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

Keefe, Bruyette & Woods reissued their outperform rating on shares of Renasant (NASDAQ:RNST) in a research report released on Thursday morning,Benzinga reports. The brokerage currently has a $46.00 price objective on the financial services provider’s stock, up from their previous price objective of $45.00.

Several other research firms also recently weighed in on RNST. Piper Sandler increased their target price on Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday. Raymond James reissued an “outperform” rating and issued a $44.00 target price (up from $40.00) on shares of Renasant in a research report on Thursday. Finally, Hovde Group downgraded shares of Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Renasant presently has an average rating of “Hold” and a consensus price target of $42.83.

Renasant Trading Up 3.5 %

Shares of RNST opened at $39.16 on Thursday. Renasant has a fifty-two week low of $27.98 and a fifty-two week high of $39.55. The company has a market capitalization of $2.49 billion, a PE ratio of 13.66 and a beta of 1.03. The stock has a fifty day moving average of $36.44 and a two-hundred day moving average of $34.79. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th were given 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 yield of 2.25%. Renasant’s dividend payout ratio (DPR) is 26.91%.

Insiders Place Their Bets

In other news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction that occurred on Wednesday, November 6th. The shares were 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 in the company, valued at $914,166. This trade represents a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.82% of the stock is owned by insiders.

Institutional Trading of Renasant

Several large investors have recently modified their holdings of the business. Sei Investments Co. boosted its holdings in Renasant by 8.3% in the second quarter. Sei Investments Co. now owns 112,249 shares of the financial services provider’s stock valued at $3,428,000 after purchasing an additional 8,611 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Renasant by 24.9% during the 2nd quarter. AQR Capital Management LLC now owns 26,954 shares of the financial services provider’s stock valued at $823,000 after buying an additional 5,376 shares during the last quarter. Millennium Management LLC grew its position 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 buying an additional 274,685 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased 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 buying an additional 1,404 shares during the last quarter. Finally, Quarry LP raised 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 acquiring an additional 817 shares in the last quarter. 77.31% of the stock is currently 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.