Analysts Set Renasant Co. (NASDAQ:RNST) PT at $43.17

Shares of Renasant Co. (NASDAQ:RNST) have received a consensus rating of “Buy” from the seven brokerages that are currently covering the stock, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $43.1667.

A number of analysts have recently weighed in on the company. TD Cowen lowered their price objective on Renasant from $45.00 to $44.00 and set a “buy” rating for the company in a research report on Thursday, October 30th. Cowen started coverage on Renasant in a research note on Wednesday, September 24th. They issued a “buy” rating for the company. Finally, Hovde Group raised Renasant from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $40.00 to $41.00 in a report on Thursday, October 30th.

Hedge Funds Weigh In On Renasant

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Invesco Ltd. lifted its position in Renasant by 4.9% during the 1st quarter. Invesco Ltd. now owns 475,879 shares of the financial services provider’s stock worth $16,147,000 after acquiring an additional 22,275 shares during the period. HighTower Advisors LLC raised its stake in shares of Renasant by 2.8% in the first quarter. HighTower Advisors LLC now owns 11,825 shares of the financial services provider’s stock worth $401,000 after purchasing an additional 322 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Renasant by 83.2% during the first quarter. American Century Companies Inc. now owns 554,382 shares of the financial services provider’s stock worth $18,810,000 after purchasing an additional 251,719 shares during the period. Northern Trust Corp boosted its position in Renasant by 39.5% in the first quarter. Northern Trust Corp now owns 1,065,744 shares of the financial services provider’s stock valued at $36,161,000 after buying an additional 301,748 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in Renasant by 232.8% in the first quarter. Wellington Management Group LLP now owns 1,590,935 shares of the financial services provider’s stock valued at $53,980,000 after buying an additional 1,112,946 shares during the last quarter. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Renasant Stock Down 0.2%

Shares of Renasant stock opened at $36.18 on Friday. 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 company has a market cap of $3.44 billion, a P/E ratio of 11.06 and a beta of 0.99. The firm’s 50 day moving average price is $35.31 and its 200-day moving average price is $36.54. Renasant has a 52-week low of $26.97 and a 52-week high of $40.40.

Renasant (NASDAQ:RNST) last announced its earnings results on Tuesday, October 28th. The financial services provider reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.02). Renasant had a net margin of 17.91% and a return on equity of 6.58%. The firm had revenue of $269.55 million during the quarter, compared to analyst estimates of $271.96 million. During the same quarter last year, the business earned $1.18 earnings per share. On average, sell-side analysts predict that Renasant will post 2.68 EPS for the current fiscal year.

Renasant Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 1st. Shareholders of record on Thursday, December 18th will be issued a $0.23 dividend. This is an increase from Renasant’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Thursday, December 18th. Renasant’s dividend payout ratio is 46.23%.

Renasant Company Profile

Renasant Corporation is a financial holding company providing banking and related services through its primary subsidiary, Renasant Bank. With origins dating back to 1904 in Tupelo, Mississippi, the company offers a comprehensive suite of commercial and consumer banking products, including deposit accounts, lending and treasury management services. Renasant serves individuals, small businesses and corporate clients across the southeastern United States.

The company operates more than 110 banking offices across Mississippi, Alabama, Tennessee, Florida and Georgia, supplemented by a network of ATMs and digital platforms.