Renasant Co. (NASDAQ:RNST) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Renasant Co. (NASDAQ:RNST) have been assigned a consensus rating of “Moderate Buy” from the six analysts that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $42.83.

RNST has been the topic of several analyst reports. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $46.00 price target (up previously from $45.00) on shares of Renasant in a report on Thursday, January 30th. Stephens upped their target price on shares of Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Hovde Group cut shares of Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. StockNews.com lowered Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Finally, Piper Sandler raised their target price on Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th.

Institutional Investors Weigh In On Renasant

Large investors have recently bought and sold shares of the business. Jennison Associates LLC boosted its stake in Renasant by 204.9% in the fourth quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider’s stock worth $41,963,000 after purchasing an additional 788,762 shares in the last quarter. State Street Corp raised its holdings in shares of Renasant by 26.5% in the third quarter. State Street Corp now owns 3,369,915 shares of the financial services provider’s stock valued at $109,522,000 after buying an additional 705,344 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC bought a new stake in Renasant during the 3rd quarter worth about $15,009,000. Stieven Capital Advisors L.P. bought a new stake in Renasant during the 3rd quarter worth about $11,981,000. Finally, Allspring Global Investments Holdings LLC increased its position in Renasant by 21.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock valued at $56,775,000 after acquiring an additional 303,945 shares in the last quarter. 77.31% of the stock is currently owned by institutional investors.

Renasant Stock Performance

RNST opened at $39.32 on Thursday. The stock’s 50 day simple moving average is $36.49 and its 200-day simple moving average is $34.89. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The stock has a market cap of $2.50 billion, a PE ratio of 12.03 and a beta of 1.03. Renasant has a 1 year low of $27.98 and a 1 year high of $39.55.

Renasant Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.24%. The ex-dividend date was Wednesday, December 18th. Renasant’s payout ratio is 26.91%.

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.