Renasant (NASDAQ:RNST – Free Report) had its price target lifted by Stephens from $36.00 to $37.00 in a research note published on Tuesday, Benzinga reports. Stephens currently has an equal weight rating on the financial services provider’s stock.
A number of other research firms also recently weighed in on RNST. Piper Sandler decreased their price target on shares of Renasant from $30.00 to $27.00 and set a neutral rating for the company in a research report on Thursday, October 26th. StockNews.com downgraded shares of Renasant from a hold rating to a sell rating in a research report on Saturday, November 4th. Keefe, Bruyette & Woods raised their price target on shares of Renasant from $34.00 to $35.00 and gave the stock a market perform rating in a research report on Tuesday. Finally, TheStreet raised shares of Renasant from a c+ rating to a b- rating in a research report on Thursday, December 14th. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $31.50.
Renasant Stock Down 0.7 %
Renasant (NASDAQ:RNST – Get Free Report) last issued its quarterly earnings data on Wednesday, January 24th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.12. Renasant had a net margin of 15.94% and a return on equity of 7.98%. The company had revenue of $230.79 million during the quarter, compared to the consensus estimate of $160.63 million. During the same quarter last year, the company earned $0.89 earnings per share. As a group, analysts forecast that Renasant will post 2.52 earnings per share for the current fiscal year.
Renasant Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, January 1st. Investors of record on Monday, December 18th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend was Friday, December 15th. Renasant’s dividend payout ratio (DPR) is presently 34.11%.
Hedge Funds Weigh In On Renasant
Several large investors have recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System bought a new position in Renasant during the fourth quarter worth $946,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Renasant by 5.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,202 shares of the financial services provider’s stock valued at $849,000 after buying an additional 1,315 shares during the last quarter. Park Place Capital Corp lifted its stake in Renasant by 1.7% in the fourth quarter. Park Place Capital Corp now owns 113,158 shares of the financial services provider’s stock valued at $3,811,000 after buying an additional 1,837 shares during the last quarter. Ballew Advisors Inc lifted its stake in Renasant by 43.8% in the fourth quarter. Ballew Advisors Inc now owns 11,131 shares of the financial services provider’s stock valued at $343,000 after buying an additional 3,389 shares during the last quarter. Finally, Brookstone Capital Management bought a new stake in Renasant in the fourth quarter valued at $211,000. 76.47% of the stock is currently owned by institutional investors.
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 factoring equipment leasing services, as well as safe deposit and night depository facilities.
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