Renasant (NASDAQ:RNST) Reaches New 52-Week High – Still a Buy?

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Stephens upgraded shares of Renasant from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $34.00 to $41.00 in a research report on Wednesday, July 31st. Keefe, Bruyette & Woods upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $36.00 to $40.00 in a report on Friday, August 2nd. Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and raised their target price for the company from $34.00 to $40.00 in a research note on Monday, August 5th. Truist Financial dropped their price target on Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research note on Friday, September 20th. Finally, Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price target on the stock in a report on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Renasant presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.33.

Renasant Stock Down 3.6 %

The company has a market cap of $2.38 billion, a price-to-earnings ratio of 11.98 and a beta of 1.01. 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’s fifty day moving average is $33.25 and its two-hundred day moving average is $32.05.

Renasant (NASDAQ:RNST) last issued its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.63 by $0.07. The firm had revenue of $318.34 million during the quarter, compared to the consensus estimate of $184.73 million. Renasant had a return on equity of 6.70% and a net margin of 16.83%. During the same period in the prior year, the business posted $0.75 earnings per share. Sell-side analysts predict that Renasant Co. will post 2.62 earnings per share for the current fiscal year.

Renasant Dividend Announcement

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

Insider Transactions at Renasant

In related news, Director John Creekmore sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total transaction of $114,000.00. Following the transaction, the director now directly owns 24,057 shares of the company’s stock, valued at $914,166. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction 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.

Institutional Investors Weigh In On Renasant

Several institutional investors and hedge funds have recently added to or reduced their stakes in RNST. Mutual of America Capital Management LLC boosted its stake in shares of Renasant by 3.2% in the 3rd quarter. Mutual of America Capital Management LLC now owns 9,560 shares of the financial services provider’s stock worth $311,000 after buying an additional 300 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in Renasant by 1.8% in the second quarter. Louisiana State Employees Retirement System now owns 28,300 shares of the financial services provider’s stock worth $864,000 after purchasing an additional 500 shares during the last quarter. KBC Group NV grew its stake in Renasant by 32.0% in the 3rd quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock valued at $80,000 after purchasing an additional 596 shares during the period. Texas Permanent School Fund Corp increased its position in shares of Renasant by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 49,135 shares of the financial services provider’s stock valued at $1,539,000 after purchasing an additional 637 shares during the last quarter. Finally, ProShare Advisors LLC raised its stake in shares of Renasant by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 11,153 shares of the financial services provider’s stock worth $349,000 after purchasing an additional 765 shares during the period. Hedge funds and other institutional investors 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.