Renasant (NASDAQ:RNST) Reaches New 1-Year High – Here’s What Happened

Renasant Co. (NASDAQ:RNST)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $39.17 and last traded at $39.12, with a volume of 21284 shares traded. The stock had previously closed at $37.90.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Hovde Group cut shares of Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Piper Sandler raised shares of Renasant from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $34.00 to $40.00 in a research note on Monday, August 5th. Truist Financial lowered their target price on shares of Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research report on Friday, September 20th. Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price target for the company in a research note on Wednesday, July 31st. Finally, Keefe, Bruyette & Woods raised 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. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Renasant currently has an average rating of “Moderate Buy” and an average price target of $39.33.

Renasant Stock Down 1.2 %

The firm has a 50-day moving average of $34.20 and a two-hundred day moving average of $32.68. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of 13.79 and a beta of 1.01. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16.

Renasant (NASDAQ:RNST) last issued its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Renasant had a return on equity of 6.70% and a net margin of 16.83%. The company had revenue of $318.34 million during the quarter, compared to analyst estimates of $184.73 million. During the same period in the previous year, the company earned $0.75 earnings per share. As a group, sell-side analysts predict that Renasant Co. will post 2.65 earnings per share for the current fiscal year.

Renasant Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.31%. The ex-dividend date of this dividend is Wednesday, December 18th. Renasant’s payout ratio is currently 28.66%.

Insiders Place Their Bets

In related news, Director John Creekmore sold 3,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the completion of the sale, the director now owns 24,057 shares in the company, valued at approximately $914,166. This trade represents a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.82% of the company’s stock.

Hedge Funds Weigh In On Renasant

Large investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. grew its holdings in shares of Renasant by 5.8% during the 1st quarter. Russell Investments Group Ltd. now owns 32,421 shares of the financial services provider’s stock worth $1,015,000 after purchasing an additional 1,765 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in Renasant by 6.2% during the first quarter. CANADA LIFE ASSURANCE Co now owns 55,039 shares of the financial services provider’s stock worth $1,724,000 after buying an additional 3,197 shares in the last quarter. Quadrature Capital Ltd bought a new stake in Renasant in the 1st quarter valued at $208,000. Price T Rowe Associates Inc. MD raised its stake in shares of Renasant by 3.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 53,621 shares of the financial services provider’s stock valued at $1,680,000 after buying an additional 1,999 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of Renasant by 1.2% during the 1st quarter. Public Employees Retirement System of Ohio now owns 119,696 shares of the financial services provider’s stock worth $3,749,000 after acquiring an additional 1,364 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.