Analysts Set Renasant Co. (NASDAQ:RNST) Price Target at $40.17

Shares of Renasant Co. (NASDAQ:RNST) have earned a consensus rating of “Moderate Buy” from the six research firms that are presently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $40.17.

Several brokerages recently issued reports on RNST. Hovde Group downgraded Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $45.00 target price on shares of Renasant in a report on Tuesday, December 31st. Finally, Truist Financial cut their target price 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.

Renasant Stock Performance

Shares of NASDAQ RNST opened at $33.94 on Friday. The stock has a market cap of $2.16 billion, a PE ratio of 11.06 and a beta of 1.03. Renasant has a 1 year low of $27.98 and a 1 year high of $39.47. The firm has a fifty day moving average price of $36.45 and a 200-day moving average price of $34.19. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94.

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, topping analysts’ consensus estimates of $0.63 by $0.07. Renasant had a return on equity of 6.70% and a net margin of 16.83%. The business had revenue of $318.34 million during the quarter, compared to analyst estimates of $184.73 million. During the same quarter in the prior year, the business posted $0.75 EPS. Equities analysts anticipate that Renasant will post 2.65 earnings per share for the current fiscal year.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date was Wednesday, December 18th. Renasant’s dividend payout ratio (DPR) is presently 28.66%.

Insider Activity at Renasant

In other Renasant 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 sale, the director now directly owns 24,057 shares of the company’s stock, 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 through this link. 2.82% of the stock is owned by insiders.

Hedge Funds Weigh In On Renasant

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP lifted its position in Renasant by 698.3% in the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock worth $29,000 after buying an additional 817 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in shares of Renasant during the 2nd quarter worth about $39,000. KBC Group NV grew its holdings in Renasant by 32.0% during the 3rd quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock valued at $80,000 after purchasing an additional 596 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in Renasant by 41.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 1,404 shares during the period. Finally, Creative Planning purchased a new stake in Renasant in the 3rd quarter worth about $207,000. 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.