Brokerages Set Renasant Co. (NASDAQ:RNST) Target Price at $41.00

Renasant Co. (NASDAQ:RNST) has been assigned a consensus rating of “Moderate Buy” from the six research firms that are presently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $41.00.

A number of equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods lowered their price objective on shares of Renasant from $45.00 to $43.00 and set an “outperform” rating for the company in a research report on Tuesday, May 6th. Hovde Group increased their price objective on shares of Renasant from $34.50 to $35.00 and gave the stock a “market perform” rating in a research report on Monday, April 28th. Finally, Raymond James raised shares of Renasant from an “outperform” rating to a “strong-buy” rating and set a $40.00 price objective for the company in a research report on Thursday, April 24th.

Renasant Stock Up 1.2%

RNST stock opened at $36.46 on Wednesday. The company has a market cap of $3.46 billion, a price-to-earnings ratio of 11.15 and a beta of 0.91. 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 12 month low of $26.97 and a 12 month high of $39.63. The firm has a 50-day moving average of $32.59 and a two-hundred day moving average of $34.96.

Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.06. The business had revenue of $170.59 million during the quarter, compared to the consensus estimate of $170.38 million. Renasant had a net margin of 17.91% and a return on equity of 6.58%. During the same quarter last year, the firm earned $0.65 EPS. As a group, analysts forecast that Renasant will post 2.68 earnings per share for the current fiscal year.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a $0.22 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.88 annualized dividend and a yield of 2.41%. Renasant’s dividend payout ratio is presently 27.33%.

Hedge Funds Weigh In On Renasant

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Strs Ohio purchased a new position in Renasant in the 1st quarter valued at approximately $614,000. Intech Investment Management LLC boosted its position in Renasant by 40.3% in the 1st quarter. Intech Investment Management LLC now owns 41,959 shares of the financial services provider’s stock valued at $1,424,000 after buying an additional 12,062 shares during the period. Jane Street Group LLC purchased a new stake in shares of Renasant during the 1st quarter worth $390,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Renasant by 13.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 189,105 shares of the financial services provider’s stock worth $6,416,000 after purchasing an additional 23,072 shares during the last quarter. Finally, Empowered Funds LLC lifted its position in shares of Renasant by 52.5% during the 1st quarter. Empowered Funds LLC now owns 306,262 shares of the financial services provider’s stock worth $10,391,000 after purchasing an additional 105,438 shares during the last quarter. 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.