Brokerages Set Renasant Co. (NASDAQ:RNST) Price Target at $43.17

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

RNST has been the topic of several research analyst reports. Hovde Group raised Renasant from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $40.00 to $41.00 in a research note on Thursday, October 30th. Cowen initiated coverage on Renasant in a report on Wednesday, September 24th. They set a “buy” rating for the company. Finally, TD Cowen decreased their target price on Renasant from $45.00 to $44.00 and set a “buy” rating on the stock in a research report on Thursday, October 30th.

Hedge Funds Weigh In On Renasant

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RNST. First Horizon Corp acquired a new stake in shares of Renasant in the third quarter valued at approximately $25,000. Quantbot Technologies LP purchased a new stake in Renasant in the 1st quarter valued at approximately $28,000. EverSource Wealth Advisors LLC lifted its stake in Renasant by 68.7% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 857 shares of the financial services provider’s stock valued at $32,000 after buying an additional 349 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in Renasant during the 2nd quarter valued at $37,000. Finally, PNC Financial Services Group Inc. increased its position in Renasant by 42.8% during the third quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the financial services provider’s stock worth $42,000 after buying an additional 345 shares in the last quarter. Institutional investors and hedge funds own 77.31% of the company’s stock.

Renasant Stock Performance

NASDAQ:RNST opened at $35.44 on Wednesday. The firm’s fifty day simple moving average is $35.25 and its 200-day simple moving average is $36.37. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The stock has a market cap of $3.37 billion, a PE ratio of 10.84 and a beta of 0.98. Renasant has a fifty-two week low of $26.97 and a fifty-two week high of $40.40.

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

Renasant Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 1st. Investors of record on Thursday, December 18th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Thursday, December 18th. This is a positive change from Renasant’s previous quarterly dividend of $0.22. Renasant’s dividend payout ratio is currently 46.23%.

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.