Renasant Co. (NASDAQ:RNST) Given Average Rating of “Buy” by Analysts

Shares of Renasant Co. (NASDAQ:RNST) have received an average rating of “Buy” from the six brokerages that are currently covering the stock, Marketbeat reports. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $43.3333.

A number of analysts have recently issued reports on RNST shares. TD Cowen reaffirmed a “buy” rating on shares of Renasant in a research note on Wednesday, January 7th. Hovde Group upgraded Renasant from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $40.00 to $41.00 in a report on Thursday, October 30th.

Renasant Stock Up 4.2%

RNST opened at $37.92 on Thursday. The company has a market cap of $3.60 billion, a PE ratio of 11.60 and a beta of 0.97. Renasant has a twelve month low of $26.97 and a twelve month high of $40.40. The company has a 50-day moving average price of $35.90 and a 200 day moving average price of $36.56. 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 (NASDAQ:RNST) last posted its quarterly earnings data on Tuesday, October 28th. The financial services provider reported $0.77 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.02). Renasant had a return on equity of 6.58% and a net margin of 17.91%.The firm had revenue of $269.55 million for the quarter, compared to analysts’ expectations of $271.96 million. During the same quarter last year, the firm posted $1.18 earnings per share. Sell-side analysts expect 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 was paid on Thursday, January 1st. Stockholders of record on Thursday, December 18th were paid a $0.23 dividend. This is an increase from Renasant’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Thursday, December 18th. Renasant’s payout ratio is 46.23%.

Institutional Trading of Renasant

Hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its holdings in shares of Renasant by 0.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 5,413,327 shares of the financial services provider’s stock worth $199,697,000 after purchasing an additional 23,337 shares during the last quarter. State Street Corp lifted its position in Renasant by 14.1% during the second quarter. State Street Corp now owns 4,812,696 shares of the financial services provider’s stock worth $172,920,000 after buying an additional 595,609 shares in the last quarter. Wellington Management Group LLP boosted its stake in Renasant by 15.3% during the third quarter. Wellington Management Group LLP now owns 2,962,781 shares of the financial services provider’s stock worth $109,297,000 after buying an additional 394,249 shares during the last quarter. Invesco Ltd. grew its holdings in Renasant by 0.6% in the 3rd quarter. Invesco Ltd. now owns 2,229,966 shares of the financial services provider’s stock valued at $82,263,000 after buying an additional 14,301 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Renasant by 48.0% in the 2nd quarter. Geode Capital Management LLC now owns 2,203,182 shares of the financial services provider’s stock worth $79,169,000 after acquiring an additional 714,972 shares during the last quarter. Institutional investors and hedge funds own 77.31% of the company’s stock.

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.