Renasant (NASDAQ:RNST) Downgraded to "Sell" Rating by StockNews.com

Renasant (NASDAQ:RNST - Get Free Report) was downgraded by stock analysts at StockNews.com from a "hold" rating to a "sell" rating in a report issued on Friday.

Several other brokerages have also commented on RNST. Stephens raised their price objective on Renasant from $44.00 to $47.00 and gave the company an "overweight" rating in a report on Thursday. Raymond James reissued an "outperform" rating and issued a $44.00 price objective (up from $40.00) on shares of Renasant in a report on Thursday. Hovde Group lowered Renasant from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 13th. Piper Sandler raised their price objective on Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a report on Thursday. Finally, Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $46.00 price objective (up from $45.00) on shares of Renasant in a report on Thursday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $42.83.

Renasant Stock Performance

Renasant stock traded down $0.66 during midday trading on Friday, hitting $38.22. 445,018 shares of the company were exchanged, compared to its average volume of 552,632. The firm has a market capitalization of $2.43 billion, a PE ratio of 11.69 and a beta of 1.03. Renasant has a fifty-two week low of $27.98 and a fifty-two week high of $39.55. The business has a fifty day simple moving average of $36.46 and a two-hundred day simple moving average of $34.82. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96.

Insider Buying and Selling

In related news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total transaction of $114,000.00. Following the transaction, the director now owns 24,057 shares in the company, valued at approximately $914,166. This trade represents a 11.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.82% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Renasant

Institutional investors have recently added to or reduced their stakes in the stock. Quarry LP increased its stake in Renasant by 698.3% during the second quarter. Quarry LP now owns 934 shares of the financial services provider's stock worth $29,000 after acquiring an additional 817 shares during the last quarter. KBC Group NV increased its stake in Renasant by 32.0% during the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider's stock worth $80,000 after acquiring an additional 596 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Renasant by 41.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider's stock worth $147,000 after acquiring an additional 1,404 shares during the last quarter. ZWJ Investment Counsel Inc. acquired a new stake in Renasant during the fourth quarter worth $208,000. Finally, CIBC Asset Management Inc acquired a new stake in Renasant during the fourth quarter worth $220,000. Hedge funds and other 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.