Renasant Co. (NASDAQ:RNST) Given Average Rating of “Buy” by Analysts

Shares of Renasant Co. (NASDAQ:RNST) have earned an average recommendation of “Buy” from the seven brokerages that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $43.00.

RNST has been the topic of a number of recent research reports. TD Cowen initiated coverage on Renasant in a report on Thursday, September 25th. They issued a “buy” rating and a $45.00 target price on the stock. Hovde Group raised their target price on Renasant from $35.00 to $39.00 and gave the stock a “market perform” rating in a report on Wednesday, July 23rd. Cowen initiated coverage on Renasant in a report on Wednesday, September 24th. They issued a “buy” rating on the stock. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of Renasant in a report on Wednesday, July 23rd.

Institutional Investors Weigh In On Renasant

A number of institutional investors have recently bought and sold shares of RNST. GAMMA Investing LLC increased its stake in Renasant by 3,597.4% in the 1st quarter. GAMMA Investing LLC now owns 33,794 shares of the financial services provider’s stock worth $1,147,000 after buying an additional 32,880 shares in the last quarter. Sheets Smith Wealth Management increased its stake in Renasant by 4.9% in the 1st quarter. Sheets Smith Wealth Management now owns 13,081 shares of the financial services provider’s stock worth $444,000 after buying an additional 610 shares in the last quarter. Balefire LLC purchased a new stake in Renasant in the 1st quarter worth $252,000. Park Place Capital Corp increased its stake in Renasant by 0.9% in the 1st quarter. Park Place Capital Corp now owns 100,857 shares of the financial services provider’s stock worth $3,422,000 after buying an additional 858 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in Renasant by 4.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,825,410 shares of the financial services provider’s stock worth $62,228,000 after buying an additional 82,170 shares in the last quarter. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Renasant Price Performance

Shares of Renasant stock opened at $34.68 on Tuesday. Renasant has a one year low of $26.97 and a one year high of $40.40. The stock’s fifty day moving average is $37.67 and its 200 day moving average is $35.52. The stock has a market cap of $3.29 billion, a P/E ratio of 10.60 and a beta of 0.89. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96.

Renasant Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Tuesday, September 16th. Renasant’s dividend payout ratio is presently 34.65%.

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.