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

Renasant Co. (NASDAQ:RNST) has been assigned a consensus rating of “Moderate Buy” from the six brokerages that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $39.33.

RNST has been the topic of several analyst reports. Stephens raised shares of Renasant from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $34.00 to $41.00 in a report on Wednesday, July 31st. Keefe, Bruyette & Woods upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $36.00 to $40.00 in a research report on Friday, August 2nd. Piper Sandler upgraded shares of Renasant from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $34.00 to $40.00 in a research report 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 objective on the stock in a research report on Wednesday, July 31st. Finally, Truist Financial reduced their price objective on shares of Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research report on Friday, September 20th.

Institutional Investors Weigh In On Renasant

Several large investors have recently bought and sold shares of RNST. Allspring Global Investments Holdings LLC boosted its stake in Renasant by 21.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock worth $56,775,000 after buying an additional 303,945 shares during the period. Millennium Management LLC raised its holdings in Renasant by 189.3% in the second quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider’s stock worth $12,820,000 after purchasing an additional 274,685 shares in the last quarter. Westwood Holdings Group Inc. raised its holdings in Renasant by 13.0% in the first quarter. Westwood Holdings Group Inc. now owns 2,151,074 shares of the financial services provider’s stock worth $67,372,000 after purchasing an additional 247,354 shares in the last quarter. Edgestream Partners L.P. acquired a new position in shares of Renasant during the first quarter valued at about $4,124,000. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Renasant by 4.8% during the fourth 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 in the last quarter. Institutional investors own 77.31% of the company’s stock.

Renasant Stock 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. Renasant has a 12-month low of $23.51 and a 12-month high of $37.40. 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 company’s 50 day moving average is $33.02 and its 200 day moving average is $31.69.

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

Renasant Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.63%. The ex-dividend date was Monday, September 16th. Renasant’s dividend payout ratio is presently 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.