Renasant Corp (NYSE:RNST) Receives Average Rating of "Buy" from Brokerages

Key Points

• Analyst consensus: Five research firms rate Renasant an overall Buy (four Buy, one Strong Buy) with a 1‑year average price target of $43.00.
• Financials & dividend: Renasant beat quarterly estimates with EPS $0.91 vs. $0.80 expected and $278.5M in revenue, and it pays a quarterly dividend of $0.23 ($0.92 annualized, ~2.5% yield).
• Ownership activity: Insiders sold a total of 19,850 shares (~$752k) recently, while institutional investors own about 77.31% of the stock, including sizable new or increased positions by Channing Capital and the New York State Common Retirement Fund.

Renasant Corp (NYSE:RNST - Get Free Report) has received an average recommendation of "Buy" from the five research firms that are covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $43.00.

A number of analysts have weighed in on the stock. TD Cowen restated a "buy" rating on shares of Renasant in a research note on Thursday, January 29th. Wall Street Zen upgraded shares of Renasant from a "sell" rating to a "hold" rating in a report on Sunday, March 8th. Weiss Ratings upgraded shares of Renasant from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, March 10th. Finally, Hovde Group boosted their price objective on shares of Renasant from $41.00 to $44.00 and gave the stock an "outperform" rating in a report on Friday, January 30th.

Renasant Trading Down 0.1%

NYSE RNST opened at $37.01 on Monday. Renasant has a 12 month low of $26.97 and a 12 month high of $42.11. The stock has a market capitalization of $3.48 billion, a PE ratio of 17.46 and a beta of 0.95. The business has a fifty day moving average of $37.97. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.90 and a current ratio of 0.91.

Renasant (NYSE:RNST - Get Free Report) last posted its quarterly earnings results on Tuesday, January 27th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.11. The firm had revenue of $278.52 million during the quarter, compared to analyst estimates of $269.00 million. Renasant had a return on equity of 7.53% and a net margin of 12.55%.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were paid a $0.23 dividend. The ex-dividend date was Tuesday, March 17th. This represents a $0.92 annualized dividend and a dividend yield of 2.5%. Renasant's payout ratio is currently 43.40%.

Insider Activity

In other Renasant news, CFO James C. Iv Mabry sold 12,500 shares of the business's stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $37.83, for a total value of $472,875.00. Following the completion of the transaction, the chief financial officer owned 105,337 shares of the company's stock, valued at approximately $3,984,898.71. The trade was a 10.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark Jeanfreau sold 6,000 shares of the company's stock in a transaction dated 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 owned 65,172 shares in the company, valued at $2,468,715.36. This represents a 8.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 19,850 shares of company stock valued at $752,333 over the last ninety days. 2.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Renasant

A number of large investors have recently made changes to their positions in RNST. Channing Capital Management LLC bought a new position in Renasant during the third quarter valued at approximately $60,815,000. New York State Common Retirement Fund grew its position in Renasant by 113.1% in the 3rd quarter. New York State Common Retirement Fund now owns 733,356 shares of the company's stock worth $27,054,000 after purchasing an additional 389,155 shares during the period. Jain Global LLC grew its position in Renasant by 408.5% in the 3rd quarter. Jain Global LLC now owns 486,377 shares of the company's stock worth $17,942,000 after purchasing an additional 390,733 shares during the period. Public Sector Pension Investment Board raised its stake in Renasant by 17.9% during the 3rd quarter. Public Sector Pension Investment Board now owns 370,597 shares of the company's stock valued at $13,671,000 after buying an additional 56,371 shares during the last quarter. Finally, Algebris UK Ltd. purchased a new stake in Renasant during the 3rd quarter valued at $5,645,000. 77.31% of the stock is currently owned by institutional investors.

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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