Stephens Boosts Renasant (NASDAQ:RNST) Price Target to $47.00

Renasant (NASDAQ:RNST) had its price target boosted by investment analysts at Stephens from $44.00 to $47.00 in a report released on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Stephens’ price target indicates a potential upside of 21.08% from the stock’s previous close.

A number of other research analysts also recently issued reports on the stock. Hovde Group downgraded shares of Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Piper Sandler increased their price target on shares of Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $46.00 price objective (up previously from $45.00) on shares of Renasant in a report on Thursday. Finally, Raymond James reissued an “outperform” rating and set a $44.00 target price (up from $40.00) on shares of Renasant in a research note on Thursday. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $42.83.

Renasant Stock Performance

Shares of RNST stock opened at $38.82 on Thursday. Renasant has a 1 year low of $27.98 and a 1 year high of $39.55. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of 11.87 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. The business has a fifty day moving average of $36.46 and a 200 day moving average of $34.83.

Insider Transactions at Renasant

In related news, Director John Creekmore sold 3,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total transaction of $114,000.00. Following the completion of the sale, the director now owns 24,057 shares of the company’s stock, valued at approximately $914,166. This represents a 11.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.82% of the company’s stock.

Institutional Investors Weigh In On Renasant

A number of large investors have recently made changes to their positions in the stock. Jennison Associates LLC boosted its stake in Renasant by 204.9% during the fourth quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider’s stock worth $41,963,000 after buying an additional 788,762 shares during the last quarter. State Street Corp increased its holdings in shares of Renasant by 26.5% during 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 last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new stake in shares of Renasant during the 3rd quarter valued at approximately $15,009,000. Stieven Capital Advisors L.P. acquired a new position in Renasant in the third quarter valued at approximately $11,981,000. Finally, Allspring Global Investments Holdings LLC grew its position in Renasant by 21.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock worth $56,775,000 after acquiring an additional 303,945 shares during the period. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

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.