BidaskClub Lowers Renasant (NASDAQ:RNST) to Strong Sell

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BidaskClub lowered shares of Renasant (NASDAQ:RNST) from a sell rating to a strong sell rating in a report released on Thursday morning, BidAskClub reports.

Several other research analysts have also issued reports on RNST. Zacks Investment Research lowered Renasant from a hold rating to a sell rating in a research note on Wednesday. SunTrust Banks assumed coverage on Renasant in a research note on Wednesday, June 26th. They set a hold rating and a $37.00 price objective for the company. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating and three have given a hold rating to the company. Renasant presently has a consensus rating of Hold and a consensus target price of $37.00.

Renasant stock opened at $33.10 on Thursday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.96 and a quick ratio of 0.91. The stock has a fifty day moving average price of $34.72 and a two-hundred day moving average price of $35.48. Renasant has a 52-week low of $28.02 and a 52-week high of $47.65. The firm has a market capitalization of $1.87 billion, a P/E ratio of 10.20 and a beta of 1.20.

Renasant (NASDAQ:RNST) last released its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.01. Renasant had a return on equity of 8.69% and a net margin of 24.65%. The firm had revenue of $154.76 million during the quarter, compared to analyst estimates of $153.47 million. During the same period in the prior year, the company posted $0.74 earnings per share. On average, equities research analysts predict that Renasant will post 3.05 EPS for the current fiscal year.

In other news, EVP James W. Gray sold 2,431 shares of the firm’s stock in a transaction on 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 directly owns 58,880 shares in the company, valued at $2,051,379.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 3.64% of the company’s stock.

Large investors have recently made changes to their positions in the company. State of Wisconsin Investment Board increased its stake in shares of Renasant by 29.7% in the first quarter. State of Wisconsin Investment Board now owns 252,801 shares of the financial services provider’s stock valued at $8,557,000 after buying an additional 57,900 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of Renasant by 0.9% in the first quarter. Wells Fargo & Company MN now owns 1,879,653 shares of the financial services provider’s stock valued at $63,627,000 after buying an additional 16,845 shares in the last quarter. Brighton Jones LLC acquired a new stake in shares of Renasant in the first quarter valued at $335,000. Geode Capital Management LLC increased its stake in shares of Renasant by 8.7% in the fourth quarter. Geode Capital Management LLC now owns 574,644 shares of the financial services provider’s stock valued at $17,342,000 after buying an additional 46,102 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Renasant in the fourth quarter valued at $16,406,000. Institutional investors own 61.87% of the company’s stock.

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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