Renasant Co. (NASDAQ:RNST) Receives $40.17 Average Price Target from Brokerages

Renasant Co. (NASDAQ:RNST) has been assigned an average recommendation of “Moderate Buy” from the six research firms that are presently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $42.83.

RNST has been the subject of a number of analyst reports. Piper Sandler raised their price objective on shares of Renasant from $41.00 to $44.00 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 research report on Thursday, January 30th. StockNews.com lowered shares of Renasant from a “hold” rating to a “sell” rating in a report on Friday. Stephens lifted their price objective on shares of Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Finally, Hovde Group cut Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th.

Insider Transactions at Renasant

In other Renasant news, Director John Creekmore sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total transaction 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 11.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.82% of the company’s stock.

Institutional Trading of Renasant

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Element Wealth LLC bought a new position in Renasant in the 4th quarter worth $240,000. Handelsbanken Fonder AB raised its stake in Renasant by 26.4% in the fourth quarter. Handelsbanken Fonder AB now owns 12,923 shares of the financial services provider’s stock worth $462,000 after buying an additional 2,700 shares in the last quarter. Ieq Capital LLC purchased a new stake in Renasant in the fourth quarter worth about $329,000. New York State Common Retirement Fund boosted its position in Renasant by 4.0% during the 4th quarter. New York State Common Retirement Fund now owns 335,301 shares of the financial services provider’s stock valued at $11,987,000 after acquiring an additional 12,971 shares in the last quarter. Finally, CIBC Asset Management Inc bought a new stake in Renasant during the 4th quarter valued at approximately $220,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Renasant Price Performance

Renasant stock opened at $38.22 on Thursday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. Renasant has a one year low of $27.98 and a one year high of $39.55. The firm has a market capitalization of $2.43 billion, a P/E ratio of 11.69 and a beta of 1.03. The business has a fifty day moving average price of $36.46 and a 200-day moving average price of $34.82.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th were given a $0.22 dividend. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $0.88 annualized dividend and a yield of 2.30%. Renasant’s payout ratio is currently 26.91%.

Renasant Company Profile

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.