Renasant Co. (NASDAQ:RNST) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Renasant Co. (NASDAQ:RNST) has received a consensus rating of "Moderate Buy" from analysts, with a price target averaging at $41.67.
• The company recently announced a quarterly dividend of $0.22 per share, representing an annual yield of 2.3%.
• Institutional investors have increased their holdings in Renasant, with notable increases from Invesco Ltd. (up 365.6%) and Vanguard Group Inc. (up 22.0%).

Shares of Renasant Co. (NASDAQ:RNST - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the six research firms that are currently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $41.6667.

Several brokerages have recently weighed in on RNST. Hovde Group lifted their price target on Renasant from $35.00 to $39.00 and gave the company a "market perform" rating in a research report on Wednesday, July 23rd. Raymond James Financial restated a "strong-buy" rating on shares of Renasant in a research note on Wednesday, July 23rd.

Renasant Stock Down 1.4%

Renasant stock opened at $38.10 on Friday. The firm has a 50 day simple moving average of $37.90 and a 200 day simple moving average of $35.20. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. Renasant has a 1-year low of $26.97 and a 1-year high of $40.40. The firm has a market capitalization of $3.62 billion, a price-to-earnings ratio of 11.65 and a beta of 0.93.

Renasant Announces Dividend

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

Institutional Trading of Renasant

Several institutional investors and hedge funds have recently bought and sold shares of the company. Invesco Ltd. grew its position in shares of Renasant by 365.6% during the 2nd quarter. Invesco Ltd. now owns 2,215,665 shares of the financial services provider's stock valued at $79,609,000 after purchasing an additional 1,739,786 shares in the last quarter. Vanguard Group Inc. grew its position in Renasant by 22.0% during the first quarter. Vanguard Group Inc. now owns 8,789,556 shares of the financial services provider's stock worth $298,230,000 after buying an additional 1,582,105 shares in the last quarter. Wellington Management Group LLP increased its stake in Renasant by 232.8% in the 1st quarter. Wellington Management Group LLP now owns 1,590,935 shares of the financial services provider's stock worth $53,980,000 after acquiring an additional 1,112,946 shares during the last quarter. Geode Capital Management LLC raised its holdings 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 valued at $79,169,000 after acquiring an additional 714,972 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Renasant by 14.1% in the 2nd quarter. State Street Corp now owns 4,812,696 shares of the financial services provider's stock valued at $172,920,000 after acquiring an additional 595,609 shares in the last quarter. 77.31% of the stock is currently 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.

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