SunTrust Banks Cuts Renasant (NASDAQ:RNST) Price Target to $26.00

Renasant (NASDAQ:RNST) had its price target decreased by SunTrust Banks from $28.00 to $26.00 in a research note issued to investors on Thursday, BenzingaRatingsTable reports. SunTrust Banks currently has a hold rating on the financial services provider’s stock.

A number of other analysts have also recently issued reports on RNST. ValuEngine upgraded shares of Renasant from a sell rating to a hold rating in a research note on Friday, May 1st. Zacks Investment Research upgraded shares of Renasant from a strong sell rating to a hold rating in a research note on Wednesday, July 1st. Finally, BidaskClub cut shares of Renasant from a sell rating to a strong sell rating in a research note on Friday, May 8th. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $35.25.

Shares of NASDAQ RNST traded down $0.49 during mid-day trading on Thursday, reaching $23.23. 200,382 shares of the company were exchanged, compared to its average volume of 208,696. The company’s 50-day simple moving average is $23.48 and its 200-day simple moving average is $25.91. The company has a quick ratio of 0.92, a current ratio of 0.96 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $1.30 billion, a P/E ratio of 13.58 and a beta of 1.35. Renasant has a twelve month low of $18.22 and a twelve month high of $36.84.

Renasant (NASDAQ:RNST) last posted its earnings results on Monday, July 27th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.06. The company had revenue of $169.95 million during the quarter, compared to analysts’ expectations of $147.73 million. Renasant had a net margin of 14.07% and a return on equity of 5.60%. During the same quarter last year, the company posted $0.82 EPS. As a group, equities research analysts expect that Renasant will post 1.59 EPS for the current year.

In other Renasant news, Director R Rick Hart sold 4,058 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $24.21, for a total value of $98,244.18. Following the transaction, the director now directly owns 68,712 shares of the company’s stock, valued at approximately $1,663,517.52. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Richard Heyer bought 2,000 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was purchased at an average cost of $24.58 per share, for a total transaction of $49,160.00. Following the completion of the acquisition, the director now owns 28,287 shares in the company, valued at $695,294.46. The disclosure for this purchase can be found here. 3.99% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Wells Fargo & Company MN increased its holdings in Renasant by 7.4% in the 1st quarter. Wells Fargo & Company MN now owns 1,953,793 shares of the financial services provider’s stock valued at $42,670,000 after buying an additional 134,704 shares during the period. Channing Capital Management LLC increased its holdings in Renasant by 7.0% in the 1st quarter. Channing Capital Management LLC now owns 1,214,687 shares of the financial services provider’s stock valued at $26,529,000 after buying an additional 79,858 shares during the period. Frontier Capital Management Co. LLC increased its holdings in Renasant by 17.7% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,019,388 shares of the financial services provider’s stock valued at $25,383,000 after buying an additional 153,349 shares during the period. Victory Capital Management Inc. increased its holdings in Renasant by 5,495.8% in the 1st quarter. Victory Capital Management Inc. now owns 998,910 shares of the financial services provider’s stock valued at $21,816,000 after buying an additional 981,059 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Renasant by 8.9% in the 1st quarter. Geode Capital Management LLC now owns 839,153 shares of the financial services provider’s stock valued at $18,327,000 after buying an additional 68,592 shares during the period. 66.58% of the stock is currently owned by hedge funds and other 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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