Renasant (NASDAQ:RNST) Hits New 12-Month High After Analyst Upgrade

Renasant Co. (NASDAQ:RNST) reached a new 52-week high during mid-day trading on Thursday after Stephens raised their price target on the stock from $44.00 to $47.00. Stephens currently has an overweight rating on the stock. Renasant traded as high as $39.47 and last traded at $39.20, with a volume of 256286 shares trading hands. The stock had previously closed at $37.85.

RNST has been the subject of a number of other reports. Hovde Group cut shares of Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Raymond James restated an “outperform” rating and issued a $44.00 price objective (up from $40.00) on shares of Renasant in a research note on Thursday. Piper Sandler boosted their price objective on shares of Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, 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 note on Thursday. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Renasant presently has a consensus rating of “Moderate Buy” and an average price target of $42.83.

Insider Transactions at Renasant

In related news, Director John Creekmore sold 3,000 shares of the business’s stock in a transaction on 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 owns 24,057 shares of the company’s stock, valued at approximately $914,166. The trade was a 11.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.82% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Renasant

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers increased its position in Renasant by 0.8% during the fourth quarter. Rhumbline Advisers now owns 184,830 shares of the financial services provider’s stock worth $6,608,000 after acquiring an additional 1,479 shares during the period. Blue Trust Inc. increased its position in Renasant by 13.7% during the fourth quarter. Blue Trust Inc. now owns 21,814 shares of the financial services provider’s stock worth $780,000 after acquiring an additional 2,623 shares during the period. Equitable Trust Co. bought a new position in Renasant during the fourth quarter worth $248,000. Empowered Funds LLC increased its position in Renasant by 5.1% during the fourth quarter. Empowered Funds LLC now owns 200,824 shares of the financial services provider’s stock worth $7,179,000 after acquiring an additional 9,747 shares during the period. Finally, Jennison Associates LLC increased its position in Renasant by 204.9% during the fourth quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider’s stock worth $41,963,000 after acquiring an additional 788,762 shares during the period. Institutional investors own 77.31% of the company’s stock.

Renasant Price Performance

The stock’s 50-day moving average is $36.44 and its 200-day moving average is $34.79. The firm has a market cap of $2.49 billion, a P/E ratio of 12.75 and a beta of 1.03. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.25%. The ex-dividend date was Wednesday, December 18th. Renasant’s dividend payout ratio (DPR) is presently 28.66%.

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.