Renasant (NASDAQ:RNST) Shares Up 3.6% – Time to Buy?

Shares of Renasant Co. (NASDAQ:RNST) shot up 3.6% during trading on Tuesday . The stock traded as high as $34.12 and last traded at $34.09. 95,711 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 392,841 shares. The stock had previously closed at $32.89.

Wall Street Analyst Weigh In

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

Renasant Price Performance

The stock’s 50 day simple moving average is $32.80 and its 200-day simple moving average is $31.50. The company has a market capitalization of $1.89 billion, a PE ratio of 13.37 and a beta of 1.02. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.93 and a quick ratio of 0.92.

Renasant (NASDAQ:RNST) last released its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.03. The company had revenue of $163.79 million for the quarter, compared to analysts’ expectations of $166.05 million. Renasant had a net margin of 15.04% and a return on equity of 6.98%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the company earned $0.83 earnings per share. As a group, equities analysts forecast that Renasant Co. will post 2.53 earnings per share for the current fiscal year.

Renasant Announces Dividend

The company also recently disclosed 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 yield of 2.63%. Renasant’s dividend payout ratio (DPR) is 35.77%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Hantz Financial Services Inc. purchased a new stake in Renasant in the 2nd quarter valued at about $29,000. Quarry LP raised its position in shares of Renasant by 698.3% in the 2nd quarter. Quarry LP now owns 934 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 817 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Renasant in the 2nd quarter valued at approximately $39,000. Innealta Capital LLC acquired a new position in shares of Renasant in the 2nd quarter valued at approximately $48,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Renasant by 41.1% during the 2nd 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 in the last quarter. Institutional investors and hedge funds 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.