Renasant (NASDAQ:RNST) Reaches New 12-Month High After Analyst Upgrade

Renasant Co. (NASDAQ:RNST - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Thursday after Stephens raised their price target on the stock from $44.00 to $47.00. Stephens currently has an overweight rating on the stock. Renasant traded as high as $39.47 and last traded at $39.20, with a volume of 256286 shares. The stock had previously closed at $37.85.

RNST has been the subject of several other reports. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $46.00 price objective (up from $45.00) on shares of Renasant in a research report on Thursday. Raymond James reiterated an "outperform" rating and set a $44.00 target price (up previously from $40.00) on shares of Renasant in a research report on Thursday. Hovde Group lowered shares of Renasant from an "outperform" rating to a "market perform" rating in a research note on Wednesday, November 13th. Finally, Piper Sandler lifted their price target on shares of Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Renasant has an average rating of "Hold" and an average price target of $42.83.

Insider Buying and Selling at Renasant

In other Renasant news, Director John Creekmore sold 3,000 shares of the stock in a transaction dated 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 transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.82% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Renasant

A number of institutional investors have recently made changes to their positions in RNST. Handelsbanken Fonder AB boosted its stake in shares of Renasant by 26.4% during the fourth quarter. Handelsbanken Fonder AB now owns 12,923 shares of the financial services provider's stock valued at $462,000 after purchasing an additional 2,700 shares during the period. Ieq Capital LLC purchased a new stake in shares of Renasant in the fourth quarter worth $329,000. New York State Common Retirement Fund increased its position in shares of Renasant by 4.0% during the fourth quarter. New York State Common Retirement Fund now owns 335,301 shares of the financial services provider's stock valued at $11,987,000 after acquiring an additional 12,971 shares in the last quarter. CIBC Asset Management Inc purchased a new position in Renasant in the 4th quarter worth about $220,000. Finally, Principal Financial Group Inc. lifted its holdings in Renasant by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 308,195 shares of the financial services provider's stock valued at $11,018,000 after acquiring an additional 8,710 shares during the period. Institutional investors own 77.31% of the company's stock.

Renasant Stock Down 1.7 %

The company's 50-day simple moving average is $36.46 and its two-hundred day simple moving average is $34.82. 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 firm has a market capitalization of $2.43 billion, a P/E ratio of 11.69 and a beta of 1.03.

Renasant Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th were paid a $0.22 dividend. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $0.88 dividend on an annualized basis and a yield of 2.30%. Renasant's payout ratio is presently 26.91%.

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.