Renasant Corp. (RNST) Receives $37.00 Consensus Price Target from Analysts
Shares of Renasant Corp. (NASDAQ:RNST) have been given an average rating of “Hold” by the seven ratings firms that are covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $37.00.
Several equities analysts have issued reports on RNST shares. Zacks Investment Research lowered Renasant from a “hold” rating to a “sell” rating in a research note on Thursday, March 21st. BidaskClub lowered Renasant from a “hold” rating to a “sell” rating in a research note on Friday, March 22nd. TheStreet upgraded Renasant from a “c+” rating to a “b-” rating in a research note on Wednesday, February 20th. Finally, Hovde Group reiterated a “market perform” rating and issued a $38.00 target price (up previously from $34.00) on shares of Renasant in a research note on Monday, January 28th.
Several hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. grew its stake in shares of Renasant by 2.6% during the first quarter. JPMorgan Chase & Co. now owns 13,390 shares of the financial services provider’s stock worth $453,000 after acquiring an additional 342 shares during the last quarter. Bank of Montreal Can grew its stake in shares of Renasant by 16.3% during the fourth quarter. Bank of Montreal Can now owns 2,478 shares of the financial services provider’s stock worth $76,000 after acquiring an additional 348 shares during the last quarter. Advisor Group Inc. grew its stake in shares of Renasant by 115.0% during the first quarter. Advisor Group Inc. now owns 1,118 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 598 shares during the last quarter. Strs Ohio grew its stake in shares of Renasant by 200.0% during the fourth quarter. Strs Ohio now owns 900 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 600 shares during the last quarter. Finally, Raymond James & Associates grew its stake in shares of Renasant by 0.8% during the first quarter. Raymond James & Associates now owns 87,413 shares of the financial services provider’s stock worth $2,959,000 after acquiring an additional 698 shares during the last quarter. Institutional investors and hedge funds own 61.12% of the company’s stock.
Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.77 EPS for the quarter, meeting the consensus estimate of $0.77. Renasant had a return on equity of 8.76% and a net margin of 24.55%. The firm had revenue of $150.50 million for the quarter, compared to analyst estimates of $150.40 million. During the same quarter last year, the firm posted $0.70 earnings per share. The business’s revenue for the quarter was up 20.6% on a year-over-year basis. Analysts forecast that Renasant will post 3.19 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.51%. The ex-dividend date is Thursday, June 13th. This is a positive change from Renasant’s previous quarterly dividend of $0.21. Renasant’s payout ratio is 28.00%.
Renasant Corporation operates as a bank holding company for Renasant Bank, which provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings, money market, individual retirement, and health savings accounts, as well as safe deposit and night depository facilities.
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