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

Shares of Renasant Co. (NASDAQ:RNST) have earned an average recommendation of “Moderate Buy” from the six analysts that are covering the company, Marketbeat reports. Two analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month target price among analysts that have covered the stock in the last year is $40.17.

Several research firms recently weighed in on RNST. Hovde Group downgraded Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Truist Financial reduced their price target on Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a report on Friday, September 20th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $45.00 price target on shares of Renasant in a research note on Tuesday, December 31st.

Insider Activity

In related news, Director John Creekmore sold 3,000 shares of the company’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 completion of the sale, the director now owns 24,057 shares in the company, valued at approximately $914,166. This represents a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.82% of the company’s stock.

Institutional Investors Weigh In On Renasant

A number of large investors have recently made changes to their positions in the company. State Street Corp increased its holdings in Renasant by 26.5% during the third quarter. State Street Corp now owns 3,369,915 shares of the financial services provider’s stock valued at $109,522,000 after buying an additional 705,344 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC bought a new stake in shares of Renasant during the 3rd quarter valued at $15,009,000. Jennison Associates LLC purchased a new stake in shares of Renasant in the 3rd quarter worth $12,514,000. Stieven Capital Advisors L.P. bought a new position in Renasant in the 3rd quarter worth $11,981,000. Finally, Allspring Global Investments Holdings LLC lifted its position 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 valued at $56,775,000 after purchasing an additional 303,945 shares in the last quarter. 77.31% of the stock is currently owned by institutional investors.

Renasant Stock Performance

Shares of Renasant stock opened at $33.94 on Friday. Renasant has a 12 month low of $27.98 and a 12 month high of $39.47. The firm has a market capitalization of $2.16 billion, a P/E ratio of 11.06 and a beta of 1.03. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The business has a fifty day simple moving average of $36.45 and a two-hundred day simple moving average of $34.19.

Renasant (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. The company had revenue of $318.34 million during the quarter, compared to analysts’ expectations of $184.73 million. Renasant had a net margin of 16.83% and a return on equity of 6.70%. During the same period last year, the company posted $0.75 EPS. On average, equities analysts forecast that Renasant will post 2.65 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th were paid a dividend of $0.22 per share. The ex-dividend date was Wednesday, December 18th. This represents a $0.88 dividend on an annualized basis and a yield of 2.59%. 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.