Renasant Co. (NASDAQ:RNST) Receives $43.17 Average Price Target from Analysts

Renasant Co. (NASDAQ:RNST) has received a consensus recommendation of “Buy” from the seven research firms that are covering the stock, Marketbeat Ratings reports. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $43.1667.

Several research analysts have recently weighed in on RNST shares. Hovde Group upgraded Renasant from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $40.00 to $41.00 in a report on Thursday, October 30th. TD Cowen lowered their price objective on Renasant from $45.00 to $44.00 and set a “buy” rating on the stock in a research note on Thursday, October 30th. Finally, Cowen started coverage on Renasant in a report on Wednesday, September 24th. They issued a “buy” rating for the company.

Renasant Price Performance

Renasant stock opened at $36.25 on Friday. The company has a fifty day simple moving average of $35.26 and a 200-day simple moving average of $36.54. The firm has a market capitalization of $3.44 billion, a price-to-earnings ratio of 11.09 and a beta of 0.99. 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 52-week low of $26.97 and a 52-week high of $40.40.

Renasant (NASDAQ:RNST) last posted its quarterly earnings results on Tuesday, October 28th. The financial services provider reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.02). Renasant had a return on equity of 6.58% and a net margin of 17.91%.The business had revenue of $269.55 million during the quarter, compared to analysts’ expectations of $271.96 million. During the same period in the prior year, the business posted $1.18 earnings per share. On average, equities analysts anticipate that Renasant will post 2.68 EPS for the current fiscal year.

Renasant Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 1st. Investors of record on Thursday, December 18th will be given a dividend of $0.23 per share. The ex-dividend date is Thursday, December 18th. This is an increase from Renasant’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a yield of 2.5%. Renasant’s dividend payout ratio (DPR) is 46.23%.

Institutional Trading of Renasant

Several hedge funds have recently made changes to their positions in RNST. CIBC Bancorp USA Inc. acquired a new position in Renasant in the third quarter valued at approximately $371,000. Danske Bank A S acquired a new stake in Renasant during the third quarter worth $85,000. Kestra Private Wealth Services LLC raised its position in Renasant by 1.1% in the third quarter. Kestra Private Wealth Services LLC now owns 35,729 shares of the financial services provider’s stock valued at $1,318,000 after purchasing an additional 375 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Renasant by 99.5% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 9,778 shares of the financial services provider’s stock valued at $361,000 after purchasing an additional 4,876 shares during the last quarter. Finally, Lido Advisors LLC grew its holdings in shares of Renasant by 5.8% during the 3rd quarter. Lido Advisors LLC now owns 9,247 shares of the financial services provider’s stock worth $341,000 after purchasing an additional 506 shares during the period. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Renasant Company Profile

Renasant Corporation is a financial holding company providing banking and related services through its primary subsidiary, Renasant Bank. With origins dating back to 1904 in Tupelo, Mississippi, the company offers a comprehensive suite of commercial and consumer banking products, including deposit accounts, lending and treasury management services. Renasant serves individuals, small businesses and corporate clients across the southeastern United States.

The company operates more than 110 banking offices across Mississippi, Alabama, Tennessee, Florida and Georgia, supplemented by a network of ATMs and digital platforms.