Analysts Set Renasant Co. (NASDAQ:RNST) Price Target at $40.17

Renasant Co. (NASDAQ:RNST) has been given a consensus rating of “Moderate Buy” by the six research firms that are presently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $40.17.

Several research firms recently commented on RNST. Hovde Group lowered shares of Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $45.00 price objective on shares of Renasant in a research report on Tuesday, December 31st. Finally, Truist Financial reduced 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.

Renasant Stock Down 3.7 %

Shares of RNST stock opened at $35.04 on Friday. Renasant has a 1 year low of $27.98 and a 1 year high of $39.47. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The business’s fifty day moving average is $36.42 and its 200-day moving average is $34.15. The stock has a market cap of $2.23 billion, a PE ratio of 11.41 and a beta of 1.03.

Renasant (NASDAQ:RNST) last released its earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Renasant had a return on equity of 6.70% and a net margin of 16.83%. The firm had revenue of $318.34 million for the quarter, compared to analyst estimates of $184.73 million. During the same period in the previous year, the company earned $0.75 earnings per share. Equities analysts expect that Renasant will post 2.65 earnings per share for the current fiscal year.

Renasant Announces Dividend

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

Insider Activity at Renasant

In other Renasant news, Director John Creekmore sold 3,000 shares of the stock in a transaction that occurred 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 in the company, valued at $914,166. This represents a 11.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.82% of the stock is owned by insiders.

Hedge Funds Weigh In On Renasant

Several institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp raised its position in Renasant by 26.5% during the third quarter. State Street Corp now owns 3,369,915 shares of the financial services provider’s stock valued at $109,522,000 after acquiring an additional 705,344 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC bought a new position in shares of Renasant during the 3rd quarter valued at $15,009,000. Jennison Associates LLC acquired a new stake in shares of Renasant in the 3rd quarter valued at $12,514,000. Stieven Capital Advisors L.P. acquired a new stake in shares of Renasant in the 3rd quarter valued at $11,981,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Renasant by 21.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock worth $56,775,000 after purchasing an additional 303,945 shares in the last quarter. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

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.