Renasant Corp (NYSE:RNST) Stock Has Average Target Price of $46.67

Renasant Corp (NYSE:RNST) has been assigned an average rating of “Buy” from the five research firms that are currently covering the stock, Marketbeat Ratings reports. Five research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $46.00.

Several brokerages have recently weighed in on RNST. TD Cowen cut their price objective on shares of Renasant from $46.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, October 29th. Raymond James Financial downgraded shares of Renasant from a “strong-buy” rating to an “outperform” rating and lowered their target price for the company from $50.00 to $45.00 in a report on Thursday, October 29th. Piper Sandler upped their price target on shares of Renasant from $46.00 to $48.00 and gave the stock an “overweight” rating in a research report on Thursday, July 30th. Finally, Weiss Ratings raised shares of Renasant from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th.

Renasant Price Performance

Shares of NYSE:RNST opened at $40.66 on Thursday. The company has a market cap of $3.72 billion, a P/E ratio of 10.92 and a beta of 1.02. The business has a fifty day simple moving average of $40.26 and a 200-day simple moving average of $40.25. Renasant has a 52 week low of $33.15 and a 52 week high of $44.54. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.20.

Renasant (NYSE:RNST) last issued its quarterly earnings results on Tuesday, October 27th. The company reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.08). The business had revenue of $272.96 million during the quarter, compared to analyst estimates of $282.34 million. Renasant had a return on equity of 8.83% and a net margin of 21.16%. During the same period in the previous year, the business posted $0.77 earnings per share. Equities research analysts forecast that Renasant will post 3.71 EPS for the current year.

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.96 annualized dividend and a dividend yield of 2.4%. Renasant’s payout ratio is currently 26.89%.

Institutional Investors Weigh In On Renasant

A number of institutional investors have recently added to or reduced their stakes in the company. Lido Advisors LLC grew its position in Renasant by 17.3% in the third quarter. Lido Advisors LLC now owns 15,236 shares of the company’s stock valued at $592,000 after acquiring an additional 2,243 shares in the last quarter. Salomon & Ludwin LLC lifted its position in shares of Renasant by 153.1% during the third quarter. Salomon & Ludwin LLC now owns 1,063 shares of the company’s stock worth $41,000 after purchasing an additional 643 shares in the last quarter. State of Wyoming lifted its position in shares of Renasant by 14.7% during the third quarter. State of Wyoming now owns 9,181 shares of the company’s stock worth $357,000 after purchasing an additional 1,178 shares in the last quarter. Rosenthal Henry Capital Advisors Inc. purchased a new position in shares of Renasant in the third quarter valued at $1,322,000. Finally, Inspire Investing LLC boosted its stake in shares of Renasant by 2.2% in the third quarter. Inspire Investing LLC now owns 16,325 shares of the company’s stock valued at $635,000 after purchasing an additional 344 shares during the period. Hedge funds and other institutional investors own 77.31% of the company’s stock.

About Renasant

Renasant Corporation is a financial services holding company headquartered in Tupelo, Mississippi. Through its principal subsidiary, Renasant Bank, the company provides banking and related financial services to individuals, families, small businesses, commercial clients and other organizations.

Renasant Bank offers deposit accounts, consumer and commercial lending, residential mortgages, treasury management and other business banking services. Its broader offerings also include wealth management, trust and investment services, financial planning and insurance-related solutions.

Renasant traces its banking history to 1904 and has expanded through organic growth and acquisitions.