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

Shares of Renasant Co. (NASDAQ:RNST) have been assigned an average rating of “Moderate Buy” from the six ratings firms that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $39.33.

A number of equities analysts recently weighed in on RNST shares. Raymond James upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 target price on the stock in a report on Wednesday, July 31st. Piper Sandler upgraded shares of Renasant from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $34.00 to $40.00 in a report on Monday, August 5th. Truist Financial lowered their target price 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. Keefe, Bruyette & Woods raised shares of Renasant from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $36.00 to $40.00 in a research report on Friday, August 2nd. Finally, Hovde Group raised shares of Renasant from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $38.00 to $39.00 in a research report on Monday, August 5th.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RNST. Norges Bank acquired a new position in Renasant during the fourth quarter worth about $13,469,000. Millennium Management LLC increased its stake in shares of Renasant by 189.3% in the second quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider’s stock valued at $12,820,000 after buying an additional 274,685 shares during the period. Westwood Holdings Group Inc. increased its stake in shares of Renasant by 13.0% in the first quarter. Westwood Holdings Group Inc. now owns 2,151,074 shares of the financial services provider’s stock valued at $67,372,000 after buying an additional 247,354 shares during the period. Edgestream Partners L.P. acquired a new position in shares of Renasant in the first quarter valued at approximately $4,124,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Renasant in the fourth quarter valued at approximately $3,883,000. Institutional investors and hedge funds own 77.31% of the company’s stock.

Renasant Price Performance

NASDAQ RNST opened at $31.40 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.18. Renasant has a 12-month low of $22.99 and a 12-month high of $37.40. The company has a market capitalization of $1.77 billion, a PE ratio of 12.76 and a beta of 1.02. The firm’s 50 day moving average is $33.13 and its 200-day moving average is $31.38.

Renasant (NASDAQ:RNST) last posted its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.03. Renasant had a net margin of 15.04% and a return on equity of 6.98%. The company had revenue of $163.79 million for the quarter, compared to the consensus estimate of $166.05 million. During the same period last year, the company earned $0.83 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. Equities research analysts anticipate that Renasant will post 2.54 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.80%. The ex-dividend date was Monday, September 16th. Renasant’s payout ratio is 35.77%.

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.