Renasant Corp (NYSE:RNST) Receives Consensus Rating of “Buy” from Analysts

Shares of Renasant Corp (NYSE:RNST) have been assigned an average rating of “Buy” from the five ratings firms that are presently covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $44.6667.

A number of research firms have issued reports on RNST. Hovde Group boosted their price target on Renasant from $44.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday. Weiss Ratings upgraded Renasant from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, March 10th. TD Cowen reaffirmed a “buy” rating on shares of Renasant in a research note on Thursday. Finally, Wall Street Zen upgraded Renasant from a “sell” rating to a “hold” rating in a report on Sunday, March 8th.

Renasant Stock Up 0.2%

Shares of RNST opened at $39.88 on Friday. Renasant has a fifty-two week low of $31.81 and a fifty-two week high of $42.11. The company has a fifty day moving average of $37.89. The firm has a market cap of $3.75 billion, a price-to-earnings ratio of 16.55 and a beta of 0.95. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.90 and a current ratio of 0.90.

Renasant (NYSE:RNST) last released its quarterly earnings data on Tuesday, April 28th. The company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.09. The business had revenue of $278.49 million during the quarter, compared to the consensus estimate of $275.71 million. Renasant had a return on equity of 8.17% and a net margin of 14.47%.During the same period in the prior year, the firm posted $0.65 EPS. As a group, equities research analysts anticipate that Renasant will post 3.61 earnings per share for the current year.

Renasant Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.4%. This is a positive change from Renasant’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Tuesday, June 16th. Renasant’s dividend payout ratio is presently 43.40%.

Insider Activity at Renasant

In related news, CAO Kelly Hutcheson sold 1,350 shares of Renasant stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $38.65, for a total transaction of $52,177.50. Following the transaction, the chief accounting officer owned 16,728 shares in the company, valued at approximately $646,537.20. The trade was a 7.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Mark Jeanfreau sold 6,000 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $37.88, for a total transaction of $227,280.00. Following the sale, the executive vice president directly owned 65,172 shares of the company’s stock, valued at approximately $2,468,715.36. This trade represents a 8.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.07% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RNST. First Horizon Corp acquired a new position in shares of Renasant during the third quarter worth about $25,000. EverSource Wealth Advisors LLC grew its stake in shares of Renasant by 68.7% in the third quarter. EverSource Wealth Advisors LLC now owns 857 shares of the company’s stock valued at $32,000 after buying an additional 349 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Renasant by 42.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,152 shares of the company’s stock valued at $42,000 after buying an additional 345 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in shares of Renasant by 241.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,226 shares of the company’s stock valued at $43,000 after buying an additional 867 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new position in Renasant during the 4th quarter worth approximately $60,000. 77.31% of the stock is owned by hedge funds and other institutional investors.

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. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities. It also provides commercial, financial, and agricultural loans; equipment financing and leasing; real estate–1-4 family mortgage; real estate–commercial mortgage; real estate–construction loans for the construction of single family residential properties, multi-family properties, and commercial projects; installment loans to individuals; and interim construction loans, as well as automated teller machine (ATM), online and mobile banking, call center, and treasury management services.