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

Renasant Co. (NASDAQ:RNST - Get Free Report) has been given a consensus rating of "Moderate Buy" by the six analysts that are covering the stock, MarketBeat.com reports. Two equities research 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 12-month target price among analysts that have issued a report on the stock in the last year is $41.6667.

RNST has been the topic of several research analyst reports. Hovde Group raised their target price on shares of Renasant from $35.00 to $39.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 23rd. Raymond James Financial reissued a "strong-buy" rating on shares of Renasant in a research report on Wednesday, July 23rd. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th.

Renasant Trading Up 5.3%

Shares of RNST traded up $1.9650 during mid-day trading on Monday, hitting $39.0350. The company had a trading volume of 89,360 shares, compared to its average volume of 727,411. The business's 50-day simple moving average is $36.89 and its 200-day simple moving average is $35.10. 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 has a 1-year low of $26.97 and a 1-year high of $39.63. The stock has a market cap of $3.71 billion, a PE ratio of 11.94 and a beta of 0.94.

Renasant Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.3%. The ex-dividend date is Tuesday, September 16th. Renasant's dividend payout ratio is currently 34.65%.

Hedge Funds Weigh In On Renasant

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its holdings in Renasant by 49.0% in the first quarter. Principal Financial Group Inc. now owns 459,124 shares of the financial services provider's stock valued at $15,578,000 after buying an additional 150,929 shares during the last quarter. Teachers Retirement System of The State of Kentucky boosted its stake in Renasant by 292.4% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 68,655 shares of the financial services provider's stock valued at $2,330,000 after acquiring an additional 51,161 shares during the period. Amalgamated Bank increased its position in Renasant by 31.5% in the first quarter. Amalgamated Bank now owns 24,216 shares of the financial services provider's stock worth $822,000 after buying an additional 5,802 shares during the period. Bank of New York Mellon Corp lifted its position in Renasant by 11.8% in the 1st quarter. Bank of New York Mellon Corp now owns 606,884 shares of the financial services provider's stock valued at $20,592,000 after purchasing an additional 63,956 shares during the last quarter. Finally, New York State Teachers Retirement System raised its holdings in shares of Renasant by 38.9% during the first quarter. New York State Teachers Retirement System now owns 24,006 shares of the financial services provider's stock valued at $815,000 after buying an additional 6,720 shares during the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.

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. 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.