Renasant Co. (NASDAQ:RNST) Receives $39.33 Consensus Target Price from Brokerages

Shares of Renasant Co. (NASDAQ:RNST) have received a consensus rating of “Moderate Buy” from the six ratings firms that are presently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $39.33.

Several equities research analysts have weighed in on the stock. Hovde Group cut shares of Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Truist Financial cut their target price on Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research note on Friday, September 20th.

Insider Transactions at Renasant

In related news, Director John Creekmore sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the sale, the director now 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.82% of the company’s stock.

Hedge Funds Weigh In On Renasant

Several hedge funds and other institutional investors have recently modified their holdings of RNST. Victory Capital Management Inc. boosted its holdings in shares of Renasant by 1.7% in the third quarter. Victory Capital Management Inc. now owns 3,955,366 shares of the financial services provider’s stock worth $128,549,000 after buying an additional 65,777 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Renasant by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,887,606 shares of the financial services provider’s stock worth $118,725,000 after acquiring an additional 22,821 shares during the last quarter. State Street Corp grew its position in shares of Renasant by 26.5% during the 3rd quarter. State Street Corp now owns 3,369,915 shares of the financial services provider’s stock valued at $109,522,000 after acquiring an additional 705,344 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Renasant by 21.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock valued at $56,775,000 after acquiring an additional 303,945 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Renasant by 12.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,428,038 shares of the financial services provider’s stock worth $46,420,000 after purchasing an additional 153,086 shares in the last quarter. 77.31% of the stock is owned by institutional investors.

Renasant Stock Performance

NASDAQ:RNST opened at $36.48 on Wednesday. The stock has a market cap of $2.32 billion, a P/E ratio of 13.03 and a beta of 1.02. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The business’s 50-day moving average price is $35.54 and its two-hundred day moving average price is $33.34. Renasant has a twelve month low of $27.98 and a twelve month high of $39.47.

Renasant (NASDAQ:RNST) last announced its quarterly earnings data 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 analysts’ expectations of $184.73 million. Renasant had a return on equity of 6.70% and a net margin of 16.83%. During the same period last year, the firm posted $0.75 EPS. As a group, equities analysts predict that Renasant will post 2.65 EPS for the current fiscal year.

Renasant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th will be given a $0.22 dividend. The ex-dividend date is Wednesday, December 18th. This represents a $0.88 annualized dividend and a yield of 2.41%. Renasant’s dividend payout ratio (DPR) is presently 28.66%.

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.