Renasant Co. (NASDAQ:RNST) Receives $40.17 Consensus PT from Analysts

Renasant Co. (NASDAQ:RNST) has been given an average recommendation of “Moderate Buy” by the six analysts that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $40.17.

A number of equities analysts have recently commented on RNST shares. Truist Financial dropped their price objective on Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research note on Friday, September 20th. Hovde Group downgraded Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $45.00 price target on shares of Renasant in a report on Tuesday, December 31st.

Renasant Stock Down 3.7 %

Shares of Renasant stock opened at $35.04 on Friday. Renasant has a 12-month low of $27.98 and a 12-month high of $39.47. The stock has a market capitalization of $2.23 billion, a P/E ratio of 11.41 and a beta of 1.03. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The stock has a 50 day moving average price of $36.42 and a two-hundred day moving average price of $34.15.

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, beating analysts’ consensus estimates of $0.63 by $0.07. The business had revenue of $318.34 million for the quarter, compared to analyst estimates of $184.73 million. Renasant had a net margin of 16.83% and a return on equity of 6.70%. During the same period last year, the business posted $0.75 EPS. Equities analysts expect that Renasant will post 2.65 earnings per share for the current year.

Renasant Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th were issued a $0.22 dividend. The ex-dividend date was Wednesday, December 18th. This represents a $0.88 annualized dividend and a yield of 2.51%. Renasant’s dividend payout ratio (DPR) is 28.66%.

Insiders Place Their Bets

In related news, Director John Creekmore sold 3,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the sale, the director now owns 24,057 shares of the company’s stock, valued at $914,166. The trade was a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.82% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RNST. Quarry LP grew its holdings in shares of 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 purchasing an additional 817 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in Renasant during the second quarter worth about $39,000. KBC Group NV increased its holdings 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 worth $80,000 after buying an additional 596 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Renasant by 41.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider’s stock valued at $147,000 after acquiring an additional 1,404 shares during the last quarter. Finally, Creative Planning acquired a new position in shares of Renasant in the 3rd quarter worth approximately $207,000. Institutional investors own 77.31% of the company’s stock.

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.