Renasant’s (RNST) “Outperform” Rating Reiterated at Keefe, Bruyette & Woods

Renasant (NASDAQ:RNST)‘s stock had its “outperform” rating reissued by Keefe, Bruyette & Woods in a report issued on Thursday,Benzinga reports. They presently have a $46.00 price target on the financial services provider’s stock, up from their prior price target of $45.00. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 17.89% from the company’s current price.

Several other brokerages also recently commented on RNST. Piper Sandler upped their target price on shares of Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday. Hovde Group lowered shares of Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Finally, Raymond James reiterated an “outperform” rating and set a $44.00 price objective (up from $40.00) on shares of Renasant in a research note on Thursday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Renasant currently has an average rating of “Moderate Buy” and an average price target of $41.83.

Renasant Stock Performance

Shares of RNST opened at $39.02 on Thursday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The company has a market capitalization of $2.48 billion, a PE ratio of 12.61 and a beta of 1.03. The company’s fifty day moving average price is $36.40 and its 200 day moving average price is $34.76. Renasant has a one year low of $27.98 and a one year high of $39.47.

Insider Activity

In related news, Director John Creekmore sold 3,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total transaction of $114,000.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.82% of the company’s stock.

Institutional Investors Weigh In On Renasant

Several institutional investors have recently modified their holdings of RNST. Quarry LP boosted its position in Renasant by 698.3% in the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 817 shares during the last quarter. KBC Group NV boosted its position in Renasant by 32.0% in the third 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 last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Renasant by 41.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 1,404 shares during the last quarter. Creative Planning purchased a new position in Renasant in the third quarter worth about $207,000. Finally, ZWJ Investment Counsel Inc. purchased a new position in shares of Renasant during the 4th quarter valued at about $208,000. 77.31% of the stock is owned by hedge funds and other institutional investors.

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.