Renasant (NASDAQ:RNST) Price Target Raised to $45.00

Renasant (NASDAQ:RNST) had its price target hoisted by TD Cowen from $44.00 to $45.00 in a research note issued to investors on Wednesday,Benzinga reports. TD Cowen currently has a buy rating on the financial services provider’s stock.

A number of other equities research analysts have also weighed in on the stock. Hovde Group upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $40.00 to $41.00 in a research note on Thursday, October 30th. Cowen reaffirmed a “buy” rating on shares of Renasant in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company’s stock. According to MarketBeat.com, Renasant has a consensus rating of “Buy” and an average target price of $43.33.

Renasant Price Performance

Shares of RNST stock opened at $36.47 on Wednesday. Renasant has a fifty-two week low of $26.97 and a fifty-two week high of $40.40. 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 business’s 50 day moving average price is $35.56 and its 200-day moving average price is $36.59. The firm has a market cap of $3.47 billion, a P/E ratio of 11.15 and a beta of 0.97.

Renasant (NASDAQ:RNST) last posted its quarterly earnings data on Tuesday, October 28th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). The firm had revenue of $269.55 million during the quarter, compared to the consensus estimate of $271.96 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%.During the same quarter last year, the company posted $1.18 EPS. On average, equities research analysts anticipate that Renasant will post 2.68 earnings per share for the current year.

Renasant Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 1st. Shareholders of record on Thursday, December 18th were given a $0.23 dividend. The ex-dividend date was Thursday, December 18th. This represents a $0.92 annualized dividend and a yield of 2.5%. This is a boost from Renasant’s previous quarterly dividend of $0.22. Renasant’s payout ratio is currently 46.23%.

Institutional Trading of Renasant

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Sheets Smith Wealth Management boosted its stake in Renasant by 2.1% during the second quarter. Sheets Smith Wealth Management now owns 13,361 shares of the financial services provider’s stock worth $480,000 after buying an additional 280 shares during the last quarter. Jones Financial Companies Lllp lifted its position in shares of Renasant by 12.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 2,825 shares of the financial services provider’s stock worth $106,000 after buying an additional 306 shares during the last quarter. Resolute Wealth Strategies LLC lifted its holdings in shares of Renasant by 0.4% in the 2nd quarter. Resolute Wealth Strategies LLC now owns 77,499 shares of the financial services provider’s stock valued at $2,785,000 after purchasing an additional 318 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Renasant by 42.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 345 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in Renasant by 68.7% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 857 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 349 shares during the period. Hedge funds and other institutional investors own 77.31% of the company’s stock.

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.