Renasant (NASDAQ:RNST) Reaches New 1-Year High – Should You Buy?

Shares of Renasant Co. (NASDAQ:RNST) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $38.27 and last traded at $38.27, with a volume of 4989 shares traded. The stock had previously closed at $34.06.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on RNST shares. Hovde Group upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $38.00 to $39.00 in a research report on Monday, August 5th. Stephens upgraded shares of Renasant from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $34.00 to $41.00 in a report on Wednesday, July 31st. Piper Sandler upgraded shares of Renasant from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $34.00 to $40.00 in a research note 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 for the company in a research report on Wednesday, July 31st. Finally, Keefe, Bruyette & Woods upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $36.00 to $40.00 in a report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.33.

Renasant Trading Up 10.0 %

The stock’s 50 day moving average is $33.13 and its two-hundred day moving average is $31.97. The company has a market capitalization of $2.42 billion, a PE ratio of 11.09 and a beta of 1.01. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

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, topping the consensus estimate of $0.63 by $0.07. Renasant had a net margin of 16.83% and a return on equity of 6.70%. The company had revenue of $318.34 million for the quarter, compared to the consensus estimate of $184.73 million. During the same quarter in the prior year, the company earned $0.75 EPS. As a group, sell-side analysts predict that Renasant Co. will post 2.62 EPS for the current fiscal year.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date was Monday, September 16th. Renasant’s dividend payout ratio is presently 28.66%.

Institutional Investors Weigh In On Renasant

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RNST. Victory Capital Management Inc. lifted its position in shares of Renasant by 1.7% in the third quarter. Victory Capital Management Inc. now owns 3,955,366 shares of the financial services provider’s stock valued at $128,549,000 after acquiring an additional 65,777 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Renasant by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,887,606 shares of the financial services provider’s stock worth $118,725,000 after purchasing an additional 22,821 shares during the last quarter. Westwood Holdings Group Inc. raised its stake in Renasant by 13.0% during the 1st quarter. Westwood Holdings Group Inc. now owns 2,151,074 shares of the financial services provider’s stock valued at $67,372,000 after acquiring an additional 247,354 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Renasant by 21.1% during the 3rd 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 acquiring an additional 303,945 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Renasant by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 562,008 shares of the financial services provider’s stock valued at $17,164,000 after purchasing an additional 11,828 shares during the period. Hedge funds and other institutional investors own 77.31% of the company’s stock.

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.