Renasant (NASDAQ:RNST) Sets New 52-Week High – Still a Buy?

Shares of Renasant Co. (NASDAQ:RNST) hit a new 52-week high on Thursday . The company traded as high as $39.59 and last traded at $39.50, with a volume of 85683 shares changing hands. The stock had previously closed at $39.32.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on RNST shares. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $46.00 target price (up from $45.00) on shares of Renasant in a research report on Thursday, January 30th. Stephens raised their target price on Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Piper Sandler upped their price target on Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. StockNews.com downgraded shares of Renasant from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Finally, Raymond James reaffirmed an “outperform” rating and issued a $44.00 price target (up from $40.00) on shares of Renasant in a research note on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $42.83.

Renasant Stock Up 0.4 %

The stock has a 50-day simple moving average of $36.49 and a two-hundred day simple moving average of $34.89. 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 $2.51 billion, a PE ratio of 12.07 and a beta of 1.03.

Renasant Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.23%. The ex-dividend date was Wednesday, December 18th. Renasant’s dividend payout ratio is currently 26.91%.

Hedge Funds Weigh In On Renasant

A number of large investors have recently added to or reduced their stakes in the business. Jennison Associates LLC boosted its holdings in Renasant by 204.9% in the fourth quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider’s stock worth $41,963,000 after acquiring an additional 788,762 shares in the last quarter. State Street Corp grew its position in Renasant by 26.5% in the 3rd quarter. State Street Corp now owns 3,369,915 shares of the financial services provider’s stock worth $109,522,000 after purchasing an additional 705,344 shares during the period. Philadelphia Financial Management of San Francisco LLC purchased a new stake in Renasant during the 3rd quarter valued at $15,009,000. Stieven Capital Advisors L.P. purchased a new position in shares of Renasant during the 3rd quarter valued at about $11,981,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Renasant by 21.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock valued at $56,775,000 after purchasing an additional 303,945 shares in 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.