Renasant’s (RNST) “Outperform” Rating Reiterated at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reiterated their outperform rating on shares of Renasant (NASDAQ:RNST) in a research note published on Thursday morning,Benzinga reports. The brokerage currently has a $46.00 price target on the financial services provider’s stock, up from their prior price target of $45.00.

Other equities analysts also recently issued research reports about the company. Hovde Group downgraded Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Piper Sandler upped their price objective on Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Raymond James reiterated an “outperform” rating and set a $44.00 price objective (up previously from $40.00) on shares of Renasant in a research report on Thursday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $42.83.

Renasant Stock Performance

Shares of RNST stock opened at $38.82 on Thursday. Renasant has a 52 week low of $27.98 and a 52 week high of $39.55. The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of 11.87 and a beta of 1.03. The company has a 50-day simple moving average of $36.46 and a 200 day simple moving average of $34.83. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96.

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 issued a $0.22 dividend. The ex-dividend date was Wednesday, December 18th. This represents a $0.88 annualized dividend and a yield of 2.27%. Renasant’s dividend payout ratio is presently 26.91%.

Insider Activity

In other news, Director John Creekmore sold 3,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director now owns 24,057 shares of the company’s stock, valued at approximately $914,166. This represents a 11.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.82% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RNST. Quarry LP lifted its holdings in shares of Renasant by 698.3% in the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 817 shares during the last quarter. KBC Group NV lifted 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 last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Renasant by 41.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider’s stock valued at $147,000 after buying an additional 1,404 shares in the last quarter. Creative Planning bought a new stake in shares of Renasant during the third quarter worth $207,000. Finally, ZWJ Investment Counsel Inc. acquired a new position in shares of Renasant during the fourth quarter worth $208,000. 77.31% of the stock is currently owned by institutional investors and hedge funds.

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.