Renasant Co. (NASDAQ:RNST) Given Average Rating of "Moderate Buy" by Analysts

Shares of Renasant Co. (NASDAQ:RNST - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the six ratings firms that are presently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $41.00.

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

Renasant Price Performance

Shares of RNST stock opened at $36.13 on Friday. The stock has a market cap of $3.43 billion, a price-to-earnings ratio of 11.05 and a beta of 0.91. The business's fifty day moving average is $34.37 and its 200 day moving average is $34.76. Renasant has a twelve month low of $26.97 and a twelve month high of $39.63. 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 - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.06. The company had revenue of $170.59 million for the quarter, compared to analysts' expectations of $170.38 million. Renasant had a return on equity of 6.58% and a net margin of 17.91%. During the same period in the prior year, the firm earned $0.65 earnings per share. Research analysts expect that Renasant will post 2.68 EPS for the current fiscal year.

Renasant Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date is Monday, June 16th. Renasant's payout ratio is currently 27.33%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RNST. Principal Financial Group Inc. lifted its holdings in shares of Renasant by 2.9% during the fourth quarter. Principal Financial Group Inc. now owns 308,195 shares of the financial services provider's stock valued at $11,018,000 after purchasing an additional 8,710 shares in the last quarter. Handelsbanken Fonder AB lifted its holdings in shares of Renasant by 26.4% during the fourth quarter. Handelsbanken Fonder AB now owns 12,923 shares of the financial services provider's stock valued at $462,000 after purchasing an additional 2,700 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Renasant by 0.3% during the fourth quarter. Bank of New York Mellon Corp now owns 542,928 shares of the financial services provider's stock valued at $19,410,000 after purchasing an additional 1,697 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Renasant by 47.8% during the fourth quarter. Fisher Asset Management LLC now owns 414,108 shares of the financial services provider's stock valued at $14,804,000 after purchasing an additional 134,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Renasant by 11.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 817,844 shares of the financial services provider's stock valued at $29,238,000 after purchasing an additional 83,100 shares in the last quarter. 77.31% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.