Renasant (NASDAQ:RNST) Earns Outperform Rating from Raymond James

Renasant (NASDAQ:RNST)‘s stock had its “outperform” rating restated by research analysts at Raymond James in a 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 previous price objective of $40.00. Raymond James’ target price suggests a potential upside of 13.35% from the stock’s current price.

Several other research firms also recently issued reports on RNST. Piper Sandler boosted their price objective on Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday. Hovde Group lowered shares of Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $45.00 price objective on shares of Renasant in a research note on Tuesday, December 31st. One research 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’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $42.83.

Renasant Stock Performance

RNST opened at $38.82 on Thursday. 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 firm has a market cap of $2.47 billion, a PE ratio of 11.87 and a beta of 1.03. The business has a fifty day simple moving average of $36.46 and a 200-day simple moving average of $34.83. Renasant has a fifty-two week low of $27.98 and a fifty-two week high of $39.55.

Insider Transactions at Renasant

In related news, Director John Creekmore sold 3,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total value of $114,000.00. Following the transaction, the director now owns 24,057 shares in the company, valued at approximately $914,166. This represents a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 2.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RNST. Quarry LP increased its position in Renasant by 698.3% during the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock worth $29,000 after buying an additional 817 shares during the last quarter. KBC Group NV increased its holdings 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 valued at $80,000 after acquiring an additional 596 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Renasant by 41.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider’s stock valued at $147,000 after acquiring an additional 1,404 shares in the last quarter. Creative Planning acquired a new stake in Renasant in the 3rd quarter worth approximately $207,000. Finally, ZWJ Investment Counsel Inc. bought a new stake in shares of Renasant during the 4th quarter worth $208,000. 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.