Renasant (NASDAQ:RNST) Hits New 1-Year High – Here’s Why

Shares of Renasant Co. (NASDAQ:RNST) reached a new 52-week high during trading on Wednesday . The company traded as high as $38.27 and last traded at $38.27, with a volume of 4989 shares traded. The stock had previously closed at $34.06.

Analyst Upgrades and Downgrades

Several equities analysts have commented on RNST shares. Truist Financial decreased their price objective on shares of Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a report on Friday, September 20th. Keefe, Bruyette & Woods upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $36.00 to $40.00 in a research report on Friday, August 2nd. Hovde Group raised Renasant from a “market perform” rating to an “outperform” rating and upped their target price for the company from $38.00 to $39.00 in a research report on Monday, August 5th. Piper Sandler raised Renasant from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $34.00 to $40.00 in a report on Monday, August 5th. Finally, Stephens raised Renasant from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $34.00 to $41.00 in a report on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $39.33.

Renasant Price Performance

The business’s 50 day simple moving average is $33.25 and its 200-day simple moving average is $32.05. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of 11.98 and a beta of 1.01. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

Renasant (NASDAQ:RNST) last announced its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.63 by $0.07. Renasant had a net margin of 16.83% and a return on equity of 6.70%. The business had revenue of $318.34 million during the quarter, compared to the consensus estimate of $184.73 million. During the same period in the previous year, the business earned $0.75 earnings per share. On average, research analysts forecast that Renasant Co. will post 2.62 earnings per share for the current year.

Renasant Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.39%. The ex-dividend date was Monday, September 16th. Renasant’s payout ratio is 28.66%.

Insider Transactions at Renasant

In related news, Director John Creekmore sold 3,000 shares of the stock in a transaction that occurred on 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 transaction, the director now owns 24,057 shares of the company’s stock, valued at $914,166. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.82% of the company’s stock.

Hedge Funds Weigh In On Renasant

Large investors have recently bought and sold shares of the company. Hantz Financial Services Inc. acquired a new position in shares of Renasant in the second quarter valued at approximately $29,000. Quarry LP increased its position in Renasant by 698.3% in the 2nd quarter. Quarry LP now owns 934 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 817 shares during the period. Meeder Asset Management Inc. acquired a new position in Renasant in the 2nd quarter valued at approximately $39,000. Innealta Capital LLC bought a new position in shares of Renasant during the second quarter valued at $48,000. Finally, KBC Group NV lifted its holdings in shares of Renasant by 32.0% during the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock worth $80,000 after purchasing an additional 596 shares during the period. 77.31% of the stock is currently owned by institutional investors.

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.