Renasant (NASDAQ:RNST) Now Covered by Analysts at TD Cowen

TD Cowen started coverage on shares of Renasant (NASDAQ:RNST) in a research report report published on Thursday, Marketbeat.com reports. The brokerage issued a buy rating and a $45.00 price objective on the financial services provider’s stock.

Several other analysts have also recently weighed in on the stock. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Renasant in a research note on Wednesday, July 23rd. Hovde Group upped their price objective on shares of Renasant from $35.00 to $39.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $43.00.

Renasant Stock Performance

NASDAQ RNST opened at $37.16 on Thursday. The stock has a market cap of $3.53 billion, a P/E ratio of 11.36 and a beta of 0.93. The company’s 50-day simple moving average is $37.81 and its 200 day simple moving average is $35.37. Renasant has a twelve month low of $26.97 and a twelve month high of $40.40. 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Tuesday, September 16th. Renasant’s dividend payout ratio is presently 34.65%.

Hedge Funds Weigh In On Renasant

A number of large investors have recently modified their holdings of the stock. Sheets Smith Wealth Management lifted its position in shares of Renasant by 2.1% during the second quarter. Sheets Smith Wealth Management now owns 13,361 shares of the financial services provider’s stock worth $480,000 after purchasing an additional 280 shares in the last quarter. Corebridge Financial Inc. lifted its position in shares of Renasant by 0.8% during the first quarter. Corebridge Financial Inc. now owns 33,583 shares of the financial services provider’s stock worth $1,139,000 after purchasing an additional 281 shares in the last quarter. Resolute Wealth Strategies LLC lifted its position in shares of Renasant by 0.4% during the second quarter. Resolute Wealth Strategies LLC now owns 77,499 shares of the financial services provider’s stock worth $2,785,000 after purchasing an additional 318 shares in the last quarter. HighTower Advisors LLC lifted its position in shares of Renasant by 2.8% during the first quarter. HighTower Advisors LLC now owns 11,825 shares of the financial services provider’s stock worth $401,000 after purchasing an additional 322 shares in the last quarter. Finally, CWM LLC lifted its position in shares of Renasant by 42.7% during the first quarter. CWM LLC now owns 1,330 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 398 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.