Renasant (NASDAQ:RNST) Reaches New 12-Month High – What’s Next?

Renasant Co. (NASDAQ:RNST) reached a new 52-week high during trading on Thursday . The company traded as high as $39.59 and last traded at $39.50, with a volume of 85683 shares changing hands. The stock had previously closed at $39.32.

Analysts Set New Price Targets

Several research analysts have issued reports on RNST shares. Piper Sandler raised their price objective on Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Hovde Group downgraded Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Stephens raised their price target on shares of Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. StockNews.com lowered shares of Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Finally, Raymond James restated an “outperform” rating and set a $44.00 price objective (up from $40.00) on shares of Renasant in a research report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Renasant currently has a consensus rating of “Hold” and a consensus target price of $42.83.

Renasant Price Performance

The stock has a market cap of $2.51 billion, a price-to-earnings ratio of 12.07 and a beta of 1.03. The company has a 50 day simple moving average of $36.49 and a 200-day simple moving average of $34.89. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

Renasant Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.23%. The ex-dividend date was Wednesday, December 18th. Renasant’s dividend payout ratio (DPR) is 26.91%.

Institutional Trading of Renasant

A number of large investors have recently bought and sold shares of the stock. KBC Group NV increased 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 worth $80,000 after purchasing an additional 596 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in shares of Renasant by 41.1% during 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. ZWJ Investment Counsel Inc. acquired a new position in Renasant in the fourth quarter valued at approximately $208,000. CIBC Asset Management Inc acquired a new stake in shares of Renasant in the 4th quarter valued at approximately $220,000. Finally, Creative Planning bought a new position in Renasant during the 3rd quarter worth approximately $207,000. 77.31% of the stock is currently owned by institutional investors.

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.