Renasant’s (RNST) Neutral Rating Reaffirmed at Piper Sandler

Piper Sandler restated their neutral rating on shares of Renasant (NASDAQ:RNST) in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a $33.00 price target on the financial services provider’s stock.

Several other brokerages have also issued reports on RNST. Truist Financial reduced their target price on shares of Renasant from $35.00 to $33.00 and set a hold rating on the stock in a research note on Monday, April 1st. Keefe, Bruyette & Woods reaffirmed a market perform rating and set a $34.00 target price on shares of Renasant in a report on Wednesday. Finally, StockNews.com upgraded Renasant from a sell rating to a hold rating in a research report on Saturday, April 27th. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $34.25.

Renasant Stock Performance

Shares of Renasant stock opened at $30.02 on Wednesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.93 and a quick ratio of 0.92. The firm has a 50 day simple moving average of $29.81 and a 200 day simple moving average of $30.78. Renasant has a fifty-two week low of $22.99 and a fifty-two week high of $34.85. The firm has a market cap of $1.69 billion, a P/E ratio of 12.20 and a beta of 1.03.

Renasant (NASDAQ:RNST) last released its earnings results on Tuesday, April 23rd. The financial services provider reported $0.65 EPS for the quarter, beating the consensus estimate of $0.63 by $0.02. Renasant had a return on equity of 7.44% and a net margin of 14.67%. The company had revenue of $254.56 million during the quarter, compared to analysts’ expectations of $159.60 million. During the same period last year, the firm earned $0.82 EPS. Sell-side analysts predict that Renasant will post 2.62 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.93%. The ex-dividend date was Friday, June 14th. Renasant’s dividend payout ratio (DPR) is 35.77%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RNST. GAMMA Investing LLC acquired a new stake in shares of Renasant during the fourth quarter worth about $25,000. Atlantic Edge Private Wealth Management LLC bought a new position in Renasant in the fourth quarter valued at approximately $37,000. TFO Wealth Partners LLC boosted its holdings in shares of Renasant by 13,710.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,381 shares of the financial services provider’s stock valued at $47,000 after buying an additional 1,371 shares during the period. Criterion Capital Advisors LLC bought a new stake in shares of Renasant during the fourth quarter worth $113,000. Finally, Cravens & Co Advisors LLC acquired a new stake in shares of Renasant during the fourth quarter worth $205,000. 77.31% of the stock is currently owned by institutional investors.

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.