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

Shares of Renasant Co. (NASDAQ:RNST) have received a consensus recommendation of “Moderate Buy” from the six research firms that are covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $42.83.

A number of research firms have issued reports on RNST. StockNews.com cut shares of Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Piper Sandler lifted their price objective on shares of Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Hovde Group downgraded shares of Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $46.00 price target (up previously from $45.00) on shares of Renasant in a research report on Thursday, January 30th. Finally, Stephens upped their price target on Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th.

Institutional Trading of Renasant

Several hedge funds have recently added to or reduced their stakes in the business. Fisher Asset Management LLC lifted its holdings in shares of Renasant by 47.8% during the fourth quarter. Fisher Asset Management LLC now owns 414,108 shares of the financial services provider’s stock worth $14,804,000 after buying an additional 134,000 shares during the last quarter. Bank of New York Mellon Corp increased its position in Renasant by 0.3% during the fourth quarter. Bank of New York Mellon Corp now owns 542,928 shares of the financial services provider’s stock worth $19,410,000 after acquiring an additional 1,697 shares during the period. BankPlus Trust Department acquired a new position in Renasant during the 4th quarter valued at $399,000. Element Wealth LLC bought a new stake in Renasant in the 4th quarter valued at $240,000. Finally, Handelsbanken Fonder AB grew its position in Renasant by 26.4% in the 4th quarter. Handelsbanken Fonder AB now owns 12,923 shares of the financial services provider’s stock worth $462,000 after purchasing an additional 2,700 shares during the last quarter. Institutional investors own 77.31% of the company’s stock.

Renasant Stock Up 1.2 %

RNST opened at $39.32 on Thursday. The company has a market capitalization of $2.50 billion, a PE ratio of 12.03 and a beta of 1.03. 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 has a fifty-two week low of $27.98 and a fifty-two week high of $39.55. The business has a 50-day moving average of $36.49 and a 200-day moving average of $34.89.

Renasant Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th were paid a $0.22 dividend. The ex-dividend date was Wednesday, December 18th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.24%. Renasant’s payout ratio is presently 26.91%.

About Renasant

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.