Renasant Co. (NASDAQ:RNST) Given Consensus Rating of “Moderate Buy” by Brokerages

Renasant Co. (NASDAQ:RNST) has earned an average rating of “Moderate Buy” from the six brokerages that are presently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $42.83.

RNST has been the topic of a number of recent research reports. StockNews.com lowered Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $46.00 price objective (up previously from $45.00) on shares of Renasant in a research report on Thursday, January 30th. Raymond James reissued an “outperform” rating and issued a $44.00 target price (up previously from $40.00) on shares of Renasant in a research report on Thursday, January 30th. Piper Sandler raised their price target on shares of Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Finally, Stephens boosted their price objective on shares of Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a report on Thursday, January 30th.

Insider Activity

In related news, CAO Kelly Hutcheson sold 1,310 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $36.72, for a total value of $48,103.20. Following the completion of the transaction, the chief accounting officer now owns 17,586 shares of the company’s stock, valued at $645,757.92. This represents a 6.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RNST. Covestor Ltd grew its position in Renasant by 73.7% during the 4th quarter. Covestor Ltd now owns 1,838 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 780 shares during the last quarter. KBC Group NV increased its stake in shares of Renasant by 32.0% in the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock valued at $80,000 after buying an additional 596 shares during the period. Smith Shellnut Wilson LLC ADV bought a new position in Renasant in the 4th quarter valued at approximately $201,000. ZWJ Investment Counsel Inc. acquired a new stake in Renasant during the 4th quarter worth approximately $208,000. Finally, Cibc World Markets Corp bought a new stake in Renasant during the 4th quarter worth approximately $209,000. 77.31% of the stock is currently owned by institutional investors and hedge funds.

Renasant Stock Down 0.5 %

Renasant stock opened at $34.76 on Friday. The company’s 50-day moving average price is $36.47 and its two-hundred day moving average price is $35.40. 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 $2.21 billion, a P/E ratio of 10.63 and a beta of 1.02. Renasant has a twelve month low of $27.98 and a twelve month high of $39.63.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend is Monday, March 17th. Renasant’s payout ratio is 26.91%.

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.