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

Shares of Renasant Co. (NASDAQ:RNST) have been given a consensus recommendation of “Moderate Buy” by the six research firms that are presently covering the company, MarketBeat reports. Two equities 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 target among brokerages that have issued a report on the stock in the last year is $40.17.

A number of brokerages have recently commented on RNST. Truist Financial lowered their price target on Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a report on Friday, September 20th. Hovde Group cut shares of Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $45.00 price target on shares of Renasant in a research note on Tuesday, December 31st.

Insider Activity at Renasant

In other Renasant news, Director John Creekmore sold 3,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were 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 directly owns 24,057 shares of the company’s stock, valued at approximately $914,166. This represents a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Renasant

Large investors have recently made changes to their positions in the company. Quarry LP lifted its stake in Renasant by 698.3% in the 2nd quarter. Quarry LP now owns 934 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 817 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Renasant in the 2nd quarter valued at about $39,000. KBC Group NV lifted its position in shares of Renasant by 32.0% in the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock worth $80,000 after purchasing an additional 596 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Renasant by 41.1% during the second 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 acquired a new stake in shares of Renasant during the third quarter worth approximately $207,000. Institutional investors and hedge funds own 77.31% of the company’s stock.

Renasant Trading Down 0.4 %

Shares of NASDAQ:RNST opened at $34.93 on Friday. Renasant has a fifty-two week low of $27.98 and a fifty-two 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 company has a market cap of $2.22 billion, a PE ratio of 11.38 and a beta of 1.03. The company’s 50-day moving average price is $36.43 and its 200 day moving average price is $34.15.

Renasant (NASDAQ:RNST) last released its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share 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 for the quarter, compared to analysts’ expectations of $184.73 million. During the same quarter in the previous year, the company posted $0.75 earnings per share. Sell-side analysts anticipate that Renasant will post 2.65 earnings per share 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 dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend was Wednesday, December 18th. Renasant’s dividend payout ratio (DPR) 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.