Renasant Corp (NYSE:RNST) Receives $43.00 Consensus Target Price from Brokerages

Shares of Renasant Corp (NYSE:RNST) have been given a consensus recommendation of “Buy” by the five research firms that are currently covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $43.00.

Several brokerages recently commented on RNST. Wall Street Zen raised Renasant from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. Weiss Ratings raised Renasant from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday. TD Cowen restated a “buy” rating on shares of Renasant in a research note on Thursday, January 29th. Finally, Hovde Group upped their price target on shares of Renasant from $41.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, January 30th.

Renasant Trading Down 1.0%

Shares of RNST stock opened at $35.70 on Thursday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.13. Renasant has a 12-month low of $26.97 and a 12-month high of $42.11. The stock has a market capitalization of $3.36 billion, a PE ratio of 16.84 and a beta of 0.97. The stock has a 50 day moving average of $38.22.

Renasant (NYSE:RNST) last announced its earnings results on Tuesday, January 27th. The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.11. The business had revenue of $278.52 million during the quarter, compared to analyst estimates of $269.00 million. Renasant had a net margin of 12.55% and a return on equity of 7.53%.

Renasant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.6%. The ex-dividend date is Tuesday, March 17th. Renasant’s payout ratio is 43.40%.

Insider Buying and Selling at Renasant

In other Renasant news, CAO Kelly Hutcheson sold 1,350 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $38.65, for a total value of $52,177.50. Following the transaction, the chief accounting officer directly owned 16,728 shares in the company, valued at approximately $646,537.20. This trade represents a 7.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark Jeanfreau sold 6,000 shares of Renasant stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $37.88, for a total transaction of $227,280.00. Following the transaction, the executive vice president owned 65,172 shares in the company, valued at $2,468,715.36. This represents a 8.43% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 19,850 shares of company stock valued at $752,333. Insiders own 2.81% of the company’s stock.

Institutional Trading of Renasant

A number of hedge funds and other institutional investors have recently bought and sold shares of RNST. Royal Bank of Canada lifted its position in shares of Renasant by 128.5% during the 1st quarter. Royal Bank of Canada now owns 52,238 shares of the company’s stock valued at $1,772,000 after buying an additional 29,380 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Renasant by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,167 shares of the company’s stock worth $1,261,000 after acquiring an additional 1,621 shares in the last quarter. Jones Financial Companies Lllp bought a new stake in Renasant during the 1st quarter worth approximately $67,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Renasant by 13.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 189,105 shares of the company’s stock worth $6,416,000 after acquiring an additional 23,072 shares during the period. Finally, Jane Street Group LLC purchased a new position in Renasant during the first quarter valued at approximately $390,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.

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. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate–1-4 family mortgage; real estate–commercial mortgage; real estate–construction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.