Zacks Investment Research Downgrades Renasant (NASDAQ:RNST) to Sell

Renasant (NASDAQ:RNST) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday, Zacks.com reports.

According to Zacks, “Renasant Corporation is the parent of Renasant Bank and Renasant Insurance, Inc. “

RNST has been the subject of several other reports. SunTrust Banks began coverage on TAKE-TWO INTERACTIVE SOFTWARE in a research note on Wednesday, June 26th. They set a “buy” rating and a $125.00 price target for the company. BidaskClub lowered Zions Bancorporation NA from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 15th. Three equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. Renasant currently has a consensus rating of “Hold” and an average target price of $37.00.

Shares of NASDAQ:RNST opened at $35.48 on Friday. The firm has a market capitalization of $2.08 billion, a price-to-earnings ratio of 11.83 and a beta of 1.20. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.93. The stock’s 50-day moving average price is $35.22. Renasant has a 12 month low of $28.02 and a 12 month high of $47.65.

Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.77 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.77. The company had revenue of $150.50 million during the quarter, compared to analyst estimates of $150.40 million. Renasant had a return on equity of 8.76% and a net margin of 24.55%. The firm’s revenue was up 20.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.70 earnings per share. As a group, research analysts predict that Renasant will post 3.19 EPS for the current year.

In other news, EVP James W. Gray sold 2,431 shares of the company’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $34.84, for a total value of $84,696.04. Following the completion of the sale, the executive vice president now owns 58,880 shares of the company’s stock, valued at $2,051,379.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.64% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank purchased a new position in Renasant in the fourth quarter valued at about $16,406,000. Westwood Holdings Group Inc. boosted its holdings in Renasant by 53.9% in the first quarter. Westwood Holdings Group Inc. now owns 1,200,353 shares of the financial services provider’s stock valued at $40,632,000 after purchasing an additional 420,195 shares during the last quarter. BlackRock Inc. boosted its holdings in Renasant by 8.9% in the fourth quarter. BlackRock Inc. now owns 3,630,777 shares of the financial services provider’s stock valued at $109,576,000 after purchasing an additional 297,791 shares during the last quarter. Frontier Capital Management Co. LLC boosted its holdings in Renasant by 7.2% in the first quarter. Frontier Capital Management Co. LLC now owns 1,439,126 shares of the financial services provider’s stock valued at $48,714,000 after purchasing an additional 96,845 shares during the last quarter. Finally, Brown Advisory Inc. boosted its holdings in Renasant by 35.0% in the fourth quarter. Brown Advisory Inc. now owns 302,907 shares of the financial services provider’s stock valued at $9,142,000 after purchasing an additional 78,517 shares during the last quarter. 61.79% of the stock is owned by institutional investors.

Renasant Company Profile

Renasant Corporation operates as a bank holding company for Renasant Bank, which provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings, money market, individual retirement, and health savings accounts, as well as safe deposit and night depository facilities.

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