Renasant Co. (NASDAQ:RNST) Given Average Rating of "Moderate Buy" by Analysts

Renasant Co. (NASDAQ:RNST - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the six research firms that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $39.33.

A number of equities research analysts recently commented on the company. Stephens upgraded Renasant from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $34.00 to $41.00 in a research report on Wednesday, July 31st. Hovde Group upgraded shares of Renasant from a "market perform" rating to an "outperform" rating and increased their price objective for the stock from $38.00 to $39.00 in a research note on Monday, August 5th. Piper Sandler raised shares of Renasant from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $34.00 to $40.00 in a report on Monday, August 5th. Raymond James raised shares of Renasant from a "market perform" rating to an "outperform" rating and set a $39.00 price target on the stock in a report on Wednesday, July 31st. Finally, Truist Financial reduced their price objective on Renasant from $38.00 to $37.00 and set a "hold" rating for the company in a research note on Friday, September 20th.

Hedge Funds Weigh In On Renasant

A number of hedge funds have recently bought and sold shares of RNST. Hantz Financial Services Inc. acquired a new position in shares of Renasant during the 2nd quarter worth approximately $29,000. Quarry LP raised its position in Renasant by 698.3% during the second quarter. Quarry LP now owns 934 shares of the financial services provider's stock worth $29,000 after acquiring an additional 817 shares during the period. Meeder Asset Management Inc. purchased a new position in Renasant during the second quarter valued at $39,000. TFO Wealth Partners LLC grew its position in shares of Renasant by 13,710.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,381 shares of the financial services provider's stock valued at $47,000 after purchasing an additional 1,371 shares during the period. Finally, Innealta Capital LLC purchased a new stake in shares of Renasant during the second quarter worth about $48,000. Hedge funds and other institutional investors own 77.31% of the company's stock.

Renasant Stock Performance

Shares of Renasant stock traded up $0.09 during midday trading on Friday, hitting $32.04. The company had a trading volume of 429,511 shares, compared to its average volume of 395,765. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of 13.02 and a beta of 1.02. Renasant has a 12-month low of $22.99 and a 12-month high of $37.40. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.18. The company has a fifty day simple moving average of $33.50 and a 200 day simple moving average of $31.32.

Renasant (NASDAQ:RNST - Get Free Report) last released its earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.03. The firm had revenue of $163.79 million for the quarter, compared to the consensus estimate of $166.05 million. Renasant had a return on equity of 6.98% and a net margin of 15.04%. The firm's revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.83 EPS. As a group, analysts predict that Renasant will post 2.57 earnings per share for the current fiscal year.

Renasant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a $0.22 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.75%. Renasant's dividend payout ratio (DPR) is currently 35.77%.

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.