Renasant Co. (NASDAQ:RNST) Receives Average Recommendation 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%).

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

RNST has been the topic of several research analyst reports. Hovde Group upped their target price 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 report on Wednesday, July 23rd.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quantbot Technologies LP bought a new position in Renasant in the first quarter worth approximately $28,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of Renasant in the second quarter valued at approximately $37,000. Mascagni Wealth Management Inc. bought a new position in shares of Renasant in the fourth quarter valued at approximately $44,000. CWM LLC lifted its holdings in shares of Renasant by 42.7% in 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. Finally, State of Wyoming bought a new position in shares of Renasant in the first quarter valued at approximately $51,000. Institutional investors own 77.31% of the company's stock.

Renasant Trading Up 0.6%

Shares of Renasant stock traded up $0.23 on Friday, hitting $37.73. 486,654 shares of the company's stock traded hands, compared to its average volume of 712,299. Renasant has a one year low of $26.97 and a one year high of $40.40. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The company has a fifty day moving average of $37.92 and a two-hundred day moving average of $35.25. The company has a market capitalization of $3.59 billion, a price-to-earnings ratio of 11.54 and a beta of 0.93.

Renasant Dividend Announcement

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

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.