Renasant Co. (NASDAQ:RNST) Given Average Rating of “Moderate Buy” by Analysts

Shares of Renasant Co. (NASDAQ:RNST) have been assigned an average rating of “Moderate Buy” from the six ratings firms that are covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $42.83.

Several brokerages have commented on RNST. Piper Sandler upped their price objective on shares of Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Stephens boosted their price target on shares of Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $46.00 price objective (up from $45.00) on shares of Renasant in a report on Thursday, January 30th. Raymond James reiterated an “outperform” rating and set a $44.00 target price (up previously from $40.00) on shares of Renasant in a report on Thursday, January 30th. Finally, StockNews.com cut Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st.

Insider Activity at Renasant

In related news, CAO Kelly Hutcheson sold 1,310 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $36.72, for a total value of $48,103.20. Following the completion of the transaction, the chief accounting officer now directly owns 17,586 shares in the company, valued at $645,757.92. The trade was a 6.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Renasant

Large investors have recently bought and sold shares of the business. Mutual of America Capital Management LLC boosted its position in shares of Renasant by 3.2% in the third quarter. Mutual of America Capital Management LLC now owns 9,560 shares of the financial services provider’s stock worth $311,000 after purchasing an additional 300 shares during the period. HighTower Advisors LLC lifted its stake in shares of Renasant by 3.4% during the 4th quarter. HighTower Advisors LLC now owns 11,503 shares of the financial services provider’s stock valued at $411,000 after buying an additional 377 shares in the last quarter. Bank of Montreal Can increased its stake in Renasant by 4.1% in the 4th quarter. Bank of Montreal Can now owns 9,619 shares of the financial services provider’s stock worth $344,000 after buying an additional 383 shares in the last quarter. Arizona State Retirement System raised its holdings in Renasant by 2.4% during the fourth quarter. Arizona State Retirement System now owns 18,445 shares of the financial services provider’s stock valued at $659,000 after acquiring an additional 424 shares during the period. Finally, Sheets Smith Wealth Management raised its stake in Renasant by 3.6% during the 4th quarter. Sheets Smith Wealth Management now owns 12,471 shares of the financial services provider’s stock valued at $446,000 after purchasing an additional 438 shares during the period. 77.31% of the stock is currently owned by institutional investors.

Renasant Price Performance

RNST opened at $35.75 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The stock has a market capitalization of $2.28 billion, a PE ratio of 10.93 and a beta of 1.02. The stock’s 50 day moving average price is $36.53 and its 200-day moving average price is $35.45. Renasant has a 52-week low of $27.98 and a 52-week high of $39.63.

Renasant Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend is Monday, March 17th. Renasant’s dividend payout ratio is presently 26.91%.

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.