Renasant Co. (NASDAQ:RNST) Receives $43.33 Average PT from Analysts

Shares of Renasant Co. (NASDAQ:RNST) have earned an average rating of “Buy” from the seven research firms that are presently covering the company, Marketbeat Ratings reports. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $43.3333.

RNST has been the subject of several research analyst reports. TD Cowen boosted their price objective on Renasant from $44.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, January 7th. Cowen reiterated a “buy” rating on shares of Renasant in a report on Wednesday, January 7th. Finally, Hovde Group raised shares of Renasant from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $40.00 to $41.00 in a research report on Thursday, October 30th.

Renasant Price Performance

Shares of RNST stock opened at $36.58 on Thursday. 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 12-month low of $26.97 and a 12-month high of $40.40. The firm has a fifty day moving average of $35.77 and a 200-day moving average of $36.59. The firm has a market capitalization of $3.48 billion, a price-to-earnings ratio of 11.19 and a beta of 0.97.

Renasant (NASDAQ:RNST) last posted its earnings results on Tuesday, October 28th. The financial services provider reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.02). Renasant had a return on equity of 6.58% and a net margin of 17.91%.The business had revenue of $269.55 million for the quarter, compared to the consensus estimate of $271.96 million. During the same quarter in the prior year, the firm posted $1.18 earnings per share. On average, equities research analysts forecast that Renasant will post 2.68 earnings per share for the current year.

Renasant Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 1st. Shareholders of record on Thursday, December 18th were paid a $0.23 dividend. The ex-dividend date of this dividend was Thursday, December 18th. This represents a $0.92 annualized dividend and a dividend yield of 2.5%. This is a positive change from Renasant’s previous quarterly dividend of $0.22. Renasant’s dividend payout ratio (DPR) is 46.23%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Royal Bank of Canada raised its position in Renasant by 128.5% in the 1st quarter. Royal Bank of Canada now owns 52,238 shares of the financial services provider’s stock valued at $1,772,000 after buying an additional 29,380 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Renasant by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,167 shares of the financial services provider’s stock worth $1,261,000 after acquiring an additional 1,621 shares in the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of Renasant in the first quarter valued at approximately $67,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Renasant by 13.9% in the first 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 valued at $6,416,000 after purchasing an additional 23,072 shares during the last quarter. Finally, Jane Street Group LLC bought a new stake in shares of Renasant in the first quarter worth $390,000. 77.31% of the stock is owned by institutional investors and hedge funds.

Renasant Company Profile

Renasant Corporation is a financial holding company providing banking and related services through its primary subsidiary, Renasant Bank. With origins dating back to 1904 in Tupelo, Mississippi, the company offers a comprehensive suite of commercial and consumer banking products, including deposit accounts, lending and treasury management services. Renasant serves individuals, small businesses and corporate clients across the southeastern United States.

The company operates more than 110 banking offices across Mississippi, Alabama, Tennessee, Florida and Georgia, supplemented by a network of ATMs and digital platforms.