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Renasant Co. (NASDAQ:RNST) Receives Average Rating of "Moderate Buy" from Analysts

Renasant logo with Finance background

Shares of Renasant Co. (NASDAQ:RNST - Get Free Report) have been given an average rating of "Moderate Buy" by the six analysts that are currently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $40.17.

RNST has been the subject of a number of recent research reports. Hovde Group downgraded Renasant from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 13th. Keefe, Bruyette & Woods reissued an "outperform" rating and set a $45.00 price objective on shares of Renasant in a report on Tuesday, December 31st. Finally, Truist Financial cut their target price on shares of Renasant from $38.00 to $37.00 and set a "hold" rating on the stock in a research report on Friday, September 20th.

Check Out Our Latest Research Report on Renasant

Renasant Price Performance

Shares of NASDAQ:RNST traded up $0.63 during midday trading on Friday, reaching $35.99. The company's stock had a trading volume of 383,022 shares, compared to its average volume of 497,211. The business's fifty day simple moving average is $36.38 and its 200-day simple moving average is $34.01. The company has a market capitalization of $2.29 billion, a P/E ratio of 11.72 and a beta of 1.02. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. Renasant has a fifty-two week low of $27.98 and a fifty-two week high of $39.47.

Renasant (NASDAQ:RNST - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. Renasant had a net margin of 16.83% and a return on equity of 6.70%. The firm had revenue of $318.34 million during the quarter, compared to analysts' expectations of $184.73 million. During the same quarter last year, the company posted $0.75 EPS. As a group, equities research analysts expect that Renasant will post 2.65 EPS for the current fiscal year.

Renasant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th were paid a $0.22 dividend. The ex-dividend date was Wednesday, December 18th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.45%. Renasant's dividend payout ratio (DPR) is presently 28.66%.

Insider Buying and Selling

In related news, Director John Creekmore sold 3,000 shares of the company's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the completion of the sale, the director now owns 24,057 shares in the company, valued at $914,166. This represents a 11.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.82% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its holdings in shares of Renasant by 81.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 263,353 shares of the financial services provider's stock valued at $8,559,000 after purchasing an additional 117,950 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Renasant by 7.8% during the 3rd quarter. Principal Financial Group Inc. now owns 299,485 shares of the financial services provider's stock worth $9,733,000 after buying an additional 21,683 shares during the period. Franklin Resources Inc. lifted its stake in Renasant by 122.0% in the third quarter. Franklin Resources Inc. now owns 27,669 shares of the financial services provider's stock valued at $910,000 after buying an additional 15,203 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Renasant in the third quarter valued at approximately $357,000. Finally, Geode Capital Management LLC increased its position in shares of Renasant by 12.0% during the third quarter. Geode Capital Management LLC now owns 1,428,038 shares of the financial services provider's stock worth $46,420,000 after acquiring an additional 153,086 shares in the last quarter. 77.31% of the stock is owned by institutional investors and hedge funds.

About Renasant

(Get Free Report

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.

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Analyst Recommendations for Renasant (NASDAQ:RNST)

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