Raymond James Cuts Renasant (NASDAQ:RNST) Price Target to $40.00

Renasant (NASDAQ:RNST) had its price target decreased by Raymond James from $44.00 to $40.00 in a research note issued to investors on Wednesday,Benzinga reports. Raymond James currently has an outperform rating on the financial services provider’s stock.

A number of other brokerages have also weighed in on RNST. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $46.00 target price (up previously from $45.00) on shares of Renasant in a research note on Thursday, January 30th. StockNews.com lowered Renasant from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Piper Sandler lifted their target price on Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Finally, Stephens boosted their target price 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. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $42.17.

Renasant Stock Down 4.3 %

Renasant stock opened at $29.37 on Wednesday. The company’s 50-day moving average price is $36.04 and its two-hundred day moving average price is $35.46. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The stock has a market cap of $1.87 billion, a P/E ratio of 8.98 and a beta of 1.02. Renasant has a twelve month low of $27.98 and a twelve month high of $39.63.

Renasant Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.22 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.88 annualized dividend and a yield of 3.00%. Renasant’s dividend payout ratio is presently 26.91%.

Insider Activity

In other Renasant news, CAO Kelly Hutcheson sold 1,310 shares of the firm’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 transaction, the chief accounting officer now directly owns 17,586 shares of the company’s stock, valued at $645,757.92. This trade represents a 6.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.81% of the company’s stock.

Institutional Trading of Renasant

Institutional investors and hedge funds have recently made changes to their positions in the company. HighTower Advisors LLC raised its position in Renasant by 3.4% during the fourth quarter. HighTower Advisors LLC now owns 11,503 shares of the financial services provider’s stock valued at $411,000 after purchasing an additional 377 shares in the last quarter. Bank of Montreal Can increased its stake in shares of Renasant by 4.1% in the 4th quarter. Bank of Montreal Can now owns 9,619 shares of the financial services provider’s stock valued at $344,000 after purchasing an additional 383 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Renasant by 2.4% during the 4th quarter. Arizona State Retirement System now owns 18,445 shares of the financial services provider’s stock worth $659,000 after buying an additional 424 shares in the last quarter. Sheets Smith Wealth Management lifted its position in shares of Renasant by 3.6% during the 4th quarter. Sheets Smith Wealth Management now owns 12,471 shares of the financial services provider’s stock worth $446,000 after buying an additional 438 shares during the last quarter. Finally, Covestor Ltd boosted its stake in Renasant by 73.7% in the fourth quarter. Covestor Ltd now owns 1,838 shares of the financial services provider’s stock valued at $66,000 after buying an additional 780 shares in the last quarter. Institutional investors own 77.31% of the company’s stock.

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.