Renasant (NASDAQ:RNST) Reaches New 1-Year Low - What's Next?

Shares of Renasant Co. (NASDAQ:RNST - Get Free Report) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $27.89 and last traded at $28.70, with a volume of 340330 shares traded. The stock had previously closed at $29.36.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on RNST shares. Raymond James lowered their price target on Renasant from $44.00 to $40.00 and set an "outperform" rating on the stock in a report on Wednesday, April 2nd. Keefe, Bruyette & Woods reiterated an "outperform" rating and issued a $46.00 price objective (up from $45.00) on shares of Renasant in a report on Thursday, January 30th. 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 note on Thursday, January 30th. StockNews.com downgraded Renasant from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. Finally, Stephens lifted their price target on Renasant from $44.00 to $47.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Renasant presently has an average rating of "Hold" and an average target price of $42.17.

Renasant Stock Performance

The firm's fifty day simple moving average is $34.69 and its 200 day simple moving average is $35.23. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of 8.46 and a beta of 0.93.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a $0.22 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.18%. Renasant's payout ratio is currently 26.91%.

Insider Activity

In related news, CAO Kelly Hutcheson sold 1,310 shares of Renasant stock in a transaction on Friday, February 21st. The stock was sold at an average price of $36.72, for a total transaction of $48,103.20. Following the completion of the sale, the chief accounting officer now owns 17,586 shares of the company's stock, valued at approximately $645,757.92. This trade represents a 6.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Renasant

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC increased its position in Renasant by 3,597.4% during the first quarter. GAMMA Investing LLC now owns 33,794 shares of the financial services provider's stock worth $1,147,000 after buying an additional 32,880 shares during the last quarter. Wellington Management Group LLP acquired a new stake in Renasant in the 4th quarter worth approximately $17,088,000. Mascagni Wealth Management Inc. bought a new stake in Renasant during the fourth quarter worth approximately $44,000. Smith Shellnut Wilson LLC ADV acquired a new position in Renasant during the fourth quarter valued at approximately $201,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Renasant by 17.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 166,033 shares of the financial services provider's stock valued at $5,936,000 after purchasing an additional 24,897 shares during the period. 77.31% of the stock is owned by hedge funds and other institutional investors.

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.