Piper Sandler Forecasts Strong Price Appreciation for Renasant (NASDAQ:RNST) Stock

Renasant (NASDAQ:RNST - Get Free Report) had its price objective upped by research analysts at Piper Sandler from $41.00 to $44.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the financial services provider's stock. Piper Sandler's price target points to a potential upside of 15.26% from the stock's current price.

A number of other brokerages also recently weighed in on RNST. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $45.00 target price on shares of Renasant in a research note on Tuesday, December 31st. Hovde Group lowered Renasant from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $42.83.

Renasant Stock Down 1.8 %

Shares of NASDAQ:RNST traded down $0.71 during midday trading on Thursday, reaching $38.18. The company's stock had a trading volume of 211,126 shares, compared to its average volume of 546,660. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The firm has a 50 day moving average of $36.46 and a 200-day moving average of $34.82. The firm has a market capitalization of $2.43 billion, a P/E ratio of 11.69 and a beta of 1.03. Renasant has a 12-month low of $27.98 and a 12-month high of $39.55.

Insider Buying and Selling at Renasant

In other news, Director John Creekmore sold 3,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the transaction, the director now owns 24,057 shares in the company, valued at $914,166. This represents a 11.09 % decrease in their position. The sale 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 Trading of Renasant

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quarry LP increased its stake in shares of Renasant by 698.3% in the 2nd quarter. Quarry LP now owns 934 shares of the financial services provider's stock worth $29,000 after purchasing an additional 817 shares in the last quarter. KBC Group NV raised its stake in shares of Renasant by 32.0% in the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider's stock worth $80,000 after buying an additional 596 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in shares of Renasant by 41.1% during the 2nd 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 position in shares of Renasant during the 3rd quarter valued at approximately $207,000. Finally, ZWJ Investment Counsel Inc. purchased a new stake in Renasant in the 4th quarter worth approximately $208,000. 77.31% of the stock is owned by hedge funds and other institutional investors.

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.