Renasant Co. (NASDAQ:RNST) Receives Average Recommendation of “Moderate Buy” from Brokerages

Renasant Co. (NASDAQ:RNST) has been assigned an average rating of “Moderate Buy” from the six research firms that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $39.33.

Several research analysts recently issued reports on RNST shares. Piper Sandler upgraded shares of Renasant from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $34.00 to $40.00 in a research note on Monday, August 5th. Raymond James upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price target for the company in a research note on Wednesday, July 31st. Truist Financial decreased their price target on shares of Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research note on Friday, September 20th. Stephens upgraded shares of Renasant from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $34.00 to $41.00 in a research note on Wednesday, July 31st. Finally, Hovde Group upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $38.00 to $39.00 in a research note on Monday, August 5th.

Renasant Price Performance

RNST opened at $33.44 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18. The company has a market cap of $2.16 billion, a price-to-earnings ratio of 10.89 and a beta of 1.02. The stock has a fifty day simple moving average of $33.02 and a two-hundred day simple moving average of $31.69. Renasant has a 12-month low of $23.51 and a 12-month high of $37.40.

Renasant (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.07. The company had revenue of $318.34 million during the quarter, compared to analyst estimates of $184.73 million. Renasant had a net margin of 16.83% and a return on equity of 6.94%. During the same period last year, the business earned $0.75 EPS. Research analysts predict that Renasant will post 2.53 earnings per share for the current fiscal year.

Renasant Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.88 dividend on an annualized basis and a yield of 2.63%. Renasant’s dividend payout ratio is currently 28.66%.

Institutional Trading of Renasant

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Renasant by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 6,416,896 shares of the financial services provider’s stock valued at $216,121,000 after acquiring an additional 16,417 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Renasant by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,887,606 shares of the financial services provider’s stock valued at $118,725,000 after acquiring an additional 22,821 shares during the last quarter. Westwood Holdings Group Inc. boosted its holdings in shares of Renasant by 13.0% during the 1st quarter. Westwood Holdings Group Inc. now owns 2,151,074 shares of the financial services provider’s stock valued at $67,372,000 after acquiring an additional 247,354 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Renasant by 21.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock valued at $56,775,000 after acquiring an additional 303,945 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Renasant by 4.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 830,687 shares of the financial services provider’s stock valued at $27,978,000 after acquiring an additional 38,036 shares during the last quarter. 77.31% of the stock is currently owned by institutional investors.

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.