Renasant Corp (NYSE:RNST) Receives Average Recommendation of “Buy” from Brokerages

Renasant Corp (NYSE:RNST) has been given an average recommendation of “Buy” by the five brokerages that are covering the stock, MarketBeat reports. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $43.00.

A number of equities research analysts have issued reports on RNST shares. Wall Street Zen upgraded Renasant from a “sell” rating to a “hold” rating in a research note on Sunday. Weiss Ratings upgraded Renasant from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday. TD Cowen reaffirmed a “buy” rating on shares of Renasant in a research note on Thursday, January 29th. Finally, Hovde Group boosted their target price on shares of Renasant from $41.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, January 30th.

Renasant Price Performance

Renasant stock traded down $0.30 during mid-day trading on Thursday, reaching $35.98. The stock had a trading volume of 533,227 shares, compared to its average volume of 753,758. The firm has a market cap of $3.39 billion, a P/E ratio of 16.97 and a beta of 0.97. Renasant has a one year low of $26.97 and a one year high of $42.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.91 and a quick ratio of 0.90. The company’s 50-day moving average price is $38.21.

Renasant (NYSE:RNST) last announced its quarterly earnings results on Tuesday, January 27th. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.11. Renasant had a net margin of 12.55% and a return on equity of 7.53%. The firm had revenue of $278.52 million for the quarter, compared to the consensus estimate of $269.00 million.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Tuesday, March 17th. Renasant’s dividend payout ratio is 43.40%.

Insider Activity at Renasant

In related news, CFO James C. Iv Mabry sold 12,500 shares of the company’s stock in a transaction on Friday, January 30th. The stock was sold at an average price of $37.83, for a total value of $472,875.00. Following the transaction, the chief financial officer directly owned 105,337 shares of the company’s stock, valued at $3,984,898.71. This represents a 10.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Kelly Hutcheson sold 1,350 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $38.65, for a total transaction of $52,177.50. Following the transaction, the chief accounting officer directly owned 16,728 shares of the company’s stock, valued at $646,537.20. This represents a 7.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 19,850 shares of company stock valued at $752,333 over the last 90 days. Insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RNST. Maryland State Retirement & Pension System boosted its stake in Renasant by 2.0% during the fourth quarter. Maryland State Retirement & Pension System now owns 13,939 shares of the company’s stock worth $491,000 after buying an additional 279 shares during the last quarter. Oregon Public Employees Retirement Fund grew its stake in shares of Renasant by 1.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 21,701 shares of the company’s stock worth $764,000 after acquiring an additional 300 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in Renasant by 12.1% in the third quarter. Jones Financial Companies Lllp now owns 2,825 shares of the company’s stock valued at $106,000 after acquiring an additional 306 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Renasant by 27.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,464 shares of the company’s stock valued at $52,000 after buying an additional 312 shares during the last quarter. Finally, Resolute Wealth Strategies LLC raised its holdings in Renasant by 0.4% during the second quarter. Resolute Wealth Strategies LLC now owns 77,499 shares of the company’s stock worth $2,785,000 after purchasing an additional 318 shares in the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.

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. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate–1-4 family mortgage; real estate–commercial mortgage; real estate–construction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.