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

Renasant Co. (NASDAQ:RNST)’s stock 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 trading hands.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RNST. StockNews.com cut shares of Renasant from a “hold” rating to a “sell” rating in a report on Friday, April 19th. Truist Financial lowered their price objective on Renasant from $35.00 to $33.00 and set a “hold” rating on the stock in a research report on Monday, April 1st. Stephens lifted their target price on Renasant from $36.00 to $37.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 30th. Finally, Keefe, Bruyette & Woods upped their price target on Renasant from $34.00 to $35.00 and gave the company a “market perform” rating in a report on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $33.00.

Renasant Trading Down 2.6 %

The company has a debt-to-equity ratio of 0.19, a current ratio of 0.91 and a quick ratio of 0.90. The company has a market cap of $1.67 billion, a P/E ratio of 11.15 and a beta of 1.03. The stock’s 50-day moving average is $30.37 and its two-hundred day moving average is $29.87.

Renasant (NASDAQ:RNST) last released its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.02. Renasant had a return on equity of 7.98% and a net margin of 15.94%. The firm had revenue of $254.56 million for the quarter, compared to analysts’ expectations of $159.60 million. During the same period in the prior year, the firm earned $0.82 EPS. As a group, equities research analysts predict that Renasant Co. will post 2.63 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.96%. The ex-dividend date is Friday, June 14th. Renasant’s payout ratio is currently 34.11%.

Institutional Trading of Renasant

Several large investors have recently modified their holdings of RNST. GAMMA Investing LLC bought a new stake in shares of Renasant in the fourth quarter worth $25,000. Atlantic Edge Private Wealth Management LLC bought a new stake in shares of Renasant in the fourth quarter worth $37,000. TFO Wealth Partners LLC grew its holdings in shares of Renasant by 13,710.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,381 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 1,371 shares during the period. Covestor Ltd grew its holdings in shares of Renasant by 26.6% in the third quarter. Covestor Ltd now owns 2,204 shares of the financial services provider’s stock worth $58,000 after acquiring an additional 463 shares during the period. Finally, Criterion Capital Advisors LLC bought a new stake in shares of Renasant in the fourth quarter worth $113,000. Institutional investors 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.