Renasant (NASDAQ:RNST) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Renasant Co. (NASDAQ:RNST)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $31.79 and traded as high as $35.46. Renasant shares last traded at $34.63, with a volume of 341,401 shares.

Wall Street Analyst Weigh In

RNST has been the subject of several analyst reports. Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $34.00 to $41.00 in a report on Wednesday, July 31st. Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and raised their price target for the company from $34.00 to $40.00 in a research note on Monday, August 5th. Truist Financial dropped their price objective on Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research note on Friday, September 20th. Keefe, Bruyette & Woods raised Renasant from a “market perform” rating to an “outperform” rating and increased their price objective 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 boosted their target price for the stock from $38.00 to $39.00 in a report on Monday, August 5th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $39.33.

Renasant Price Performance

The business has a fifty day moving average of $33.16 and a two-hundred day moving average of $31.83. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of 11.11 and a beta of 1.02.

Renasant (NASDAQ:RNST) last released its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.63 by $0.07. The firm had revenue of $318.34 million for the quarter, compared to the consensus estimate of $184.73 million. Renasant had a net margin of 16.83% and a return on equity of 6.70%. During the same period in the previous year, the company earned $0.75 earnings per share. As a group, research analysts predict that Renasant Co. will post 2.62 EPS for the current fiscal year.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.88 annualized dividend and a yield of 2.61%. Renasant’s dividend payout ratio (DPR) is presently 28.66%.

Institutional Trading of Renasant

Several institutional investors have recently added to or reduced their stakes in the company. Hantz Financial Services Inc. acquired a new stake in Renasant during the second quarter worth approximately $29,000. Quarry LP grew its holdings in shares of Renasant by 698.3% during the 2nd quarter. Quarry LP now owns 934 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 817 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in Renasant in the second quarter valued at about $39,000. Innealta Capital LLC bought a new stake in Renasant during the second quarter worth about $48,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Renasant by 41.1% during the second 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 in 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.