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

Shares of Renasant Co. (NASDAQ:RNST) have been given an average rating of “Buy” by the seven brokerages that are currently covering the stock, MarketBeat Ratings reports. Six research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $43.1667.

Several research firms have commented on RNST. Hovde Group raised shares of Renasant from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $40.00 to $41.00 in a research note on Thursday, October 30th. Cowen initiated coverage on Renasant in a report on Wednesday, September 24th. They set a “buy” rating on the stock. Finally, TD Cowen lowered their price objective on Renasant from $45.00 to $44.00 and set a “buy” rating for the company in a research report on Thursday, October 30th.

Institutional Investors Weigh In On Renasant

Several hedge funds have recently modified their holdings of the stock. First Horizon Corp acquired a new position in Renasant during the third quarter worth approximately $25,000. Quantbot Technologies LP acquired a new position in shares of Renasant in the 1st quarter valued at $28,000. EverSource Wealth Advisors LLC grew its stake in shares of Renasant by 68.7% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 857 shares of the financial services provider’s stock valued at $32,000 after buying an additional 349 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of Renasant during the 2nd quarter worth $37,000. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Renasant by 42.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the financial services provider’s stock worth $42,000 after buying an additional 345 shares during the last quarter. 77.31% of the stock is owned by institutional investors and hedge funds.

Renasant Trading Down 0.9%

Shares of RNST stock opened at $36.77 on Friday. The company has a market capitalization of $3.49 billion, a price-to-earnings ratio of 11.24 and a beta of 0.99. 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 firm has a 50-day moving average price of $35.19 and a 200 day moving average price of $36.51. Renasant has a twelve month low of $26.97 and a twelve month high of $40.40.

Renasant (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, October 28th. The financial services provider reported $0.77 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). The firm had revenue of $269.55 million for the quarter, compared to analysts’ expectations of $271.96 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%.During the same quarter last year, the firm earned $1.18 earnings per share. Research analysts forecast that Renasant will post 2.68 earnings per share for the current fiscal year.

Renasant Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 1st. Shareholders of record on Thursday, December 18th will be issued a $0.23 dividend. This is a positive change from Renasant’s previous quarterly dividend of $0.22. The ex-dividend date is Thursday, December 18th. This represents a $0.92 annualized dividend and a yield of 2.5%. Renasant’s dividend payout ratio (DPR) is presently 46.23%.

Renasant Company Profile

Renasant Corporation is a financial holding company providing banking and related services through its primary subsidiary, Renasant Bank. With origins dating back to 1904 in Tupelo, Mississippi, the company offers a comprehensive suite of commercial and consumer banking products, including deposit accounts, lending and treasury management services. Renasant serves individuals, small businesses and corporate clients across the southeastern United States.

The company operates more than 110 banking offices across Mississippi, Alabama, Tennessee, Florida and Georgia, supplemented by a network of ATMs and digital platforms.