Renasant Co. (NASDAQ:RNST) Receives Average Recommendation of "Moderate Buy" from Brokerages

Renasant Co. (NASDAQ:RNST - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the six research firms that are covering the company, Marketbeat reports. Two analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $42.83.

A number of equities analysts have recently weighed in on RNST shares. Raymond James reaffirmed an "outperform" rating and issued a $44.00 price objective (up previously from $40.00) on shares of Renasant in a research note on Thursday, January 30th. Stephens increased their price objective on shares of Renasant from $44.00 to $47.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. Keefe, Bruyette & Woods restated an "outperform" rating and set a $46.00 target price (up previously from $45.00) on shares of Renasant in a research report on Thursday, January 30th. Piper Sandler lifted their price target on shares of Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. Finally, StockNews.com downgraded shares of Renasant from a "hold" rating to a "sell" rating in a report on Friday, January 31st.

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Insider Buying and Selling at Renasant

In other news, CAO Kelly Hutcheson sold 1,310 shares of the business's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $36.72, for a total transaction of $48,103.20. Following the transaction, the chief accounting officer now owns 17,586 shares of the company's stock, valued at approximately $645,757.92. The trade was a 6.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.82% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Mascagni Wealth Management Inc. purchased a new position in shares of Renasant during the 4th quarter worth about $44,000. Covestor Ltd boosted its position in shares of Renasant by 73.7% during the fourth quarter. Covestor Ltd now owns 1,838 shares of the financial services provider's stock valued at $66,000 after buying an additional 780 shares during the period. KBC Group NV grew its stake in shares of Renasant by 32.0% during the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider's stock valued at $80,000 after buying an additional 596 shares during the last quarter. Smith Shellnut Wilson LLC ADV purchased a new stake in shares of Renasant in the fourth quarter worth approximately $201,000. Finally, ZWJ Investment Counsel Inc. bought a new stake in shares of Renasant during the 4th quarter worth approximately $208,000. Institutional investors own 77.31% of the company's stock.

Renasant Price Performance

Shares of RNST traded down $0.03 during trading hours on Friday, reaching $35.75. 708,310 shares of the stock traded hands, compared to its average volume of 465,090. Renasant has a 52-week low of $27.98 and a 52-week high of $39.63. 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 market cap of $2.28 billion, a P/E ratio of 10.93 and a beta of 1.02. The company's 50-day moving average price is $36.53 and its two-hundred day moving average price is $35.43.

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.88 annualized dividend and a yield of 2.46%. Renasant's payout ratio is currently 26.91%.

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.