Renasant Co. (NASDAQ:RNST) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Renasant Co. (NASDAQ:RNST) have been assigned an average rating of “Moderate Buy” from the six research firms that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $39.33.

A number of research analysts recently weighed in on RNST shares. Raymond James upgraded 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 note on Wednesday, July 31st. Stephens upgraded shares of Renasant from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $34.00 to $41.00 in a report on Wednesday, July 31st. Piper Sandler upgraded shares of Renasant from a “neutral” rating to an “overweight” rating and lifted 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 price target for the company from $36.00 to $40.00 in a report on Friday, August 2nd. Finally, Hovde Group upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $38.00 to $39.00 in a report on Monday, August 5th.

Renasant Stock Down 3.0 %

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

Renasant (NASDAQ:RNST) last released its earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.03. Renasant had a net margin of 15.04% and a return on equity of 6.98%. The company had revenue of $163.79 million for the quarter, compared to analysts’ expectations of $166.05 million. During the same quarter in the previous year, the company earned $0.83 EPS. Renasant’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, sell-side analysts forecast that Renasant will post 2.57 earnings per share for the current fiscal year.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were issued 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 dividend yield of 2.79%. Renasant’s dividend payout ratio (DPR) is presently 35.77%.

Institutional Trading of Renasant

A number of large investors have recently made changes to their positions in the business. Quarry LP increased its holdings in shares of Renasant by 698.3% in the 2nd quarter. Quarry LP now owns 934 shares of the financial services provider’s stock worth $29,000 after buying an additional 817 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased 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 buying an additional 1,404 shares during the last quarter. Magnolia Capital Advisors LLC bought a new stake in shares of Renasant in the 2nd quarter worth about $675,000. Millennium Management LLC grew its holdings in Renasant by 189.3% during the 2nd quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider’s stock valued at $12,820,000 after purchasing an additional 274,685 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in Renasant by 24.9% during the 2nd quarter. AQR Capital Management LLC now owns 26,954 shares of the financial services provider’s stock valued at $823,000 after purchasing an additional 5,376 shares during 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.