Renasant’s (RNST) Outperform Rating Reiterated at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reaffirmed their outperform rating on shares of Renasant (NASDAQ:RNST) in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a $45.00 target price on the financial services provider’s stock.

Other analysts have also issued reports about the company. Truist Financial decreased 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 cut Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.17.

Renasant Stock Performance

RNST stock opened at $35.36 on Tuesday. Renasant has a 1-year low of $27.98 and a 1-year high of $39.47. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The stock has a 50-day moving average price of $36.33 and a 200-day moving average price of $33.92. The firm has a market cap of $2.25 billion, a PE ratio of 11.52 and a beta of 1.02.

Renasant (NASDAQ:RNST) last released 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. The company 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 firm earned $0.75 earnings per share. As a group, equities research analysts expect that Renasant will post 2.65 earnings per share for the current year.

Renasant Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $0.88 annualized dividend and a dividend yield of 2.49%. Renasant’s payout ratio is 28.66%.

Insider Buying and Selling

In other news, Director John Creekmore sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total transaction of $114,000.00. Following the transaction, the director now owns 24,057 shares of the company’s stock, valued at approximately $914,166. The trade was a 11.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.82% of the stock is owned by insiders.

Institutional Investors Weigh In On Renasant

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hantz Financial Services Inc. acquired a new position in shares of Renasant during the second quarter worth $29,000. Quarry LP raised its stake in shares of Renasant by 698.3% in the second 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. purchased a new position in shares of Renasant in the second quarter worth about $39,000. KBC Group NV lifted 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 purchasing an additional 596 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its position in 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 buying an additional 1,404 shares during the last quarter. Institutional investors own 77.31% of the company’s stock.

Renasant Company Profile

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.