Raymond James Reaffirms “Outperform” Rating for Renasant (NASDAQ:RNST)

Renasant (NASDAQ:RNST)‘s stock had its “outperform” rating reiterated by equities research analysts at Raymond James in a research note issued to investors on Thursday,Benzinga reports. They currently have a $44.00 price objective on the financial services provider’s stock, up from their prior price objective of $40.00. Raymond James’ price target would suggest a potential upside of 13.57% from the stock’s previous close.

RNST has been the subject of several other research reports. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $45.00 price target on shares of Renasant in a report on Tuesday, December 31st. Hovde Group downgraded shares of Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Finally, Piper Sandler lifted their price objective on Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.67.

Renasant Stock Up 2.4 %

RNST stock opened at $38.74 on Thursday. Renasant has a one year low of $27.98 and a one year high of $39.47. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The firm’s fifty day moving average is $36.40 and its 200 day moving average is $34.76. The firm has a market cap of $2.46 billion, a PE ratio of 12.51 and a beta of 1.03.

Insider Transactions at Renasant

In other news, Director John Creekmore sold 3,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total transaction of $114,000.00. Following the sale, the director now owns 24,057 shares of the company’s stock, valued at approximately $914,166. This represents a 11.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.82% of the company’s stock.

Institutional Trading of Renasant

Large investors have recently made changes to their positions in the company. Equitable Trust Co. acquired a new position in shares of Renasant during the fourth quarter worth $248,000. Empowered Funds LLC lifted its holdings in Renasant by 5.1% during the 4th quarter. Empowered Funds LLC now owns 200,824 shares of the financial services provider’s stock worth $7,179,000 after buying an additional 9,747 shares during the last quarter. Jennison Associates LLC lifted its holdings in Renasant by 204.9% during 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 during the last quarter. KBC Group NV boosted its position in shares of Renasant by 36.7% during the 4th quarter. KBC Group NV now owns 3,358 shares of the financial services provider’s stock worth $120,000 after acquiring an additional 901 shares in the last quarter. Finally, Park Place Capital Corp increased its holdings in shares of Renasant by 12.7% in the 4th quarter. Park Place Capital Corp now owns 99,999 shares of the financial services provider’s stock valued at $3,575,000 after acquiring an additional 11,247 shares during the last quarter. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

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.