Renasant Co. (NASDAQ:RNST) Receives $39.33 Consensus PT from Brokerages

Renasant Co. (NASDAQ:RNST) has received a consensus rating of “Moderate Buy” from the six brokerages that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $39.33.

A number of research analysts have recently commented on RNST shares. Raymond James raised Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price target on the stock in a research report on Wednesday, July 31st. Piper Sandler raised shares of Renasant from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $34.00 to $40.00 in a report on Monday, August 5th. Stephens upgraded shares of Renasant from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $34.00 to $41.00 in a research report on Wednesday, July 31st. Hovde Group raised shares of Renasant from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $38.00 to $39.00 in a research report on Monday, August 5th. Finally, Truist Financial dropped their price target on shares of Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research note on Friday, September 20th.

Renasant Stock Performance

NASDAQ RNST opened at $32.03 on Friday. The company has a market capitalization of $1.80 billion, a PE ratio of 13.02 and a beta of 1.02. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.92 and a current ratio of 0.93. Renasant has a 52-week low of $22.99 and a 52-week high of $37.40. The company has a 50-day simple moving average of $33.50 and a 200 day simple moving average of $31.32.

Renasant (NASDAQ:RNST) last posted its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 EPS for the quarter, topping 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 analysts’ expectations of $166.05 million. During the same quarter in the previous year, the firm posted $0.83 EPS. Renasant’s revenue was up 11.1% on a year-over-year basis. On average, research analysts predict that Renasant will post 2.57 EPS for the current year.

Renasant Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.75%. The ex-dividend date of this dividend is Monday, September 16th. Renasant’s dividend payout ratio is presently 35.77%.

Hedge Funds Weigh In On Renasant

A number of large investors have recently modified their holdings of RNST. Louisiana State Employees Retirement System boosted its holdings in Renasant by 1.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 28,300 shares of the financial services provider’s stock valued at $864,000 after purchasing an additional 500 shares during the period. Texas Permanent School Fund Corp boosted its stake in Renasant by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 49,135 shares of the financial services provider’s stock valued at $1,539,000 after buying an additional 637 shares during the period. ProShare Advisors LLC boosted its stake in Renasant by 7.4% during the first quarter. ProShare Advisors LLC now owns 11,153 shares of the financial services provider’s stock valued at $349,000 after buying an additional 765 shares during the period. Park Place Capital Corp grew its position in Renasant by 0.9% during the second quarter. Park Place Capital Corp now owns 88,502 shares of the financial services provider’s stock worth $2,703,000 after buying an additional 804 shares in the last quarter. Finally, Quarry LP increased 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 during the last quarter. 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.