Renasant Co. (NASDAQ:RNST) Receives $39.33 Consensus Target Price from Brokerages

Shares of Renasant Co. (NASDAQ:RNST - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the six brokerages that are covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $39.33.

A number of research analysts have weighed in on RNST shares. 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. 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 research report on Wednesday, July 31st. Truist Financial lowered their price objective on shares of 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 upgraded Renasant from a "market perform" rating to an "outperform" rating and lifted their price target for the stock from $36.00 to $40.00 in a report on Friday, August 2nd. Finally, Hovde Group cut Renasant from an "outperform" rating to a "market perform" rating in a research report on Wednesday.

Renasant Stock Up 0.4 %

Shares of NASDAQ:RNST traded up $0.16 during trading on Friday, hitting $36.91. 411,454 shares of the company's stock traded hands, compared to its average volume of 401,503. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The company has a 50-day moving average price of $33.62 and a 200-day moving average price of $32.37. Renasant has a 52 week low of $26.28 and a 52 week high of $38.77. The company has a market cap of $2.35 billion, a price-to-earnings ratio of 12.02 and a beta of 1.01.

Renasant (NASDAQ:RNST - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.07. The business had revenue of $318.34 million for the quarter, compared to analyst estimates of $184.73 million. Renasant had a net margin of 16.83% and a return on equity of 6.70%. During the same period last year, the business posted $0.75 earnings per share. As a group, research analysts forecast that Renasant will post 2.64 EPS for the current fiscal year.

Renasant Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.38%. The ex-dividend date of this dividend is Wednesday, December 18th. Renasant's dividend payout ratio (DPR) is presently 28.66%.

Insider Activity at Renasant

In other news, Director John Creekmore sold 3,000 shares of the business's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total transaction of $114,000.00. Following the sale, the director now directly owns 24,057 shares in the company, valued at approximately $914,166. The trade was a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.82% of the stock is owned by insiders.

Institutional Trading of Renasant

Institutional investors have recently added to or reduced their stakes in the stock. Hantz Financial Services Inc. bought a new position in shares of Renasant in the 2nd quarter worth $29,000. Quarry LP increased its stake in Renasant by 698.3% in the 2nd quarter. Quarry LP now owns 934 shares of the financial services provider's stock valued at $29,000 after buying an additional 817 shares during the last quarter. Meeder Asset Management Inc. bought a new position in shares of Renasant during the 2nd quarter worth approximately $39,000. Innealta Capital LLC purchased a new position in shares of Renasant in the 2nd quarter worth approximately $48,000. Finally, KBC Group NV raised its position in Renasant by 32.0% in the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider's stock worth $80,000 after acquiring an additional 596 shares during the period. 77.31% of the stock is currently owned by institutional investors.

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.