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

Shares of Renasant Co. (NASDAQ:RNST) have been assigned an average rating of “Moderate Buy” from the six analysts that are covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $39.33.

Several research firms recently issued reports on RNST. Truist Financial dropped their price objective on Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research note on Friday, September 20th. Hovde Group cut Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th.

Renasant Trading Down 0.4 %

Shares of RNST opened at $36.48 on Wednesday. The business’s 50-day moving average price is $35.54 and its 200-day moving average price is $33.29. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. Renasant has a twelve month low of $27.98 and a twelve month high of $39.47. The stock has a market cap of $2.32 billion, a PE ratio of 11.88 and a beta of 1.02.

Renasant (NASDAQ:RNST) last posted its earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.07. The business had revenue of $318.34 million for the quarter, compared to analysts’ expectations of $184.73 million. Renasant had a net margin of 16.83% and a return on equity of 6.70%. During the same period in the prior year, the company posted $0.75 EPS. On average, equities analysts forecast that Renasant will post 2.65 EPS for the current fiscal year.

Renasant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Wednesday, December 18th. This represents a $0.88 dividend on an annualized basis and a yield of 2.41%. Renasant’s dividend payout ratio is presently 28.66%.

Insider Buying and Selling at Renasant

In other news, Director John Creekmore sold 3,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the completion of the sale, the director now owns 24,057 shares of the company’s stock, valued at approximately $914,166. This represents a 11.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.82% of the company’s stock.

Hedge Funds Weigh In On Renasant

A number of large investors have recently added to or reduced their stakes in RNST. Hantz Financial Services Inc. purchased a new position in Renasant in the 2nd quarter worth approximately $29,000. Quarry LP grew its holdings in shares of Renasant by 698.3% in the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 817 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in shares of Renasant in the second quarter worth $39,000. Innealta Capital LLC bought a new stake in Renasant during the 2nd quarter valued at $48,000. Finally, KBC Group NV raised its holdings in Renasant by 32.0% during the 3rd quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock valued at $80,000 after buying an additional 596 shares during the last quarter. Hedge funds and other institutional investors own 77.31% of the company’s stock.

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.