Renasant Co. (NASDAQ:RNST) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Shares of Renasant Co. (NASDAQ:RNST - Get Free Report) have been given an average recommendation of "Moderate Buy" by the six brokerages that are currently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation, three have assigned 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 $41.00.

A number of equities research analysts have commented on RNST shares. Raymond James Financial raised shares of Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 target price for the company in a research report on Thursday, April 24th. Hovde Group lifted their price objective on Renasant from $34.50 to $35.00 and gave the stock a "market perform" rating in a report on Monday, April 28th. Finally, Keefe, Bruyette & Woods lowered their target price on Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th.

Institutional Trading of Renasant

Hedge funds have recently bought and sold shares of the stock. Quantbot Technologies LP bought a new stake in Renasant during the 1st quarter worth approximately $28,000. Mascagni Wealth Management Inc. bought a new stake in shares of Renasant during the 4th quarter valued at $44,000. CWM LLC raised its position in shares of Renasant by 42.7% during the 1st quarter. CWM LLC now owns 1,330 shares of the financial services provider's stock valued at $45,000 after purchasing an additional 398 shares during the period. State of Wyoming purchased a new position in shares of Renasant during the 1st quarter valued at $51,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in Renasant in the 1st quarter worth $54,000. Institutional investors own 77.31% of the company's stock.

Renasant Stock Performance

Shares of Renasant stock traded up $0.54 during trading on Friday, hitting $37.72. 267,331 shares of the company's stock traded hands, compared to its average volume of 682,386. Renasant has a 1 year low of $26.97 and a 1 year high of $39.63. The business has a 50-day simple moving average of $34.70 and a 200-day simple moving average of $34.76. The stock has a market capitalization of $3.58 billion, a P/E ratio of 11.57 and a beta of 0.91. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94.

Renasant (NASDAQ:RNST - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.60 by $0.06. Renasant had a net margin of 17.91% and a return on equity of 6.58%. The firm had revenue of $170.59 million for the quarter, compared to the consensus estimate of $170.38 million. During the same quarter last year, the firm posted $0.65 EPS. As a group, analysts forecast that Renasant will post 2.68 EPS for the current year.

Renasant Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were issued a $0.22 dividend. The ex-dividend date was Monday, June 16th. This represents a $0.88 dividend on an annualized basis and a yield of 2.33%. Renasant's dividend payout ratio is currently 27.33%.

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.