Renasant (NASDAQ:RNST) Receives Outperform Rating from Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reaffirmed their outperform rating on shares of Renasant (NASDAQ:RNST) in a research note released on Tuesday,Benzinga reports. Keefe, Bruyette & Woods currently has a $45.00 target price on the financial services provider’s stock.

Other analysts also recently issued reports about the company. Hovde Group downgraded Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Truist Financial decreased 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. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.17.

Renasant Price Performance

RNST stock opened at $35.75 on Tuesday. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $2.27 billion, a P/E ratio of 11.64 and a beta of 1.02. The business has a 50 day simple moving average of $36.26 and a 200-day simple moving average of $33.90. Renasant has a twelve month low of $27.98 and a twelve month high of $39.47.

Renasant (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $184.73 million. During the same quarter in the prior year, the business earned $0.75 EPS. As a group, equities analysts anticipate that Renasant will post 2.65 EPS for the current year.

Renasant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend is Wednesday, December 18th. Renasant’s dividend payout ratio is presently 28.66%.

Insiders Place Their Bets

In other Renasant news, Director John Creekmore sold 3,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were 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 approximately $914,166. This represents a 11.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.82% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Renasant

Hedge funds and other institutional investors have recently modified their holdings of the stock. Hantz Financial Services Inc. purchased a new position in Renasant in the 2nd quarter valued at approximately $29,000. Quarry LP raised its stake in shares of 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 buying an additional 817 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Renasant in the 2nd quarter worth about $39,000. KBC Group NV grew its stake in Renasant by 32.0% in the 3rd quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock valued at $80,000 after acquiring an additional 596 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Renasant by 41.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider’s stock valued at $147,000 after acquiring an additional 1,404 shares in the last quarter. 77.31% of the stock is currently owned by institutional investors and hedge funds.

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.