Renasant Co. (NASDAQ:RNST) Receives $42.17 Average PT from Analysts

Renasant Co. (NASDAQ:RNST - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the six ratings firms that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $42.17.

RNST has been the topic of several recent analyst reports. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set 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 research note on Friday, January 31st. Raymond James lowered their price objective on shares of Renasant from $44.00 to $40.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 2nd. Stephens raised their target price on Renasant from $44.00 to $47.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Finally, Piper Sandler lifted their price target on shares of Renasant from $41.00 to $44.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th.

Renasant Stock Up 0.5 %

RNST traded up $0.13 during trading on Tuesday, hitting $28.13. 3,126,142 shares of the company's stock traded hands, compared to its average volume of 597,352. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of 8.60 and a beta of 0.93. The company's 50 day simple moving average is $33.82 and its two-hundred day simple moving average is $35.10. Renasant has a 12-month low of $26.97 and a 12-month high of $39.63. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16.

Renasant Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 3.13%. The ex-dividend date of this dividend was Monday, March 17th. Renasant's dividend payout ratio is currently 26.91%.

Insider Transactions at Renasant

In related news, CAO Kelly Hutcheson sold 1,310 shares of the business's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $36.72, for a total value of $48,103.20. Following the transaction, the chief accounting officer now directly owns 17,586 shares of the company's stock, valued at approximately $645,757.92. The trade was a 6.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.81% of the company's stock.

Institutional Investors Weigh In On Renasant

Several institutional investors and hedge funds have recently modified their holdings of the stock. William Blair Investment Management LLC purchased a new position in Renasant during the 4th quarter valued at approximately $36,987,000. Jennison Associates LLC increased its stake in Renasant by 204.9% in the 4th quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider's stock worth $41,963,000 after buying an additional 788,762 shares during the period. State Street Corp increased its position in shares of Renasant by 26.5% during the third quarter. State Street Corp now owns 3,369,915 shares of the financial services provider's stock worth $109,522,000 after acquiring an additional 705,344 shares during the period. Deprince Race & Zollo Inc. lifted its holdings in shares of Renasant by 63.9% in the 4th quarter. Deprince Race & Zollo Inc. now owns 1,283,577 shares of the financial services provider's stock worth $45,888,000 after buying an additional 500,193 shares during the period. Finally, Bank of America Corp DE grew its position in shares of Renasant by 376.5% during the 4th quarter. Bank of America Corp DE now owns 605,303 shares of the financial services provider's stock worth $21,640,000 after buying an additional 478,266 shares in the last quarter. Institutional investors own 77.31% of the company's stock.

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.