Renasant (NASDAQ:RNST) Sets New 12-Month High – Here’s Why

Renasant Co. (NASDAQ:RNST)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $38.27 and last traded at $38.27, with a volume of 4989 shares. The stock had previously closed at $34.06.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Hovde Group upgraded Renasant from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $38.00 to $39.00 in a research note on Monday, August 5th. Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $34.00 to $40.00 in a report on Monday, August 5th. Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $34.00 to $41.00 in a report on Wednesday, July 31st. Keefe, Bruyette & Woods upgraded Renasant from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $36.00 to $40.00 in a report on Friday, August 2nd. Finally, Truist Financial cut their price objective on Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research report on Friday, September 20th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $39.33.

Renasant Price Performance

The business has a 50 day moving average price of $33.13 and a 200-day moving average price of $31.97. 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 company has a market capitalization of $2.42 billion, a price-to-earnings ratio of 11.09 and a beta of 1.01.

Renasant (NASDAQ:RNST) last issued its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. The firm had revenue of $318.34 million during the quarter, compared to analyst estimates of $184.73 million. Renasant had a return on equity of 6.70% and a net margin of 16.83%. During the same period in the previous year, the company posted $0.75 EPS. Research analysts predict that Renasant Co. will post 2.62 EPS for the current fiscal year.

Renasant Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were given a $0.22 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.35%. Renasant’s dividend payout ratio (DPR) is presently 28.66%.

Institutional Investors Weigh In On Renasant

Institutional investors and hedge funds have recently made changes to their positions in the business. Louisiana State Employees Retirement System increased its stake in Renasant by 1.8% in the second quarter. Louisiana State Employees Retirement System now owns 28,300 shares of the financial services provider’s stock valued at $864,000 after acquiring an additional 500 shares during the last quarter. KBC Group NV grew its stake in shares of Renasant by 32.0% in the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock worth $80,000 after purchasing an additional 596 shares during the last quarter. Texas Permanent School Fund Corp grew its stake in shares of Renasant by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 49,135 shares of the financial services provider’s stock worth $1,539,000 after purchasing an additional 637 shares during the last quarter. ProShare Advisors LLC lifted its holdings in Renasant by 7.4% in the first quarter. ProShare Advisors LLC now owns 11,153 shares of the financial services provider’s stock worth $349,000 after buying an additional 765 shares during the period. Finally, Park Place Capital Corp lifted its holdings in Renasant by 0.9% in the second quarter. Park Place Capital Corp now owns 88,502 shares of the financial services provider’s stock worth $2,703,000 after buying an additional 804 shares during the period. Hedge funds and other institutional investors own 77.31% of the company’s stock.

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.