Renasant (NASDAQ:RNST) Hits New 1-Year High on Analyst Upgrade

Renasant Co. (NASDAQ:RNST)’s share price reached a new 52-week high 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 traded. The stock had previously closed at $37.85.

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

Insider Activity

In other news, Director John Creekmore sold 3,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total value of $114,000.00. Following the completion of the sale, the director now directly owns 24,057 shares in the company, valued at $914,166. This represents a 11.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 2.82% of the company’s stock.

Institutional Investors Weigh In On Renasant

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. increased its stake in Renasant by 1.7% in the 3rd quarter. Victory Capital Management Inc. now owns 3,955,366 shares of the financial services provider’s stock worth $128,549,000 after buying an additional 65,777 shares in the last quarter. State Street Corp increased its stake 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 buying an additional 705,344 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Renasant by 21.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock worth $56,775,000 after buying an additional 303,945 shares in the last quarter. Geode Capital Management LLC increased its stake in Renasant by 12.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,428,038 shares of the financial services provider’s stock worth $46,420,000 after buying an additional 153,086 shares in the last quarter. Finally, Jennison Associates LLC increased its stake in Renasant by 204.9% in the 4th 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 in the last quarter. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

Renasant Trading Down 1.0 %

The stock has a market cap of $2.47 billion, a PE ratio of 11.87 and a beta of 1.03. The stock has a 50-day moving average price of $36.46 and a two-hundred day moving average price of $34.83. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date was Wednesday, December 18th. Renasant’s payout ratio is 26.91%.

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.