Renasant (NASDAQ:RNST) Price Target Raised to $47.00

Renasant (NASDAQ:RNST - Get Free Report) had its price objective upped by Stephens from $44.00 to $47.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. Stephens' target price suggests a potential upside of 20.14% from the stock's current price.

Other research analysts also recently issued reports about the stock. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $46.00 price objective (up from $45.00) on shares of Renasant in a report on Thursday. Hovde Group lowered Renasant from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 13th. Raymond James reiterated an "outperform" rating and set a $44.00 price objective (up from $40.00) on shares of Renasant in a research note on Thursday. Finally, Piper Sandler raised their target price on Renasant from $41.00 to $44.00 and gave the stock an "overweight" rating in a research note on Thursday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $42.83.

Renasant Stock Performance

Renasant stock traded up $1.27 during midday trading on Thursday, reaching $39.12. The stock had a trading volume of 93,602 shares, compared to its average volume of 512,874. 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 market capitalization of $2.49 billion, a PE ratio of 12.74 and a beta of 1.03. Renasant has a 12 month low of $27.98 and a 12 month high of $39.47. The firm's 50-day moving average price is $36.40 and its 200 day moving average price is $34.76.

Insider Activity

In other Renasant news, Director John Creekmore sold 3,000 shares of the firm's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total transaction of $114,000.00. Following the sale, the director now owns 24,057 shares in the company, valued at $914,166. This trade represents a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.82% of the company's stock.

Hedge Funds Weigh In On Renasant

Several institutional investors have recently modified their holdings of RNST. Jennison Associates LLC boosted 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 valued at $41,963,000 after buying an additional 788,762 shares during the period. State Street Corp lifted its stake in shares of Renasant by 26.5% in the 3rd quarter. State Street Corp now owns 3,369,915 shares of the financial services provider's stock valued at $109,522,000 after acquiring an additional 705,344 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC bought a new position in Renasant during the 3rd quarter worth approximately $15,009,000. Stieven Capital Advisors L.P. purchased a new position in Renasant in the 3rd quarter worth approximately $11,981,000. Finally, Allspring Global Investments Holdings LLC lifted its position in Renasant by 21.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider's stock valued at $56,775,000 after purchasing an additional 303,945 shares during the last quarter. 77.31% of the stock is currently owned by 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.

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