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

Shares of Renasant Co. (NASDAQ:RNST) have received a consensus recommendation of “Moderate Buy” from the six analysts that are covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $39.33.

A number of analysts recently weighed in on RNST shares. Keefe, Bruyette & Woods raised shares of Renasant from a “market perform” rating to an “outperform” rating and upped their target price for the company from $36.00 to $40.00 in a research note on Friday, August 2nd. Hovde Group cut Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday. Piper Sandler raised Renasant from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $34.00 to $40.00 in a research note on Monday, August 5th. Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a research note on Wednesday, July 31st. Finally, Stephens upgraded shares of Renasant from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $34.00 to $41.00 in a research report on Wednesday, July 31st.

Renasant Trading Up 0.4 %

Shares of RNST opened at $36.91 on Friday. The stock’s 50-day moving average price is $33.62 and its 200 day moving average price is $32.35. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $2.35 billion, a price-to-earnings ratio of 12.02 and a beta of 1.01. Renasant has a 12-month low of $26.28 and a 12-month high of $38.77.

Renasant (NASDAQ:RNST) last issued its earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.63 by $0.07. The firm had revenue of $318.34 million during the quarter, compared to analysts’ expectations of $184.73 million. Renasant had a return on equity of 6.70% and a net margin of 16.83%. During the same period last year, the business earned $0.75 earnings per share. As a group, research analysts predict that Renasant will post 2.64 earnings per share for the current year.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date is Wednesday, December 18th. Renasant’s dividend payout ratio is currently 28.66%.

Insiders Place Their Bets

In other news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total transaction of $114,000.00. Following the completion of the sale, the director now owns 24,057 shares in the company, valued at $914,166. The trade was a 11.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.82% of the company’s stock.

Hedge Funds Weigh In On Renasant

A number of hedge funds and other institutional investors have recently bought and sold shares of RNST. Quarry LP lifted its stake in shares of Renasant by 698.3% in the 2nd quarter. Quarry LP now owns 934 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 817 shares during the period. Hantz Financial Services Inc. bought a new position in Renasant during the 2nd quarter worth approximately $29,000. Meeder Asset Management Inc. acquired a new position in Renasant during the second quarter valued at approximately $39,000. Innealta Capital LLC bought a new stake in Renasant in the second quarter valued at approximately $48,000. Finally, KBC Group NV raised its holdings in Renasant by 32.0% in the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock worth $80,000 after purchasing an additional 596 shares during the period. 77.31% of the stock is owned by institutional investors.

Renasant Company Profile

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.