Brokerages Set Renasant Co. (NASDAQ:RNST) Target Price at $42.83

Shares of Renasant Co. (NASDAQ:RNST) have been given a consensus recommendation of “Moderate Buy” by the six research firms that are covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $42.83.

RNST has been the subject of a number of analyst reports. Piper Sandler raised their price objective on Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Stephens raised their price target on shares of Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $46.00 price target (up previously from $45.00) on shares of Renasant in a research report on Thursday, January 30th. Raymond James reiterated 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. Finally, StockNews.com lowered shares of Renasant from a “hold” rating to a “sell” rating in a report on Friday, January 31st.

Renasant Stock Up 0.7 %

Shares of NASDAQ:RNST opened at $35.10 on Friday. The firm has a market cap of $2.23 billion, a P/E ratio of 10.73 and a beta of 1.02. Renasant has a 12-month low of $27.98 and a 12-month high of $39.63. The business has a fifty day simple moving average of $36.49 and a 200 day simple moving average of $35.41. 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 will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date is Monday, March 17th. Renasant’s dividend payout ratio (DPR) is currently 26.91%.

Insider Buying and Selling

In related news, CAO Kelly Hutcheson sold 1,310 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $36.72, for a total value of $48,103.20. Following the sale, the chief accounting officer now owns 17,586 shares in the company, valued at $645,757.92. This represents a 6.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.82% of the stock is owned by company insiders.

Hedge Funds Weigh In On Renasant

A number of hedge funds have recently added to or reduced their stakes in the stock. William Blair Investment Management LLC purchased a new stake in shares of Renasant in the fourth quarter worth approximately $36,987,000. Jennison Associates LLC grew its holdings 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 in the last quarter. State Street Corp raised its position 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 valued at $109,522,000 after buying an additional 705,344 shares during the last quarter. Deprince Race & Zollo Inc. lifted its stake in Renasant by 63.9% during the 4th quarter. Deprince Race & Zollo Inc. now owns 1,283,577 shares of the financial services provider’s stock valued at $45,888,000 after acquiring an additional 500,193 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in Renasant by 376.5% during the 4th quarter. Bank of America Corp DE now owns 605,303 shares of the financial services provider’s stock worth $21,640,000 after acquiring an additional 478,266 shares during the last quarter. Institutional investors and hedge funds own 77.31% of the company’s stock.

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.