Brokerages Set Renasant Co. (NASDAQ:RNST) PT at $42.83

Shares of Renasant Co. (NASDAQ:RNST) have been assigned a consensus recommendation of “Moderate Buy” from the six brokerages that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $42.83.

A number of research firms recently commented on RNST. Raymond James reaffirmed an “outperform” rating and set a $44.00 price target (up from $40.00) on shares of Renasant in a research report on Thursday, January 30th. StockNews.com downgraded shares of Renasant from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Piper Sandler boosted their price target on Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. 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, January 30th. Finally, Stephens increased their target price on Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th.

Renasant Stock Performance

NASDAQ:RNST opened at $35.10 on Friday. The stock has a 50 day simple moving average of $36.49 and a 200 day simple moving average of $35.41. The stock has a market cap of $2.23 billion, a P/E ratio of 10.73 and a beta of 1.02. Renasant has a 1-year low of $27.98 and a 1-year high of $39.63. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16.

Renasant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend is Monday, March 17th. Renasant’s dividend payout ratio is presently 26.91%.

Insider Transactions at Renasant

In related news, CAO Kelly Hutcheson sold 1,310 shares of Renasant stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $36.72, for a total transaction of $48,103.20. Following the sale, the chief accounting officer now directly owns 17,586 shares of the company’s stock, valued at approximately $645,757.92. The trade was a 6.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.82% of the stock is owned by insiders.

Institutional Trading of Renasant

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of Renasant by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 7,207,451 shares of the financial services provider’s stock worth $257,666,000 after buying an additional 50,934 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Renasant by 0.5% in the 4th quarter. Victory Capital Management Inc. now owns 3,973,413 shares of the financial services provider’s stock worth $142,050,000 after purchasing an additional 18,047 shares in the last quarter. State Street Corp increased its holdings in 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 purchasing an additional 705,344 shares in the last quarter. Geode Capital Management LLC raised its position in Renasant by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 1,437,756 shares of the financial services provider’s stock valued at $51,412,000 after purchasing an additional 9,718 shares during the last quarter. Finally, Deprince Race & Zollo Inc. boosted its stake in shares of Renasant by 63.9% during the fourth quarter. Deprince Race & Zollo Inc. now owns 1,283,577 shares of the financial services provider’s stock valued at $45,888,000 after purchasing an additional 500,193 shares in the last quarter. Institutional investors and hedge funds own 77.31% of the company’s stock.

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.