Renasant Corp. (NASDAQ:RNST) Receives $35.50 Consensus Price Target from Brokerages
Shares of Renasant Corp. (NASDAQ:RNST) have been assigned an average rating of “Hold” from the seven analysts that are presently covering the company. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $35.50.
RNST has been the topic of a number of recent analyst reports. Zacks Investment Research cut shares of Renasant Corp. from a “hold” rating to a “sell” rating in a report on Friday. Raymond James Financial Inc. cut shares of Renasant Corp. from a “strong-buy” rating to an “outperform” rating and set a $38.00 price target on the stock. in a report on Monday, September 12th. Finally, Jefferies Group restated a “buy” rating and issued a $39.00 price target on shares of Renasant Corp. in a report on Wednesday, July 20th.
Renasant Corp. (NASDAQ:RNST) opened at 33.85 on Tuesday. The stock has a market capitalization of $1.42 billion, a PE ratio of 17.04 and a beta of 0.98. The stock’s 50 day moving average is $34.11 and its 200 day moving average is $33.31. Renasant Corp. has a 12-month low of $29.49 and a 12-month high of $37.28.
Renasant Corp. (NASDAQ:RNST) last posted its earnings results on Tuesday, July 19th. The financial services provider reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Renasant Corp. had a net margin of 18.32% and a return on equity of 8.53%. Equities analysts anticipate that Renasant Corp. will post $2.22 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Wednesday, September 14th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date is Monday, September 12th. Renasant Corp.’s dividend payout ratio (DPR) is presently 36.36%.
In related news, Director Fred F. Sharpe bought 1,000 shares of the stock in a transaction that occurred on Monday, August 29th. The stock was bought at an average cost of $35.12 per share, for a total transaction of $35,120.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP R Rick Hart sold 4,000 shares of Renasant Corp. stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $33.15, for a total transaction of $132,600.00. Following the completion of the sale, the executive vice president now owns 69,139 shares of the company’s stock, valued at $2,291,957.85. The disclosure for this sale can be found here. 5.18% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in RNST. Dimensional Fund Advisors LP boosted its stake in Renasant Corp. by 0.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,419,967 shares of the financial services provider’s stock worth $78,236,000 after buying an additional 13,201 shares during the period. Vanguard Group Inc. boosted its stake in Renasant Corp. by 3.9% in the second quarter. Vanguard Group Inc. now owns 1,484,637 shares of the financial services provider’s stock worth $47,998,000 after buying an additional 56,046 shares during the period. Goldman Sachs Group Inc. boosted its stake in Renasant Corp. by 38.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,199,370 shares of the financial services provider’s stock worth $39,471,000 after buying an additional 333,957 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in Renasant Corp. by 1.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,047,215 shares of the financial services provider’s stock worth $33,856,000 after buying an additional 14,683 shares during the period. Finally, Lord Abbett & CO. LLC boosted its stake in Renasant Corp. by 6.6% in the second quarter. Lord Abbett & CO. LLC now owns 927,809 shares of the financial services provider’s stock worth $29,996,000 after buying an additional 57,800 shares during the period. Institutional investors own 60.13% of the company’s stock.
About Renasant Corp.
Renasant Corporation is a bank holding company that owns and operates Renasant Bank (the Bank) and Renasant Insurance, Inc (Renasant Insurance), a subsidiary of the Bank with operations in Mississippi. The Company operates through three segments: Community Banks segment, Insurance segment and Wealth Management segment.
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