Analysts Set Renasant Co. (NASDAQ:RNST) PT at $39.50

Shares of Renasant Co. (NASDAQ:RNST) have earned a consensus recommendation of “Moderate Buy” from the six brokerages that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $39.50.

RNST has been the topic of several analyst reports. Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 target price on the stock in a report on Wednesday, July 31st. Keefe, Bruyette & Woods upgraded Renasant from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $36.00 to $40.00 in a research note on Friday, August 2nd. Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $34.00 to $41.00 in a research note on Wednesday, July 31st. Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $34.00 to $40.00 in a research note on Monday, August 5th. Finally, Truist Financial raised their price objective on Renasant from $32.00 to $38.00 and gave the company a “hold” rating in a research note on Thursday, July 25th.

Renasant Stock Performance

Shares of NASDAQ:RNST opened at $32.83 on Monday. The company has a market cap of $1.85 billion, a P/E ratio of 13.35 and a beta of 1.02. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.92 and a current ratio of 0.93. Renasant has a one year low of $22.99 and a one year high of $37.40. The business’s 50-day simple moving average is $33.29 and its 200 day simple moving average is $31.15.

Renasant (NASDAQ:RNST) last announced its earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 EPS for the quarter, beating the consensus estimate of $0.66 by $0.03. The business had revenue of $163.79 million for the quarter, compared to the consensus estimate of $166.05 million. Renasant had a return on equity of 6.98% and a net margin of 15.04%. The company’s revenue was up 11.1% on a year-over-year basis. During the same period last year, the business posted $0.83 EPS. On average, sell-side analysts forecast that Renasant will post 2.58 earnings per share for the current fiscal year.

Renasant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a $0.22 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.88 annualized dividend and a dividend yield of 2.68%. Renasant’s payout ratio is 35.77%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP boosted its position in Renasant by 698.3% during the 2nd quarter. Quarry LP now owns 934 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 817 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in Renasant by 41.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider’s stock valued at $147,000 after purchasing an additional 1,404 shares during the period. Magnolia Capital Advisors LLC acquired a new position in Renasant during the 2nd quarter valued at approximately $675,000. Millennium Management LLC boosted its position in Renasant by 189.3% during the 2nd quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider’s stock valued at $12,820,000 after purchasing an additional 274,685 shares during the period. Finally, AQR Capital Management LLC boosted its position in Renasant by 24.9% during the 2nd quarter. AQR Capital Management LLC now owns 26,954 shares of the financial services provider’s stock valued at $823,000 after purchasing an additional 5,376 shares during the period. Institutional investors and hedge funds own 77.31% of the company’s stock.

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.