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

Renasant (NASDAQ:RNST) had its price objective cut by Raymond James from $44.00 to $40.00 in a research note released on Wednesday,Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other research analysts also recently commented on the company. StockNews.com downgraded Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $46.00 price target (up previously from $45.00) on shares of Renasant in a report on Thursday, January 30th. Piper Sandler lifted their price objective on shares of Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Finally, Stephens upped their target price on Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. One equities 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’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $42.17.

Renasant Price Performance

Shares of NASDAQ RNST opened at $33.98 on Wednesday. The business has a fifty day moving average price of $36.30 and a two-hundred day moving average price of $35.51. The stock has a market capitalization of $2.16 billion, a PE ratio of 10.39 and a beta of 1.02. 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 has a fifty-two week low of $27.98 and a fifty-two week high of $39.63.

Renasant Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.59%. Renasant’s payout ratio is presently 26.91%.

Insider Transactions at Renasant

In related news, CAO Kelly Hutcheson sold 1,310 shares of the business’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $36.72, for a total transaction of $48,103.20. Following the sale, the chief accounting officer now owns 17,586 shares in the company, valued at $645,757.92. The trade was a 6.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 2.81% of the company’s stock.

Institutional Trading of Renasant

Hedge funds have recently made changes to their positions in the company. Mascagni Wealth Management Inc. bought a new position in Renasant in the 4th quarter valued at approximately $44,000. Covestor Ltd raised its stake in shares of Renasant by 73.7% during the fourth quarter. Covestor Ltd now owns 1,838 shares of the financial services provider’s stock valued at $66,000 after acquiring an additional 780 shares during the last quarter. KBC Group NV raised its stake in shares of Renasant by 36.7% during the fourth quarter. KBC Group NV now owns 3,358 shares of the financial services provider’s stock valued at $120,000 after acquiring an additional 901 shares during the last quarter. Smith Shellnut Wilson LLC ADV bought a new stake in shares of Renasant in the fourth quarter worth $201,000. Finally, ZWJ Investment Counsel Inc. bought a new stake in shares of Renasant in the fourth quarter worth $208,000. 77.31% of the stock is owned by institutional investors and hedge funds.

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.