Renasant Co. (NASDAQ:RNST) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of Renasant Co. (NASDAQ:RNST) have received an average rating of “Moderate Buy” from the six analysts that are covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $42.83.

Several brokerages have recently weighed in on RNST. StockNews.com cut Renasant from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Raymond James reaffirmed an “outperform” rating and set a $44.00 target price (up previously from $40.00) on shares of Renasant in a report on Thursday, January 30th. Stephens upped their price target on shares of Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $46.00 price objective (up previously from $45.00) on shares of Renasant in a research note on Thursday, January 30th. Finally, Piper Sandler upped their target price on Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th.

Insiders Place Their Bets

In other news, CAO Kelly Hutcheson sold 1,310 shares of Renasant stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $36.72, for a total value of $48,103.20. Following the transaction, the chief accounting officer now owns 17,586 shares in the company, valued at approximately $645,757.92. The trade was a 6.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.82% of the stock is owned by insiders.

Institutional Investors Weigh In On Renasant

Institutional investors have recently bought and sold shares of the stock. KBC Group NV boosted its stake in shares of Renasant by 32.0% during the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock valued at $80,000 after purchasing an additional 596 shares during the period. Mutual of America Capital Management LLC raised its holdings in Renasant by 3.2% during the 3rd quarter. Mutual of America Capital Management LLC now owns 9,560 shares of the financial services provider’s stock valued at $311,000 after buying an additional 300 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in Renasant by 6.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 49,910 shares of the financial services provider’s stock valued at $1,622,000 after buying an additional 3,142 shares during the period. Jennison Associates LLC bought a new stake in Renasant in the 3rd quarter worth $12,514,000. Finally, Intech Investment Management LLC purchased a new position in shares of Renasant in the third quarter valued at about $670,000. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Renasant Price Performance

Renasant stock opened at $35.75 on Friday. The business has a fifty day moving average price of $36.53 and a 200-day moving average price of $35.45. The firm has a market capitalization of $2.28 billion, a P/E ratio of 10.93 and a beta of 1.02. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. Renasant has a one year low of $27.98 and a one year high of $39.63.

Renasant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a $0.22 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.88 dividend on an annualized basis and a yield of 2.46%. Renasant’s payout ratio is 26.91%.

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.