Renasant Corp (NYSE:RNST) Given Average Recommendation of “Buy” by Brokerages

Renasant Corp (NYSE:RNST) has been assigned a consensus rating of “Buy” from the five research firms that are presently covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $43.00.

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

Insider Activity at Renasant

In other Renasant news, EVP Mark Jeanfreau sold 6,000 shares of the business’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $37.88, for a total value of $227,280.00. Following the sale, the executive vice president owned 65,172 shares of the company’s stock, valued at $2,468,715.36. The trade was a 8.43% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 transaction of $52,177.50. Following the completion of the sale, the chief accounting officer directly owned 16,728 shares in the company, valued at $646,537.20. This trade represents a 7.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 19,850 shares of company stock worth $752,333. 2.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Renasant

A number of hedge funds and other institutional investors have recently made changes to their positions in RNST. Invesco Ltd. raised its position in Renasant by 365.6% in the second quarter. Invesco Ltd. now owns 2,215,665 shares of the company’s stock worth $79,609,000 after purchasing an additional 1,739,786 shares in the last quarter. Channing Capital Management LLC bought a new position in Renasant during the third quarter worth about $60,815,000. Geode Capital Management LLC boosted its holdings in Renasant by 48.0% during the second quarter. Geode Capital Management LLC now owns 2,203,182 shares of the company’s stock valued at $79,169,000 after purchasing an additional 714,972 shares in the last quarter. State Street Corp boosted its holdings in Renasant by 14.1% during the second quarter. State Street Corp now owns 4,812,696 shares of the company’s stock valued at $172,920,000 after purchasing an additional 595,609 shares in the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of Renasant by 4,534.6% in the 4th quarter. SG Americas Securities LLC now owns 413,173 shares of the company’s stock valued at $14,552,000 after purchasing an additional 404,258 shares during the period. 77.31% of the stock is owned by institutional investors.

Renasant Trading Down 2.6%

Shares of RNST stock opened at $34.38 on Thursday. Renasant has a 1 year low of $26.97 and a 1 year high of $42.11. The business’s fifty day moving average is $38.17. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of 16.22 and a beta of 0.97. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.91 and a quick ratio of 0.90.

Renasant (NYSE:RNST) last released its earnings results on Tuesday, January 27th. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.80 by $0.11. The firm had revenue of $278.52 million during the quarter, compared to analysts’ expectations of $269.00 million. Renasant had a net margin of 12.55% and a return on equity of 7.53%.

Renasant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be given a dividend of $0.23 per share. The ex-dividend date is Tuesday, March 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.7%. Renasant’s payout ratio is currently 43.40%.

Renasant Company Profile

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.