Renasant Co. (NASDAQ:RNST) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Renasant Co. (NASDAQ:RNST - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the six ratings firms that are currently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $42.83.

A number of analysts have commented on the company. Piper Sandler lifted their price target on Renasant from $41.00 to $44.00 and gave the stock an "overweight" rating in a research report on Thursday. Raymond James reiterated an "outperform" rating and issued a $44.00 target price (up previously from $40.00) on shares of Renasant in a research report on Thursday. Hovde Group lowered shares of Renasant from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 13th. Stephens increased their price objective on shares of Renasant from $44.00 to $47.00 and gave the stock an "overweight" rating in a research note on Thursday. Finally, Keefe, Bruyette & Woods restated an "outperform" rating and set a $46.00 target price (up from $45.00) on shares of Renasant in a research report on Thursday.

Renasant Stock Performance

Shares of NASDAQ:RNST traded up $1.31 on Thursday, hitting $39.16. 833,064 shares of the company were exchanged, compared to its average volume of 540,870. The firm has a market capitalization of $2.49 billion, a P/E ratio of 12.75 and a beta of 1.03. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. Renasant has a 1-year low of $27.98 and a 1-year high of $39.55. The stock's 50 day moving average price is $36.40 and its 200 day moving average price is $34.76.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $0.88 annualized dividend and a yield of 2.25%. Renasant's dividend payout ratio (DPR) is 28.66%.

Insider Buying and Selling at Renasant

In other Renasant news, Director John Creekmore sold 3,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total transaction of $114,000.00. Following the completion of the transaction, the director now owns 24,057 shares of the company's stock, valued at $914,166. This trade represents a 11.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 2.82% of the company's stock.

Hedge Funds Weigh In On Renasant

Large investors have recently made changes to their positions in the stock. Rhumbline Advisers boosted its holdings in Renasant by 0.8% during the 4th quarter. Rhumbline Advisers now owns 184,830 shares of the financial services provider's stock valued at $6,608,000 after acquiring an additional 1,479 shares during the period. Blue Trust Inc. boosted its stake in shares of Renasant by 13.7% in the fourth quarter. Blue Trust Inc. now owns 21,814 shares of the financial services provider's stock valued at $780,000 after purchasing an additional 2,623 shares during the period. Equitable Trust Co. acquired a new position in shares of Renasant in the fourth quarter valued at approximately $248,000. Empowered Funds LLC lifted its holdings in Renasant by 5.1% during the 4th quarter. Empowered Funds LLC now owns 200,824 shares of the financial services provider's stock worth $7,179,000 after buying an additional 9,747 shares in the last quarter. Finally, Jennison Associates LLC lifted its holdings in Renasant by 204.9% during the 4th quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider's stock worth $41,963,000 after buying an additional 788,762 shares in the last quarter. 77.31% of the stock is currently owned by institutional investors and hedge funds.

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.