Renasant Corp (NYSE:RNST) Given Consensus Rating of "Buy" by Brokerages

Key Points

• Renasant has a consensus Buy rating from five brokerages (four buys, one strong buy) with an average 12‑month target of $44.67 and recent upgrades/target raises from Hovde and Weiss.
• The company beat the quarter, reporting $0.93 EPS versus a $0.84 consensus and $278.5M in revenue versus $275.7M, and sell‑side analysts forecast $3.61 EPS for the year.
• Renasant raised its quarterly dividend to $0.24 (annualized $0.96, 2.4% yield; ex‑dividend June 16, payable June 30), while insiders sold modest stakes—CAO sold 1,350 shares and the EVP sold 6,000—leaving insiders with 2.07% ownership.

Shares of Renasant Corp (NYSE:RNST - Get Free Report) have received an average recommendation of "Buy" from the five brokerages that are presently covering the company, Marketbeat.com reports. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $44.6667.

Several research firms have weighed in on RNST. Hovde Group raised their price target on Renasant from $44.00 to $46.00 and gave the stock an "outperform" rating in a research report on Wednesday. Weiss Ratings upgraded Renasant from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, March 10th. Wall Street Zen raised Renasant from a "sell" rating to a "hold" rating in a research note on Sunday, March 8th. Finally, TD Cowen reiterated a "buy" rating on shares of Renasant in a research report on Thursday.

Insider Buying and Selling

In other news, CAO Kelly Hutcheson sold 1,350 shares of the business's stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $38.65, for a total value of $52,177.50. Following the completion of the transaction, the chief accounting officer owned 16,728 shares of the company's stock, valued at $646,537.20. The trade was a 7.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Mark Jeanfreau sold 6,000 shares of the company's stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $37.88, for a total transaction of $227,280.00. Following the transaction, the executive vice president directly owned 65,172 shares in the company, valued at $2,468,715.36. The trade was a 8.43% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.07% of the company's stock.

Institutional Investors Weigh In On Renasant

Hedge funds have recently made changes to their positions in the business. Jain Global LLC grew its holdings in Renasant by 408.5% in the 3rd quarter. Jain Global LLC now owns 486,377 shares of the company's stock valued at $17,942,000 after buying an additional 390,733 shares during the period. Channing Capital Management LLC purchased a new position in shares of Renasant during the 3rd quarter worth about $60,815,000. New York State Common Retirement Fund lifted its holdings in shares of Renasant by 113.1% during the 3rd quarter. New York State Common Retirement Fund now owns 733,356 shares of the company's stock worth $27,054,000 after acquiring an additional 389,155 shares during the period. Public Sector Pension Investment Board boosted its position in shares of Renasant by 17.9% in the third quarter. Public Sector Pension Investment Board now owns 370,597 shares of the company's stock worth $13,671,000 after acquiring an additional 56,371 shares during the last quarter. Finally, Algebris UK Ltd. acquired a new stake in shares of Renasant in the third quarter worth approximately $5,645,000. Institutional investors and hedge funds own 77.31% of the company's stock.

Renasant Price Performance

RNST stock opened at $39.88 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.13. The firm has a 50 day simple moving average of $37.89. Renasant has a 12 month low of $31.81 and a 12 month high of $42.11. The firm has a market capitalization of $3.75 billion, a price-to-earnings ratio of 16.55 and a beta of 0.95.

Renasant (NYSE:RNST - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.09. Renasant had a return on equity of 8.17% and a net margin of 14.47%.The firm had revenue of $278.49 million during the quarter, compared to the consensus estimate of $275.71 million. During the same period in the previous year, the firm posted $0.65 EPS. As a group, sell-side analysts anticipate that Renasant will post 3.61 earnings per share for the current year.

Renasant Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.96 annualized dividend and a dividend yield of 2.4%. This is an increase from Renasant's previous quarterly dividend of $0.23. Renasant's dividend payout ratio is 43.40%.

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. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate–1-4 family mortgage; real estate–commercial mortgage; real estate–construction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.

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