Keefe, Bruyette & Woods Reiterates "Outperform" Rating for Renasant (NASDAQ:RNST)

Keefe, Bruyette & Woods reiterated their outperform rating on shares of Renasant (NASDAQ:RNST - Free Report) in a report issued on Thursday,Benzinga reports. They currently have a $46.00 price target on the financial services provider's stock, up from their prior price target of $45.00.

Several other research firms have also recently weighed in on RNST. Piper Sandler upped their price objective on shares of Renasant from $41.00 to $44.00 and gave the stock an "overweight" rating in a research report on Thursday. Raymond James reiterated an "outperform" rating and set a $44.00 price target (up previously from $40.00) on shares of Renasant in a research report on Thursday. Finally, Hovde Group cut shares of Renasant from an "outperform" rating to a "market perform" rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $42.83.

Renasant Price Performance

Renasant stock traded down $0.71 during mid-day trading on Thursday, reaching $38.18. 254,082 shares of the company were exchanged, compared to its average volume of 548,554. The company has a fifty day simple moving average of $36.46 and a 200-day simple moving average of $34.82. The firm has a market cap of $2.43 billion, a PE ratio of 11.70 and a beta of 1.03. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. Renasant has a 12 month low of $27.98 and a 12 month high of $39.55.

Renasant Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th were given 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 2.31%. Renasant's dividend payout ratio is currently 26.91%.

Insiders Place Their Bets

In related news, Director John Creekmore sold 3,000 shares of the firm's stock in a transaction on 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 of the company's stock, valued at $914,166. This trade represents a 11.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 2.82% of the company's stock.

Institutional Trading of Renasant

Hedge funds have recently made changes to their positions in the company. Sei Investments Co. raised its holdings in Renasant by 8.3% in the 2nd quarter. Sei Investments Co. now owns 112,249 shares of the financial services provider's stock valued at $3,428,000 after buying an additional 8,611 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Renasant by 24.9% during the second quarter. AQR Capital Management LLC now owns 26,954 shares of the financial services provider's stock valued at $823,000 after acquiring an additional 5,376 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Renasant by 189.3% during the second quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider's stock worth $12,820,000 after purchasing an additional 274,685 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in shares of Renasant by 41.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider's stock worth $147,000 after purchasing an additional 1,404 shares during the last quarter. Finally, Quarry LP increased its holdings in Renasant by 698.3% in the second quarter. Quarry LP now owns 934 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 817 shares during the period. 77.31% of the stock is owned by institutional investors and hedge funds.

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.