Renasant’s (RNST) “Outperform” Rating Reiterated at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reissued their outperform rating on shares of Renasant (NASDAQ:RNST) in a research note released on Tuesday,Benzinga reports. The brokerage currently has a $45.00 price target on the financial services provider’s stock.

A number of other analysts also recently issued reports on RNST. Truist Financial lowered their price target on shares of Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a report on Friday, September 20th. Hovde Group lowered shares of Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $40.17.

Renasant Stock Performance

Shares of RNST stock opened at $35.36 on Tuesday. Renasant has a 52-week low of $27.98 and a 52-week high of $39.47. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The stock has a market cap of $2.25 billion, a PE ratio of 11.52 and a beta of 1.02. The business has a 50-day simple moving average of $36.33 and a 200-day simple moving average of $33.92.

Renasant (NASDAQ:RNST) last announced 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. Renasant had a return on equity of 6.70% and a net margin of 16.83%. The company had revenue of $318.34 million during the quarter, compared to the consensus estimate of $184.73 million. During the same period in the previous year, the company posted $0.75 earnings per share. On average, equities analysts expect that Renasant will post 2.65 EPS for the current year.

Renasant Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th were given a $0.22 dividend. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $0.88 annualized dividend and a dividend yield of 2.49%. Renasant’s dividend payout ratio (DPR) is 28.66%.

Insider Transactions at Renasant

In other news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total value 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 at this link. Corporate insiders own 2.82% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RNST. Victory Capital Management Inc. raised 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 buying an additional 65,777 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Renasant by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,887,606 shares of the financial services provider’s stock valued at $118,725,000 after acquiring an additional 22,821 shares in the last quarter. State Street Corp raised its holdings in Renasant by 26.5% in the 3rd quarter. State Street Corp now owns 3,369,915 shares of the financial services provider’s stock valued at $109,522,000 after acquiring an additional 705,344 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Renasant by 21.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock worth $56,775,000 after purchasing an additional 303,945 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Renasant by 12.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,428,038 shares of the financial services provider’s stock worth $46,420,000 after purchasing an additional 153,086 shares during the last quarter. Hedge funds and other institutional investors own 77.31% of the company’s stock.

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.