Renasant Co. (NASDAQ:RNST) Receives $39.33 Average Price Target from Brokerages

Renasant Co. (NASDAQ:RNST) has received a consensus rating of “Moderate Buy” from the six analysts that are presently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $39.33.

Several equities research analysts have recently issued reports on RNST shares. Truist Financial lowered their price objective on Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research note on Friday, September 20th. Hovde Group downgraded Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th.

Insider Buying and Selling at Renasant

In related news, Director John Creekmore sold 3,000 shares of the business’s stock in a transaction 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 directly 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

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Hantz Financial Services Inc. acquired a new stake in Renasant during the 2nd quarter worth about $29,000. Quarry LP lifted its holdings in shares of 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 purchasing an additional 817 shares during the period. Meeder Asset Management Inc. purchased a new stake in Renasant in the second quarter valued at approximately $39,000. Innealta Capital LLC acquired a new position in Renasant in the 2nd quarter worth approximately $48,000. Finally, KBC Group NV increased its holdings in Renasant by 32.0% in the 3rd quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock worth $80,000 after buying an additional 596 shares during the period. 77.31% of the stock is owned by hedge funds and other institutional investors.

Renasant Trading Down 0.4 %

Shares of Renasant stock opened at $36.48 on Wednesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The company has a fifty day moving average of $35.54 and a 200 day moving average of $33.34. The company has a market capitalization of $2.32 billion, a P/E ratio of 13.03 and a beta of 1.02. Renasant has a fifty-two week low of $27.98 and a fifty-two week high of $39.47.

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

Renasant Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Wednesday, December 18th. This represents a $0.88 annualized dividend and a yield of 2.41%. Renasant’s dividend payout ratio (DPR) is presently 28.66%.

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.