Renasant (NASDAQ:RNST) Share Price Crosses Above 200 Day Moving Average – Should You Sell?

Renasant Co. (NASDAQ:RNST) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $31.79 and traded as high as $35.46. Renasant shares last traded at $34.63, with a volume of 341,401 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RNST. Hovde Group raised Renasant from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $38.00 to $39.00 in a research note on Monday, August 5th. Keefe, Bruyette & Woods upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $36.00 to $40.00 in a research note on Friday, August 2nd. Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $34.00 to $41.00 in a research report on Wednesday, July 31st. Raymond James raised Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price objective on the stock in a research note on Wednesday, July 31st. Finally, Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and raised their target price for the company from $34.00 to $40.00 in a research note on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Renasant currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.33.

Renasant Trading Down 1.2 %

The business’s 50-day simple moving average is $33.16 and its 200-day simple moving average is $31.83. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of 11.11 and a beta of 1.02. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96.

Renasant (NASDAQ:RNST) last posted its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, beating 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 company had revenue of $318.34 million for the quarter, compared to the consensus estimate of $184.73 million. During the same quarter in the prior year, the business posted $0.75 EPS. On average, research analysts expect that Renasant Co. will post 2.62 earnings per share for the current fiscal year.

Renasant Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were given a $0.22 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.61%. Renasant’s dividend payout ratio is 28.66%.

Institutional Investors Weigh In On Renasant

Several large investors have recently bought and sold shares of RNST. Louisiana State Employees Retirement System grew its holdings in shares of Renasant by 1.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 28,300 shares of the financial services provider’s stock valued at $864,000 after buying an additional 500 shares during the period. Texas Permanent School Fund Corp increased its holdings in shares of Renasant by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 49,135 shares of the financial services provider’s stock worth $1,539,000 after acquiring an additional 637 shares in the last quarter. ProShare Advisors LLC raised its position in shares of Renasant by 7.4% during the first quarter. ProShare Advisors LLC now owns 11,153 shares of the financial services provider’s stock worth $349,000 after purchasing an additional 765 shares during the period. Park Place Capital Corp lifted its holdings in shares of Renasant by 0.9% during the 2nd quarter. Park Place Capital Corp now owns 88,502 shares of the financial services provider’s stock valued at $2,703,000 after purchasing an additional 804 shares in the last quarter. Finally, Quarry LP lifted its stake in Renasant by 698.3% in the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock valued at $29,000 after buying an additional 817 shares in the last quarter. 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.