Renasant Co. (NASDAQ:RNST) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Renasant Co. (NASDAQ:RNST) have been assigned an average rating of “Moderate Buy” from the six brokerages that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $39.33.

A number of equities analysts have recently commented on RNST shares. Stephens raised shares of Renasant from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $34.00 to $41.00 in a research report on Wednesday, July 31st. Truist Financial reduced their target price on shares of Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research report on Friday, September 20th. Piper Sandler raised shares of Renasant from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $34.00 to $40.00 in a research report on Monday, August 5th. Raymond James raised shares of Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 target price on the stock in a research report on Wednesday, July 31st. Finally, Keefe, Bruyette & Woods raised shares of Renasant from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $36.00 to $40.00 in a research report on Friday, August 2nd.

Renasant Stock Performance

Shares of NASDAQ:RNST opened at $31.51 on Friday. The company has a market capitalization of $1.78 billion, a price-to-earnings ratio of 12.81 and a beta of 1.02. Renasant has a 12 month low of $22.99 and a 12 month high of $37.40. The firm’s 50-day moving average is $33.43 and its 200 day moving average is $31.36. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18.

Renasant (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 EPS for the quarter, beating the consensus estimate of $0.66 by $0.03. The company had revenue of $163.79 million for the quarter, compared to the consensus estimate of $166.05 million. Renasant had a net margin of 15.04% and a return on equity of 6.98%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.83 EPS. Research analysts predict that Renasant will post 2.57 EPS for the current year.

Renasant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a dividend of $0.22 per share. The ex-dividend date was Monday, September 16th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.79%. Renasant’s dividend payout ratio is presently 35.77%.

Hedge Funds Weigh In On Renasant

Hedge funds and other institutional investors have recently modified their holdings of the business. Empowered Funds LLC boosted its stake in shares of Renasant by 22.2% during the first quarter. Empowered Funds LLC now owns 168,469 shares of the financial services provider’s stock valued at $5,276,000 after purchasing an additional 30,630 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Renasant by 74.7% in the first quarter. BNP Paribas Financial Markets now owns 41,701 shares of the financial services provider’s stock valued at $1,306,000 after acquiring an additional 17,836 shares in the last quarter. Edgestream Partners L.P. acquired a new stake in Renasant in the first quarter valued at approximately $4,124,000. Frontier Capital Management Co. LLC boosted its stake in Renasant by 6.5% in the fourth quarter. Frontier Capital Management Co. LLC now owns 744,338 shares of the financial services provider’s stock valued at $25,069,000 after acquiring an additional 45,461 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Renasant by 4.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 830,687 shares of the financial services provider’s stock valued at $27,978,000 after acquiring an additional 38,036 shares in the last quarter. 77.31% of the stock is currently owned by 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.