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

Renasant Co. (NASDAQ:RNST) has earned an average rating of “Moderate Buy” from the six brokerages that are 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 twelve-month price target among brokerages that have issued ratings on the stock in the last year is $39.33.

Several research analysts recently issued reports on RNST shares. Hovde Group upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $38.00 to $39.00 in a research note on Monday, August 5th. Stephens upgraded shares of Renasant from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $34.00 to $41.00 in a report on Wednesday, July 31st. Piper Sandler raised Renasant from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $34.00 to $40.00 in a research report on Monday, August 5th. Keefe, Bruyette & Woods raised Renasant from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $36.00 to $40.00 in a research report on Friday, August 2nd. Finally, Raymond James raised 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.

Institutional Trading of Renasant

Several institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC boosted its position in shares of Renasant by 21.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock valued at $56,775,000 after buying an additional 303,945 shares during the last quarter. Creative Planning bought a new position in Renasant during the 3rd quarter valued at about $207,000. Inspire Investing LLC boosted its holdings in shares of Renasant by 9.8% during the 3rd quarter. Inspire Investing LLC now owns 12,679 shares of the financial services provider’s stock valued at $412,000 after acquiring an additional 1,135 shares during the last quarter. Duncan Williams Asset Management LLC raised its holdings in shares of Renasant by 19.9% during the third quarter. Duncan Williams Asset Management LLC now owns 11,115 shares of the financial services provider’s stock valued at $361,000 after purchasing an additional 1,847 shares during the last quarter. Finally, SG Americas Securities LLC lifted its position in Renasant by 94.1% during the third quarter. SG Americas Securities LLC now owns 7,188 shares of the financial services provider’s stock valued at $234,000 after purchasing an additional 3,484 shares during the period. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Renasant Stock Down 3.8 %

Shares of NASDAQ:RNST opened at $32.39 on Tuesday. 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 firm has a market capitalization of $1.82 billion, a P/E ratio of 13.17 and a beta of 1.02. The stock has a 50 day moving average price of $32.93 and a 200-day moving average price of $31.61.

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, topping analysts’ consensus estimates of $0.66 by $0.03. Renasant had a return on equity of 6.98% and a net margin of 15.04%. The business had revenue of $163.79 million during the quarter, compared to the consensus estimate of $166.05 million. During the same quarter in the prior year, the company earned $0.83 earnings per share. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Renasant will post 2.53 EPS for the current fiscal year.

Renasant Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a $0.22 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.88 dividend on an annualized basis and a yield of 2.72%. Renasant’s payout ratio is currently 35.77%.

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.