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

Renasant Co. (NASDAQ:RNST) has earned an average recommendation of “Moderate Buy” from the six research firms that are currently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $40.17.

Several analysts recently issued reports on the company. Truist Financial lowered their price target on Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a report on Friday, September 20th. Hovde Group lowered Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $45.00 price target on shares of Renasant in a research report on Tuesday, December 31st.

Renasant Stock Down 0.4 %

RNST stock opened at $34.93 on Friday. Renasant has a one year low of $27.98 and a one year high of $39.47. The stock has a market capitalization of $2.22 billion, a P/E ratio of 11.38 and a beta of 1.03. The company has a 50 day moving average price of $36.43 and a two-hundred day moving average price of $34.15. 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 released its earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Renasant had a net margin of 16.83% and a return on equity of 6.70%. The firm had revenue of $318.34 million during the quarter, compared to the consensus estimate of $184.73 million. During the same period in the previous year, the firm earned $0.75 earnings per share. As a group, sell-side analysts expect that Renasant will post 2.65 EPS for the current year.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend was Wednesday, December 18th. Renasant’s payout ratio is 28.66%.

Insider Transactions at Renasant

In related news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total value of $114,000.00. Following the completion of the transaction, the director now directly owns 24,057 shares in the company, valued at approximately $914,166. This trade represents a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.82% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Quarry LP raised its stake in Renasant by 698.3% during the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 817 shares during the period. Meeder Asset Management Inc. bought a new position in shares of Renasant during the second quarter valued at approximately $39,000. KBC Group NV raised its position in shares of Renasant by 32.0% during the 3rd 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. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Renasant by 41.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 1,404 shares during the last quarter. Finally, Creative Planning acquired a new position in Renasant during the 3rd quarter valued at approximately $207,000. 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.