Renasant (NASDAQ:RNST) Given New $44.00 Price Target at Piper Sandler

Renasant (NASDAQ:RNST) had its target price lifted by Piper Sandler from $41.00 to $44.00 in a report issued on Thursday morning,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

RNST has been the subject of several other reports. Hovde Group downgraded shares of Renasant from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $45.00 price objective on shares of Renasant in a research report on Tuesday, December 31st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $42.83.

Renasant Price Performance

NASDAQ:RNST opened at $39.16 on Thursday. Renasant has a 52-week low of $27.98 and a 52-week high of $39.55. The company has a market cap of $2.49 billion, a P/E ratio of 13.66 and a beta of 1.03. 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 stock’s 50-day simple moving average is $36.44 and its 200 day simple moving average is $34.79.

Renasant Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th were issued a dividend of $0.22 per share. The ex-dividend date was Wednesday, December 18th. This represents a $0.88 annualized dividend and a dividend yield of 2.25%. Renasant’s dividend payout ratio is presently 26.91%.

Insider Activity at Renasant

In other Renasant news, Director John Creekmore sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the transaction, the director now directly owns 24,057 shares of the company’s stock, valued at $914,166. This trade represents a 11.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.82% of the stock is currently owned by corporate insiders.

Institutional Trading of Renasant

Several large investors have recently made changes to their positions in RNST. Sei Investments Co. raised its position in Renasant by 8.3% during the second quarter. Sei Investments Co. now owns 112,249 shares of the financial services provider’s stock valued at $3,428,000 after purchasing an additional 8,611 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Renasant by 24.9% in the 2nd quarter. AQR Capital Management LLC now owns 26,954 shares of the financial services provider’s stock valued at $823,000 after purchasing an additional 5,376 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Renasant by 189.3% during the 2nd quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider’s stock worth $12,820,000 after buying an additional 274,685 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Renasant by 41.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider’s stock worth $147,000 after buying an additional 1,404 shares during the last quarter. Finally, Quarry LP boosted its stake in Renasant by 698.3% in the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock valued at $29,000 after buying an additional 817 shares in 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.