Renasant Co. (NASDAQ:RNST) Receives $39.33 Consensus Price Target from Analysts

Renasant Co. (NASDAQ:RNST) has earned an average rating of “Moderate Buy” from the six analysts that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $39.33.

Several analysts recently commented on the company. Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $34.00 to $41.00 in a report on Wednesday, July 31st. Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price target on the stock in a report on Wednesday, July 31st. Truist Financial cut their price target on Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a report on Friday, September 20th. 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. Finally, Keefe, Bruyette & Woods upgraded Renasant from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $36.00 to $40.00 in a report on Friday, August 2nd.

Renasant Stock Performance

Shares of RNST stock opened at $31.40 on Friday. The business’s 50 day simple moving average is $33.13 and its 200 day simple moving average is $31.38. Renasant has a one year low of $22.99 and a one year high of $37.40. The stock has a market capitalization of $1.77 billion, a PE ratio of 12.76 and a beta of 1.02. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.93 and a quick ratio of 0.92.

Renasant (NASDAQ:RNST) last announced its earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 EPS for the quarter, beating the consensus estimate of $0.66 by $0.03. Renasant had a return on equity of 6.98% and a net margin of 15.04%. The business had revenue of $163.79 million for the quarter, compared to analysts’ expectations of $166.05 million. During the same period in the prior year, the business posted $0.83 earnings per share. The firm’s revenue was up 11.1% on a year-over-year basis. As a group, research analysts forecast that Renasant will post 2.54 earnings per share for the current year.

Renasant Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend was Monday, September 16th. Renasant’s dividend payout ratio is currently 35.77%.

Hedge Funds Weigh In On Renasant

Large investors have recently modified their holdings of the company. Hantz Financial Services Inc. bought a new position in shares of Renasant in the 2nd quarter worth $29,000. Quarry LP lifted its holdings in shares of Renasant by 698.3% in the 2nd quarter. Quarry LP now owns 934 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 817 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in Renasant in the 2nd quarter valued at $39,000. TFO Wealth Partners LLC raised its position in Renasant by 13,710.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,381 shares of the financial services provider’s stock valued at $47,000 after buying an additional 1,371 shares during the last quarter. Finally, Innealta Capital LLC purchased a new stake in Renasant in the 2nd quarter valued at $48,000. 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. 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.