Renasant Corp. (RNST) Receives $47.33 Consensus PT from Analysts

Renasant Corp. (NASDAQ:RNST) has earned a consensus rating of “Hold” from the nine ratings firms that are presently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $47.33.

Several research analysts have recently weighed in on the company. BidaskClub cut Renasant from a “buy” rating to a “hold” rating in a research report on Tuesday, June 12th. Zacks Investment Research cut Renasant from a “hold” rating to a “sell” rating in a research report on Tuesday, June 19th. Raymond James cut Renasant from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 10th. Finally, Stephens reissued a “hold” rating and set a $50.00 price target on shares of Renasant in a research report on Monday, August 20th.

In related news, Director Michael D. Shmerling purchased 1,000 shares of Renasant stock in a transaction that occurred on Friday, August 3rd. The stock was purchased at an average cost of $45.00 per share, with a total value of $45,000.00. Following the completion of the transaction, the director now owns 159,357 shares of the company’s stock, valued at approximately $7,171,065. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.41% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of RNST. The Manufacturers Life Insurance Company boosted its position in Renasant by 2,105.8% during the first quarter. The Manufacturers Life Insurance Company now owns 759,841 shares of the financial services provider’s stock valued at $32,338,000 after purchasing an additional 725,394 shares during the last quarter. BlackRock Inc. lifted its position in shares of Renasant by 7.8% in the second quarter. BlackRock Inc. now owns 3,249,749 shares of the financial services provider’s stock valued at $147,928,000 after buying an additional 235,926 shares during the last quarter. New York State Common Retirement Fund lifted its position in shares of Renasant by 377.2% in the first quarter. New York State Common Retirement Fund now owns 226,091 shares of the financial services provider’s stock valued at $9,622,000 after buying an additional 178,716 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Renasant by 175,088.0% in the second quarter. PNC Financial Services Group Inc. now owns 131,391 shares of the financial services provider’s stock valued at $5,981,000 after buying an additional 131,316 shares during the last quarter. Finally, Jennison Associates LLC lifted its position in shares of Renasant by 16.8% in the second quarter. Jennison Associates LLC now owns 770,628 shares of the financial services provider’s stock valued at $35,079,000 after buying an additional 110,747 shares during the last quarter. 67.74% of the stock is owned by hedge funds and other institutional investors.

Shares of Renasant stock traded up $0.48 during trading hours on Wednesday, hitting $44.28. The company’s stock had a trading volume of 242,688 shares, compared to its average volume of 173,348. Renasant has a 12 month low of $38.98 and a 12 month high of $49.78. The company has a market capitalization of $2.19 billion, a P/E ratio of 18.30 and a beta of 0.88. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.95 and a quick ratio of 0.92.

Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.74. Renasant had a return on equity of 8.73% and a net margin of 20.66%. The company had revenue of $127.97 million during the quarter, compared to the consensus estimate of $127.80 million. During the same period in the prior year, the company earned $0.57 earnings per share. equities analysts anticipate that Renasant will post 3 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $0.80 annualized dividend and a yield of 1.81%. Renasant’s dividend payout ratio (DPR) is presently 33.06%.

About Renasant

Renasant Corporation operates as a bank holding company for Renasant Bank, which 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, money market, individual retirement, and health savings accounts, as well as safe deposit and night depository facilities.

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Analyst Recommendations for Renasant (NASDAQ:RNST)

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