Renasant Co. (NASDAQ:RNST) Receives $36.10 Average Target Price from Analysts

Posted by Defense World Staff on Apr 24th, 2023

Shares of Renasant Co. (NASDAQ:RNST – Get Rating) have earned an average rating of “Hold” from the seven ratings firms that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $36.10.

RNST has been the subject of a number of recent analyst reports. Raymond James lowered shares of Renasant from an “outperform” rating to a “market perform” rating in a report on Thursday, April 6th. Keefe, Bruyette & Woods decreased their target price on shares of Renasant from $40.00 to $35.00 and set a “market perform” rating for the company in a research note on Thursday, April 6th. StockNews.com lowered shares of Renasant from a “hold” rating to a “sell” rating in a research note on Thursday, March 30th. Piper Sandler decreased their target price on shares of Renasant from $39.00 to $37.50 and set a “neutral” rating for the company in a research note on Thursday, January 26th. Finally, Truist Financial decreased their target price on shares of Renasant from $38.00 to $34.00 and set a “hold” rating for the company in a research note on Thursday, March 23rd.

Institutional Investors Weigh In On Renasant

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Raymond James & Associates boosted its holdings in Renasant by 63.0% in the 1st quarter. Raymond James & Associates now owns 17,089 shares of the financial services provider’s stock worth $523,000 after buying an additional 6,604 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in Renasant by 4.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,461,511 shares of the financial services provider’s stock worth $44,693,000 after buying an additional 64,256 shares during the period. SummerHaven Investment Management LLC boosted its holdings in Renasant by 2.0% in the 1st quarter. SummerHaven Investment Management LLC now owns 27,065 shares of the financial services provider’s stock worth $828,000 after buying an additional 520 shares during the period. Cravens & Co Advisors LLC bought a new position in Renasant in the 4th quarter worth $228,000. Finally, Alliancebernstein L.P. boosted its holdings in shares of Renasant by 2.7% during the 4th quarter. Alliancebernstein L.P. now owns 84,433 shares of the financial services provider’s stock valued at $3,174,000 after purchasing an additional 2,250 shares during the last quarter. 76.10% of the stock is currently owned by hedge funds and other institutional investors.

Renasant Price Performance

Shares of NASDAQ RNST opened at $28.09 on Friday. Renasant has a twelve month low of $27.61 and a twelve month high of $41.77. The firm has a market cap of $1.57 billion, a P/E ratio of 9.49 and a beta of 1.09. The company has a 50 day moving average of $32.44 and a 200 day moving average of $35.81. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.20.

Renasant (NASDAQ:RNST – Get Rating) last announced its quarterly earnings data on Wednesday, January 25th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.01. Renasant had a net margin of 24.03% and a return on equity of 8.01%. The company had revenue of $198.46 million during the quarter, compared to analyst estimates of $172.70 million. During the same period in the previous year, the business earned $0.68 EPS. As a group, research analysts expect that Renasant will post 3.24 EPS for the current fiscal year.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 31st. Stockholders of record on Friday, March 17th were paid a $0.22 dividend. The ex-dividend date was Thursday, March 16th. This represents a $0.88 annualized dividend and a dividend yield of 3.13%. Renasant’s dividend payout ratio (DPR) is 29.73%.

About Renasant

(Get Rating)

Renasant Corp. is a bank holding company, which engages in the provision of financial, fiduciary, and insurance services. It operates through the following segments: Community Banks, Insurance, Wealth Management, and Other. The Community Banks segment delivers banking and financial services to individuals and small to medium sized businesses including checking and savings accounts, business and personal loans, interim construction loans, specialty commercial lending, as well as safe deposit and night depository facilities.