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

Renasant Co. (NASDAQ:RNST) has been given a consensus recommendation of “Moderate Buy” by the six analysts that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $39.33.

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

Renasant Stock Performance

Shares of RNST stock opened at $36.91 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. Renasant has a 52 week low of $26.28 and a 52 week high of $38.77. The company’s 50 day moving average price is $33.62 and its two-hundred day moving average price is $32.35. The company has a market capitalization of $2.35 billion, a P/E ratio of 12.02 and a beta of 1.01.

Renasant (NASDAQ:RNST) last released its 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 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 quarter in the prior year, the company earned $0.75 EPS. On average, analysts expect that Renasant will post 2.64 earnings per share for the current fiscal year.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th will be given 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 (DPR) is presently 28.66%.

Insider Activity

In other news, Director John Creekmore sold 3,000 shares of the business’s stock in a transaction that occurred 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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.82% of the company’s stock.

Institutional Trading of Renasant

Several hedge funds have recently added to or reduced their stakes in RNST. Hantz Financial Services Inc. bought a new stake in shares of Renasant in the second quarter valued at approximately $29,000. Quarry LP raised its holdings in 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 acquiring an additional 817 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Renasant during the 2nd quarter valued at $39,000. Innealta Capital LLC acquired a new stake in shares of Renasant during the 2nd quarter worth $48,000. Finally, KBC Group NV increased its position in shares of 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 and hedge funds.

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.