Renasant Corp (NYSE:RNST) Receives $43.00 Average Price Target from Analysts

Renasant Corp (NYSE:RNST) has received an average recommendation of “Buy” from the five research firms that are covering the company, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $43.00.

Several research firms have weighed in on RNST. Hovde Group increased their target price on Renasant from $41.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, January 30th. TD Cowen reaffirmed a “buy” rating on shares of Renasant in a research note on Thursday, January 29th. Wall Street Zen upgraded shares of Renasant from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. Finally, Weiss Ratings raised shares of Renasant from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, March 10th.

Insider Transactions at Renasant

In other news, CAO Kelly Hutcheson sold 1,350 shares of the business’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $38.65, for a total value of $52,177.50. Following the completion of the transaction, the chief accounting officer owned 16,728 shares of the company’s stock, valued at $646,537.20. The trade was a 7.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James C. Iv Mabry sold 12,500 shares of the company’s stock in a transaction on Friday, January 30th. The shares were sold at an average price of $37.83, for a total transaction of $472,875.00. Following the completion of the sale, the chief financial officer owned 105,337 shares of the company’s stock, valued at approximately $3,984,898.71. This represents a 10.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 19,850 shares of company stock valued at $752,333 over the last three months. 2.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Renasant

Several large investors have recently modified their holdings of RNST. Maryland State Retirement & Pension System increased its stake in Renasant by 2.0% during the 4th quarter. Maryland State Retirement & Pension System now owns 13,939 shares of the company’s stock worth $491,000 after purchasing an additional 279 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its stake in Renasant by 1.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 21,701 shares of the company’s stock valued at $764,000 after buying an additional 300 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of Renasant by 12.1% in the third quarter. Jones Financial Companies Lllp now owns 2,825 shares of the company’s stock valued at $106,000 after buying an additional 306 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Renasant by 27.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,464 shares of the company’s stock valued at $52,000 after buying an additional 312 shares during the period. Finally, Resolute Wealth Strategies LLC increased its position in shares of Renasant by 0.4% during the second quarter. Resolute Wealth Strategies LLC now owns 77,499 shares of the company’s stock worth $2,785,000 after acquiring an additional 318 shares in the last quarter. 77.31% of the stock is currently owned by institutional investors.

Renasant Stock Performance

Shares of Renasant stock opened at $35.66 on Thursday. The company’s fifty day simple moving average is $38.21. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.13. The company has a market cap of $3.36 billion, a PE ratio of 16.82 and a beta of 0.97. Renasant has a 52 week low of $26.97 and a 52 week high of $42.11.

Renasant (NYSE:RNST) last posted its quarterly earnings results on Tuesday, January 27th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.11. Renasant had a return on equity of 7.53% and a net margin of 12.55%.The business had revenue of $278.52 million for the quarter, compared to analyst estimates of $269.00 million.

Renasant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be issued a $0.23 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $0.92 annualized dividend and a yield of 2.6%. Renasant’s dividend payout ratio (DPR) is 43.40%.

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.