Analysts Set Renasant Co. (NASDAQ:RNST) Price Target at $41.00

Shares of Renasant Co. (NASDAQ:RNST - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the six analysts that are presently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $41.00.

RNST has been the topic of a number of recent research reports. Raymond James upgraded shares of Renasant from an "outperform" rating to a "strong-buy" rating and set a $40.00 price target on the stock in a report on Thursday, April 24th. Hovde Group boosted their target price on shares of Renasant from $34.50 to $35.00 and gave the stock a "market perform" rating in a research report on Monday, April 28th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Renasant from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th.

Institutional Investors Weigh In On Renasant

Several institutional investors and hedge funds have recently modified their holdings of the stock. Quantbot Technologies LP bought a new position in shares of Renasant in the 1st quarter worth about $28,000. Mascagni Wealth Management Inc. purchased a new position in Renasant during the fourth quarter valued at approximately $44,000. CWM LLC lifted its holdings in Renasant by 42.7% during the first 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 in the last quarter. State of Wyoming bought a new stake in shares of Renasant during the first quarter valued at approximately $51,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in Renasant in the first quarter worth $54,000. 77.31% of the stock is owned by hedge funds and other institutional investors.

Renasant Price Performance

Shares of Renasant stock traded down $0.18 on Wednesday, reaching $34.63. 384,133 shares of the stock were exchanged, compared to its average volume of 661,700. The firm's 50 day moving average is $32.39 and its 200-day moving average is $35.01. Renasant has a one year low of $26.97 and a one year high of $39.63. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The firm has a market cap of $3.29 billion, a PE ratio of 10.59 and a beta of 0.86.

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

Renasant Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a dividend of $0.22 per share. The ex-dividend date is Monday, June 16th. This represents a $0.88 annualized dividend and a yield of 2.54%. Renasant's payout ratio is currently 27.33%.

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.