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

Renasant Co. (NASDAQ:RNST) shares gapped down prior to trading 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 trading hands.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Truist Financial lowered their price target on shares of Renasant from $35.00 to $33.00 and set a “hold” rating on the stock in a report on Monday, April 1st. Keefe, Bruyette & Woods increased 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. StockNews.com downgraded shares of Renasant from a “hold” rating to a “sell” rating in a report on Friday, April 19th. Finally, Stephens increased their price target on shares of Renasant from $36.00 to $37.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $33.00.

Renasant Price Performance

The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.18. The stock’s 50-day simple moving average is $30.31 and its two-hundred day simple moving average is $29.87. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of 10.25 and a beta of 1.03.

Renasant (NASDAQ:RNST) last posted its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. The company had revenue of $254.56 million during the quarter, compared to analysts’ expectations of $159.60 million. Renasant had a net margin of 14.67% and a return on equity of 7.44%. During the same period in the prior year, the business posted $0.82 earnings per share. Equities research analysts predict that Renasant Co. will post 2.63 earnings per share for the current year.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date is Friday, June 14th. Renasant’s dividend payout ratio is presently 35.77%.

Hedge Funds Weigh In On Renasant

Large investors have recently added to or reduced their stakes in the stock. Duncan Williams Asset Management LLC acquired a new stake in shares of Renasant in the first quarter valued at about $290,000. Vanguard Group Inc. raised its position in shares of Renasant by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 6,416,896 shares of the financial services provider’s stock valued at $216,121,000 after buying an additional 16,417 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Renasant by 4.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 830,687 shares of the financial services provider’s stock valued at $27,978,000 after buying an additional 38,036 shares during the last quarter. Mendon Capital Advisors Corp acquired a new stake in shares of Renasant in the fourth quarter valued at about $1,684,000. Finally, Frontier Capital Management Co. LLC raised its position in shares of Renasant by 6.5% in the fourth quarter. Frontier Capital Management Co. LLC now owns 744,338 shares of the financial services provider’s stock valued at $25,069,000 after buying an additional 45,461 shares during the last quarter. 77.31% of the stock is currently owned by institutional investors and hedge funds.

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.