Renasant Co. (NASDAQ:RNST) Given Average Recommendation of "Moderate Buy" by Brokerages

Shares of Renasant Co. (NASDAQ:RNST - Get Free Report) have earned an average rating of "Moderate Buy" from the six ratings firms that are covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $39.33.

Several equities analysts recently weighed in on the company. Hovde Group lowered Renasant from an "outperform" rating to a "market perform" rating in a research note on Wednesday, November 13th. Truist Financial reduced their target price on Renasant from $38.00 to $37.00 and set a "hold" rating for the company in a research note on Friday, September 20th.

Insider Transactions at Renasant

In other news, Director John Creekmore sold 3,000 shares of the business's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total transaction of $114,000.00. Following the transaction, the director now directly owns 24,057 shares in the company, valued at $914,166. The trade was a 11.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.82% of the company's stock.

Hedge Funds Weigh In On Renasant

A number of institutional investors have recently added to or reduced their stakes in RNST. Triad Wealth Partners LLC acquired a new position in shares of Renasant during the 2nd quarter valued at about $157,000. Louisiana State Employees Retirement System boosted its holdings in Renasant by 1.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 28,300 shares of the financial services provider's stock valued at $864,000 after purchasing an additional 500 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Renasant by 2.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 562,008 shares of the financial services provider's stock valued at $17,164,000 after buying an additional 11,828 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Renasant by 8.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,180 shares of the financial services provider's stock worth $403,000 after buying an additional 989 shares during the last quarter. Finally, Innealta Capital LLC purchased a new stake in shares of Renasant during the 2nd quarter valued at approximately $48,000. Hedge funds and other institutional investors own 77.31% of the company's stock.

Renasant Stock Performance

Renasant stock traded up $0.52 during mid-day trading on Wednesday, hitting $37.42. The company had a trading volume of 129,845 shares, compared to its average volume of 398,156. The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of 12.02 and a beta of 1.02. Renasant has a 12-month low of $27.98 and a 12-month high of $39.47. The company's fifty day moving average is $35.23 and its 200-day moving average is $33.19. 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 (NASDAQ:RNST - Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.07. The firm had revenue of $318.34 million for the quarter, compared to the consensus estimate of $184.73 million. Renasant had a net margin of 16.83% and a return on equity of 6.70%. During the same period in the prior year, the firm posted $0.75 earnings per share. Equities research analysts predict that Renasant will post 2.65 EPS for the current year.

Renasant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Wednesday, December 18th. This represents a $0.88 dividend on an annualized basis and a yield of 2.35%. Renasant's payout ratio is currently 28.66%.

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.