Renasant Co. (NASDAQ:RNST) Receives Average Recommendation of “Buy” from Analysts

Renasant Co. (NASDAQ:RNST) has been assigned an average rating of “Buy” from the seven research firms that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, five have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $43.00.

Several research analysts have recently issued reports on the stock. Raymond James Financial reiterated a “strong-buy” rating on shares of Renasant in a report on Wednesday, July 23rd. TD Cowen started coverage on Renasant in a research report on Thursday, September 25th. They issued a “buy” rating and a $45.00 target price for the company. Hovde Group increased their price target on Renasant from $35.00 to $39.00 and gave the company a “market perform” rating in a research note on Wednesday, July 23rd. Finally, Cowen began coverage on Renasant in a research note on Wednesday, September 24th. They issued a “buy” rating on the stock.

Renasant Stock Performance

RNST stock opened at $37.27 on Tuesday. The company has a 50-day simple moving average of $37.72 and a 200 day simple moving average of $35.51. The company has a market capitalization of $3.54 billion, a P/E ratio of 11.40 and a beta of 0.89. 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 fifty-two week low of $26.97 and a fifty-two week high of $40.40.

Renasant Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Tuesday, September 16th. Renasant’s dividend payout ratio is presently 34.65%.

Hedge Funds Weigh In On Renasant

Hedge funds have recently made changes to their positions in the business. Quantbot Technologies LP bought a new stake in shares of Renasant in the 1st quarter worth approximately $28,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Renasant in the second quarter worth approximately $37,000. CWM LLC increased its holdings in shares of Renasant by 42.7% in the first quarter. CWM LLC now owns 1,330 shares of the financial services provider’s stock valued at $45,000 after buying an additional 398 shares in the last quarter. State of Wyoming acquired a new stake in shares of Renasant during the 1st quarter valued at $51,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Renasant during the 1st quarter valued at $54,000. Institutional investors and hedge funds own 77.31% of the company’s stock.

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. 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.