Renasant (NASDAQ:RNST) Reaches New 52-Week High – Time to Buy?

Renasant Co. (NASDAQ:RNST) shares reached a new 52-week high during trading on Monday . The stock traded as high as $39.17 and last traded at $39.12, with a volume of 21284 shares changing hands. The stock had previously closed at $37.90.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Piper Sandler upgraded shares of Renasant from a “neutral” rating to an “overweight” rating and increased their target price for the company from $34.00 to $40.00 in a research report on Monday, August 5th. Keefe, Bruyette & Woods upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $36.00 to $40.00 in a research note on Friday, August 2nd. Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $34.00 to $41.00 in a research report on Wednesday, July 31st. Hovde Group lowered Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Finally, Truist Financial dropped their price objective on Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research note on Friday, September 20th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.33.

Renasant Stock Performance

The stock has a market cap of $2.43 billion, a price-to-earnings ratio of 13.79 and a beta of 1.01. The company’s 50-day simple moving average is $34.20 and its 200-day simple moving average is $32.68. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

Renasant (NASDAQ:RNST) last announced its earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Renasant had a return on equity of 6.70% and a net margin of 16.83%. The company had revenue of $318.34 million for the quarter, compared to analyst estimates of $184.73 million. During the same period in the previous year, the firm earned $0.75 earnings per share. Analysts predict that Renasant Co. will post 2.65 EPS for the current fiscal year.

Renasant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Wednesday, December 18th. Renasant’s dividend payout ratio is presently 28.66%.

Insiders Place Their Bets

In related news, Director John Creekmore sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the completion of the transaction, the director now owns 24,057 shares of the company’s stock, valued at approximately $914,166. This trade represents a 11.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.82% of the company’s stock.

Institutional Trading of Renasant

Several hedge funds and other institutional investors have recently modified their holdings of RNST. Virtu Financial LLC purchased a new stake in Renasant in the 3rd quarter worth about $357,000. Geode Capital Management LLC lifted its position in shares of Renasant by 12.0% in the third quarter. Geode Capital Management LLC now owns 1,428,038 shares of the financial services provider’s stock worth $46,420,000 after purchasing an additional 153,086 shares in the last quarter. Barclays PLC lifted its position in shares of Renasant by 183.3% in the third quarter. Barclays PLC now owns 137,217 shares of the financial services provider’s stock worth $4,461,000 after purchasing an additional 88,783 shares in the last quarter. State Street Corp boosted its holdings in shares of Renasant by 26.5% during the third quarter. State Street Corp now owns 3,369,915 shares of the financial services provider’s stock worth $109,522,000 after purchasing an additional 705,344 shares during the period. Finally, Systematic Financial Management LP purchased a new position in Renasant during the third quarter valued at approximately $810,000. Institutional investors and hedge funds 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.