Renasant (NASDAQ:RNST) Raised to Hold at Zacks Investment Research

Renasant (NASDAQ:RNST) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports.

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

A number of other brokerages also recently issued reports on RNST. DA Davidson began coverage on shares of Renasant in a report on Tuesday, August 20th. They set a “neutral” rating and a $37.00 price target on the stock. BidaskClub raised shares of Renasant from a “strong sell” rating to a “sell” rating in a report on Thursday, September 12th. Finally, SunTrust Banks dropped their price target on shares of Renasant from $37.00 to $36.00 and set a “hold” rating on the stock in a report on Tuesday, August 27th. Two investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $36.75.



NASDAQ:RNST traded up $0.28 on Wednesday, reaching $34.82. 2,363 shares of the stock traded hands, compared to its average volume of 196,373. The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of 11.60 and a beta of 1.23. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.12. Renasant has a 12 month low of $28.02 and a 12 month high of $43.18. The company’s fifty day simple moving average is $33.63 and its 200 day simple moving average is $34.86.

Renasant (NASDAQ:RNST) last released its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. The business had revenue of $154.76 million during the quarter, compared to analyst estimates of $153.47 million. Renasant had a net margin of 24.65% and a return on equity of 8.69%. During the same period last year, the business earned $0.74 EPS. Equities analysts anticipate that Renasant will post 3.03 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of RNST. BlackRock Inc. boosted its holdings in shares of Renasant by 12.1% in the second quarter. BlackRock Inc. now owns 3,931,894 shares of the financial services provider’s stock worth $141,312,000 after buying an additional 424,447 shares during the last quarter. Westwood Holdings Group Inc. boosted its holdings in shares of 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 worth $40,632,000 after buying an additional 420,195 shares during the last quarter. Eaton Vance Management purchased a new position in shares of Renasant in the second quarter worth approximately $7,190,000. Nuveen Asset Management LLC boosted its holdings in shares of Renasant by 15.4% in the second quarter. Nuveen Asset Management LLC now owns 1,205,321 shares of the financial services provider’s stock worth $43,319,000 after buying an additional 160,573 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Renasant by 9.0% in the second quarter. Northern Trust Corp now owns 1,272,185 shares of the financial services provider’s stock worth $45,723,000 after buying an additional 104,902 shares during the last quarter. 63.30% of the stock is currently owned by institutional investors.

About Renasant

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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