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

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

A number of other equities research analysts have also issued reports on RNST. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $45.00 price target on shares of Renasant in a research note on Tuesday, December 31st. Hovde Group downgraded Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Finally, Piper Sandler upped their price target on shares of Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $41.67.

Renasant Stock Performance

NASDAQ:RNST opened at $38.74 on Thursday. The firm has a market capitalization of $2.46 billion, a PE ratio of 12.51 and a beta of 1.03. The stock’s fifty day moving average is $36.40 and its 200 day moving average is $34.76. Renasant has a fifty-two week low of $27.98 and a fifty-two week 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.

Insider Buying and Selling at Renasant

In other news, Director John Creekmore sold 3,000 shares of the business’s stock in a transaction 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 completion of the transaction, the director now directly owns 24,057 shares of the company’s stock, valued at approximately $914,166. The trade was a 11.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.82% of the company’s stock.

Institutional Investors Weigh In On Renasant

A number of hedge funds and other institutional investors have recently bought and sold shares of RNST. Victory Capital Management Inc. increased its holdings in shares of Renasant by 1.7% during the third quarter. Victory Capital Management Inc. now owns 3,955,366 shares of the financial services provider’s stock valued at $128,549,000 after acquiring an additional 65,777 shares in the last quarter. State Street Corp increased its stake in Renasant by 26.5% during the 3rd quarter. State Street Corp now owns 3,369,915 shares of the financial services provider’s stock valued at $109,522,000 after purchasing an additional 705,344 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Renasant by 21.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock worth $56,775,000 after buying an additional 303,945 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Renasant by 12.0% during the third quarter. Geode Capital Management LLC now owns 1,428,038 shares of the financial services provider’s stock worth $46,420,000 after buying an additional 153,086 shares during the period. Finally, Jennison Associates LLC grew its holdings in shares of Renasant by 204.9% during the fourth quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider’s stock valued at $41,963,000 after buying an additional 788,762 shares during the last quarter. Hedge funds and other institutional investors 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.