Renasant (NASDAQ:RNST) Stock Crosses Above 200 Day Moving Average – Here’s What Happened

Renasant Co. (NASDAQ:RNST) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $34.97 and traded as high as $36.69. Renasant shares last traded at $36.22, with a volume of 442,414 shares.

Analyst Ratings Changes

RNST has been the topic of several research reports. Keefe, Bruyette & Woods lowered their price objective on shares of Renasant from $45.00 to $43.00 and set an “outperform” rating on the stock in a report on Tuesday, May 6th. Hovde Group increased their target price on shares of Renasant from $34.50 to $35.00 and gave the company a “market perform” rating in a report on Monday, April 28th. Finally, Raymond James upgraded shares of Renasant from an “outperform” rating to a “strong-buy” rating and set a $40.00 target price for the company in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $41.00.

Renasant Price Performance

The business’s fifty day moving average is $32.73 and its 200-day moving average is $34.97. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The firm has a market cap of $3.44 billion, a PE ratio of 11.08 and a beta of 0.91.

Renasant (NASDAQ:RNST) last posted its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.06. The business had revenue of $170.59 million during the quarter, compared to the consensus estimate of $170.38 million. Renasant had a net margin of 17.91% and a return on equity of 6.58%. During the same quarter last year, the company posted $0.65 earnings per share. On average, research analysts predict that Renasant Co. will post 2.68 earnings per share for the current fiscal year.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.88 dividend on an annualized basis and a yield of 2.43%. Renasant’s dividend payout ratio is presently 27.33%.

Hedge Funds Weigh In On Renasant

Large investors have recently modified their holdings of the company. Principal Financial Group Inc. boosted its position in shares of Renasant by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 308,195 shares of the financial services provider’s stock valued at $11,018,000 after acquiring an additional 8,710 shares during the period. Equitable Trust Co. purchased a new position in shares of Renasant during the fourth quarter worth approximately $248,000. Bank of America Corp DE increased its stake in shares of Renasant by 376.5% in the fourth quarter. Bank of America Corp DE now owns 605,303 shares of the financial services provider’s stock worth $21,640,000 after buying an additional 478,266 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Renasant by 38.9% in the fourth quarter. Ameriprise Financial Inc. now owns 209,083 shares of the financial services provider’s stock worth $7,475,000 after buying an additional 58,526 shares during the period. Finally, BankPlus Trust Department purchased a new position in shares of Renasant in the fourth quarter worth $399,000. 77.31% of the stock is currently owned by institutional investors.

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.