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

Renasant Co. (NASDAQ:RNST) has been assigned an average recommendation of “Moderate Buy” from the six analysts that are presently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $42.83.

RNST has been the topic of several analyst reports. Raymond James reaffirmed an “outperform” rating and issued a $44.00 price target (up from $40.00) on shares of Renasant in a report on Thursday, January 30th. StockNews.com lowered Renasant from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Stephens raised their price target on 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 set a $46.00 price objective (up previously from $45.00) on shares of Renasant in a report on Thursday, January 30th. Finally, Piper Sandler lifted their target price on shares of Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th.

Insiders Place Their Bets

In related news, CAO Kelly Hutcheson sold 1,310 shares of the firm’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $36.72, for a total transaction of $48,103.20. Following the completion of the transaction, the chief accounting officer now owns 17,586 shares of the company’s stock, valued at $645,757.92. This trade represents a 6.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Renasant

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mascagni Wealth Management Inc. purchased a new stake in shares of Renasant in the fourth quarter worth about $44,000. Covestor Ltd boosted its position in Renasant by 73.7% in the 4th quarter. Covestor Ltd now owns 1,838 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 780 shares in the last quarter. KBC Group NV grew its stake in shares of Renasant by 32.0% during the 3rd 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. Smith Shellnut Wilson LLC ADV acquired a new stake in shares of Renasant during the 4th quarter worth approximately $201,000. Finally, ZWJ Investment Counsel Inc. purchased a new position in shares of Renasant during the 4th quarter valued at approximately $208,000. 77.31% of the stock is owned by institutional investors and hedge funds.

Renasant Stock Down 1.2 %

Shares of Renasant stock opened at $35.06 on Friday. 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 company has a market cap of $2.23 billion, a P/E ratio of 10.72 and a beta of 1.02. The firm’s 50 day moving average price is $36.50 and its 200-day moving average price is $35.45. Renasant has a 52-week low of $27.98 and a 52-week high of $39.63.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a $0.22 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.88 annualized dividend and a yield of 2.51%. Renasant’s dividend payout ratio (DPR) is presently 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.