Renasant Co. (NASDAQ:RNST) Receives Average Rating of “Moderate Buy” from Analysts

Renasant Co. (NASDAQ:RNST) has been given a consensus recommendation of “Moderate Buy” by the six research firms that are currently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $42.83.

A number of research analysts have recently issued reports on the company. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $46.00 target price (up previously from $45.00) on shares of Renasant in a research report on Thursday, January 30th. StockNews.com downgraded shares of Renasant from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Piper Sandler lifted their target price on shares of Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Stephens upped their price target on shares of Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Finally, Raymond James reaffirmed an “outperform” rating and issued a $44.00 price target (up from $40.00) on shares of Renasant in a research note on Thursday, January 30th.

Renasant Stock Performance

NASDAQ RNST opened at $35.06 on Friday. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of 10.72 and a beta of 1.02. The stock has a 50-day moving average of $36.50 and a 200 day moving average of $35.45. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. Renasant has a twelve month low of $27.98 and a twelve month high of $39.63.

Renasant Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.88 annualized dividend and a yield of 2.51%. Renasant’s dividend payout ratio is presently 26.91%.

Insiders Place Their Bets

In related news, CAO Kelly Hutcheson sold 1,310 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $36.72, for a total value of $48,103.20. Following the completion of the sale, the chief accounting officer now owns 17,586 shares of the company’s stock, valued at approximately $645,757.92. This trade represents a 6.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.81% of the company’s stock.

Institutional Trading of Renasant

Several large investors have recently added to or reduced their stakes in RNST. Mascagni Wealth Management Inc. acquired a new position in shares of Renasant during the 4th quarter valued at about $44,000. Covestor Ltd boosted its holdings in Renasant by 73.7% in the 4th quarter. Covestor Ltd now owns 1,838 shares of the financial services provider’s stock valued at $66,000 after purchasing an additional 780 shares during the last quarter. KBC Group NV boosted its holdings in Renasant by 32.0% in the 3rd quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock valued at $80,000 after purchasing an additional 596 shares during the last quarter. Smith Shellnut Wilson LLC ADV purchased a new stake in shares of Renasant in the 4th quarter valued at approximately $201,000. Finally, ZWJ Investment Counsel Inc. acquired a new stake in shares of Renasant during the 4th quarter worth approximately $208,000. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

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.