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

Renasant Co. (NASDAQ:RNST) has received a consensus rating of “Buy” from the seven brokerages that are currently covering the company, Marketbeat.com reports. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $43.1667.

RNST has been the topic of several recent research reports. Hovde Group upgraded Renasant from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $40.00 to $41.00 in a research report on Thursday. TD Cowen decreased their target price on shares of Renasant from $45.00 to $44.00 and set a “buy” rating on the stock in a research note on Thursday. Raymond James Financial reiterated a “strong-buy” rating on shares of Renasant in a report on Wednesday, July 23rd. Finally, Cowen initiated coverage on shares of Renasant in a report on Wednesday, September 24th. They issued a “buy” rating on the stock.

Renasant Stock Performance

Renasant stock opened at $33.58 on Friday. The firm has a fifty day simple moving average of $36.98 and a two-hundred day simple moving average of $35.95. 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 has a twelve month low of $26.97 and a twelve month high of $40.40. The company has a market capitalization of $3.19 billion, a PE ratio of 10.27 and a beta of 0.89.

Renasant (NASDAQ:RNST) last announced its quarterly earnings data on Tuesday, October 28th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). Renasant had a net margin of 17.91% and a return on equity of 6.58%. The company had revenue of $269.55 million for the quarter, compared to the consensus estimate of $271.96 million. During the same period last year, the business posted $1.18 earnings per share. Research analysts expect that Renasant will post 2.68 EPS for the current year.

Renasant Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 1st. Stockholders of record on Thursday, December 18th will be issued a dividend of $0.23 per share. This is an increase from Renasant’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Thursday, December 18th. Renasant’s dividend payout ratio (DPR) is currently 44.22%.

Institutional Investors Weigh In On Renasant

Several institutional investors and hedge funds have recently bought and sold shares of the business. Invesco Ltd. lifted its stake in Renasant by 365.6% in the second quarter. Invesco Ltd. now owns 2,215,665 shares of the financial services provider’s stock worth $79,609,000 after acquiring an additional 1,739,786 shares during the period. Vanguard Group Inc. increased its position in Renasant by 22.0% during the 1st quarter. Vanguard Group Inc. now owns 8,789,556 shares of the financial services provider’s stock valued at $298,230,000 after purchasing an additional 1,582,105 shares during the period. Wellington Management Group LLP raised its holdings in Renasant by 232.8% in the 1st quarter. Wellington Management Group LLP now owns 1,590,935 shares of the financial services provider’s stock worth $53,980,000 after purchasing an additional 1,112,946 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Renasant by 48.0% in the 2nd quarter. Geode Capital Management LLC now owns 2,203,182 shares of the financial services provider’s stock worth $79,169,000 after purchasing an additional 714,972 shares during the period. Finally, State Street Corp lifted its position in shares of Renasant by 14.1% in the 2nd quarter. State Street Corp now owns 4,812,696 shares of the financial services provider’s stock worth $172,920,000 after purchasing an additional 595,609 shares during the period. Hedge funds and other institutional investors own 77.31% of the company’s stock.

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.