday, August 5th. Finally, Truist Financial dropped their target price on shares of Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a report on Friday, September 20th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $39.33.

Renasant Price Performance

RNST stock opened at $36.75 on Wednesday. Renasant has a 52 week low of $26.28 and a 52 week high of $38.77. The firm has a market capitalization of $2.34 billion, a P/E ratio of 11.97 and a beta of 1.01. The company has a fifty day simple moving average of $33.47 and a two-hundred day simple moving average of $32.26. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

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

Insider Transactions at Renasant

In other news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total transaction of $114,000.00. Following the completion of the sale, the director now directly owns 24,057 shares in the company, valued at approximately $914,166. The trade was a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.82% of the company’s stock.

Institutional Trading of Renasant

A number of hedge funds and other institutional investors have recently made changes to their positions in RNST. Hantz Financial Services Inc. acquired a new stake in Renasant during the second quarter valued at $29,000. Quarry LP increased its position in shares of Renasant by 698.3% in the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock valued at $29,000 after buying an additional 817 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in shares of Renasant during the 2nd quarter valued at approximately $39,000. Innealta Capital LLC acquired a new position in Renasant during the second quarter worth $48,000. Finally, KBC Group NV increased its stake in shares of Renasant by 32.0% during the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock worth $80,000 after purchasing an additional 596 shares in the last quarter. Institutional investors and hedge funds own 77.31% of the company’s stock.

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.