Renasant (NASDAQ:RNST) Earns Outperform Rating from Raymond James

Raymond James restated their outperform rating on shares of Renasant (NASDAQ:RNST) in a report issued on Thursday morning,Benzinga reports. Raymond James currently has a $44.00 target price on the financial services provider’s stock, up from their prior target price of $40.00.

Several other brokerages also recently weighed in on RNST. Piper Sandler boosted their price objective on Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $45.00 price target on shares of Renasant in a report on Tuesday, December 31st. Finally, Hovde Group lowered shares of Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. One 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, the stock presently has a consensus rating of “Hold” and a consensus price target of $42.83.

Renasant Price Performance

RNST stock opened at $39.16 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The firm has a market cap of $2.49 billion, a P/E ratio of 13.66 and a beta of 1.03. The firm’s fifty day moving average is $36.44 and its 200 day moving average is $34.79. Renasant has a 52 week low of $27.98 and a 52 week high of $39.55.

Renasant Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend was Wednesday, December 18th. Renasant’s payout ratio is 26.91%.

Insider Buying and Selling

In related news, Director John Creekmore sold 3,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total value of $114,000.00. Following the sale, the director now directly owns 24,057 shares of the company’s stock, valued at $914,166. This 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 at this link. 2.82% of the stock is owned by insiders.

Hedge Funds Weigh In On Renasant

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Street Corp grew its position 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 worth $109,522,000 after buying an additional 705,344 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Renasant by 81.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 263,353 shares of the financial services provider’s stock worth $8,559,000 after buying an additional 117,950 shares during the last quarter. Quantbot Technologies LP bought a new position in Renasant during the 3rd quarter valued at approximately $2,534,000. Charles Schwab Investment Management Inc. raised its stake in Renasant by 21.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 734,744 shares of the financial services provider’s stock valued at $23,879,000 after buying an additional 131,821 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in Renasant by 122.0% in the third quarter. Franklin Resources Inc. now owns 27,669 shares of the financial services provider’s stock worth $910,000 after acquiring an additional 15,203 shares in the last quarter. Hedge funds and other institutional investors own 77.31% of the company’s stock.

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.