Brokerages Set Renasant Co. (NASDAQ:RNST) PT at $39.33

Shares of Renasant Co. (NASDAQ:RNST) have received a consensus recommendation of “Moderate Buy” from the six analysts that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $39.33.

RNST has been the subject of a number of research analyst reports. Truist Financial reduced their price target on Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a report on Friday, September 20th. Hovde Group lowered Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th.

Insider Transactions at Renasant

In other Renasant news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction dated 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. The trade was a 11.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Quarry LP increased its stake in Renasant by 698.3% during the 2nd quarter. Quarry LP now owns 934 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 817 shares during the period. Hantz Financial Services Inc. bought a new position in shares of Renasant in the second quarter worth $29,000. Meeder Asset Management Inc. acquired a new position in Renasant in the second quarter valued at about $39,000. Innealta Capital LLC bought a new stake in Renasant during the second quarter worth about $48,000. Finally, KBC Group NV grew its stake in Renasant by 32.0% during the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock worth $80,000 after buying an additional 596 shares in the last quarter. 77.31% of the stock is owned by institutional investors.

Renasant Trading Down 1.9 %

Shares of Renasant stock opened at $36.68 on Wednesday. The stock has a market cap of $2.33 billion, a P/E ratio of 12.07 and a beta of 1.02. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. Renasant has a 12-month low of $27.98 and a 12-month high of $39.47. The business’s 50 day moving average is $35.65 and its 200-day moving average is $33.39.

Renasant (NASDAQ:RNST) last posted its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $184.73 million. 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 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Wednesday, December 18th. Renasant’s payout ratio is 28.66%.

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.