Renasant (NASDAQ:RNST) Sets New 12-Month High on Analyst Upgrade

Renasant Co. (NASDAQ:RNST)’s stock 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 trading hands. The stock had previously closed at $37.85.

A number of other analysts have also weighed in on the company. Keefe, Bruyette & Woods restated an “outperform” rating and set a $46.00 target price (up previously from $45.00) on shares of Renasant in a report on Thursday. Piper Sandler increased their price objective on Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday. Raymond James reiterated an “outperform” rating and set a $44.00 price objective (up previously from $40.00) on shares of Renasant in a report on Thursday. Finally, Hovde Group downgraded Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.83.

Insider Activity at Renasant

In other Renasant news, Director John Creekmore sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the transaction, the director now directly 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 document filed with the SEC, which is available through this hyperlink. 2.82% of the stock is currently owned by corporate insiders.

Institutional Trading of Renasant

Several institutional investors have recently added to or reduced their stakes in RNST. Quarry LP lifted its position in shares of Renasant by 698.3% during the 2nd quarter. Quarry LP now owns 934 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 817 shares during the last quarter. KBC Group NV lifted its position in Renasant by 32.0% in the third quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock valued at $80,000 after acquiring an additional 596 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in 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 valued at $147,000 after acquiring an additional 1,404 shares during the last quarter. Creative Planning purchased a new stake in Renasant in the third quarter valued at $207,000. Finally, ZWJ Investment Counsel Inc. purchased a new stake in Renasant in the fourth quarter valued at $208,000. Institutional investors and hedge funds own 77.31% of the company’s stock.

Renasant Trading Up 3.7 %

The stock has a market capitalization of $2.50 billion, a PE ratio of 12.78 and a beta of 1.03. 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 business’s 50-day moving average is $36.40 and its two-hundred day moving average is $34.76.

Renasant Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.24%. Renasant’s dividend payout ratio (DPR) is 28.66%.

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.