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

Shares of Renasant Co. (NASDAQ:RNST) have been assigned a consensus recommendation of “Moderate Buy” from the six analysts that are covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $40.17.

A number of brokerages recently weighed in on RNST. Truist Financial decreased their price objective on shares of Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a report on Friday, September 20th. Hovde Group downgraded Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $45.00 price objective on shares of Renasant in a report on Tuesday, December 31st.

Insiders Place Their Bets

In other news, Director John Creekmore sold 3,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total value of $114,000.00. Following the transaction, the director now directly owns 24,057 shares in the company, valued at $914,166. The trade was a 11.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.82% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RNST. JPMorgan Chase & Co. raised its position in shares of Renasant by 81.1% during the third quarter. JPMorgan Chase & Co. now owns 263,353 shares of the financial services provider’s stock valued at $8,559,000 after buying an additional 117,950 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Renasant by 7.8% in the 3rd quarter. Principal Financial Group Inc. now owns 299,485 shares of the financial services provider’s stock valued at $9,733,000 after acquiring an additional 21,683 shares during the last quarter. Franklin Resources Inc. lifted its stake in Renasant by 122.0% in the 3rd quarter. Franklin Resources Inc. now owns 27,669 shares of the financial services provider’s stock worth $910,000 after purchasing an additional 15,203 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Renasant during the 3rd quarter valued at about $357,000. Finally, Geode Capital Management LLC grew its position in shares of Renasant by 12.0% during the third quarter. Geode Capital Management LLC now owns 1,428,038 shares of the financial services provider’s stock valued at $46,420,000 after purchasing an additional 153,086 shares in the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.

Renasant Stock Up 1.8 %

Shares of NASDAQ:RNST opened at $35.99 on Friday. Renasant has a 12-month low of $27.98 and a 12-month high of $39.47. The stock has a market capitalization of $2.29 billion, a price-to-earnings ratio of 11.72 and a beta of 1.02. The stock has a fifty day simple moving average of $36.38 and a two-hundred day simple moving average of $33.97. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16.

Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. The company had revenue of $318.34 million for the quarter, compared to analysts’ expectations of $184.73 million. Renasant had a net margin of 16.83% and a return on equity of 6.70%. During the same quarter in the previous year, the business posted $0.75 EPS. On average, research analysts anticipate that Renasant will post 2.65 earnings per share for the current fiscal year.

Renasant Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.45%. The ex-dividend date was Wednesday, December 18th. Renasant’s dividend payout ratio is currently 28.66%.

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.