Brokerages Set Renasant Co. (NASDAQ:RNST) Target Price at $42.83

Renasant Co. (NASDAQ:RNST) has been given an average rating of “Moderate Buy” by the six analysts that are covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $42.83.

A number of research firms recently commented on RNST. StockNews.com cut Renasant from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Stephens boosted their price objective on shares of Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Raymond James restated an “outperform” rating and set a $44.00 target price (up previously from $40.00) on shares of Renasant in a research report on Thursday, January 30th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $46.00 price target (up from $45.00) on shares of Renasant in a report on Thursday, January 30th. Finally, Hovde Group cut Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th.

Renasant Trading Up 1.0 %

Shares of Renasant stock opened at $36.20 on Monday. The business has a 50 day moving average price of $36.76 and a 200 day moving average price of $35.26. The company has a market capitalization of $2.30 billion, a P/E ratio of 11.07 and a beta of 1.03. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. Renasant has a 1 year low of $27.98 and a 1 year high of $39.63.

Renasant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend is Monday, March 17th. Renasant’s dividend payout ratio (DPR) is currently 26.91%.

Insider Activity at Renasant

In other news, CAO Kelly Hutcheson sold 1,310 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $36.72, for a total value of $48,103.20. Following the transaction, the chief accounting officer now directly owns 17,586 shares in the company, valued at $645,757.92. This trade represents a 6.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.82% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. State Street Corp increased its position in shares of Renasant by 26.5% in the third quarter. State Street Corp now owns 3,369,915 shares of the financial services provider’s stock worth $109,522,000 after acquiring an additional 705,344 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Renasant by 81.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 263,353 shares of the financial services provider’s stock valued at $8,559,000 after purchasing an additional 117,950 shares in the last quarter. Quantbot Technologies LP purchased a new position in Renasant in the third quarter valued at about $2,534,000. Charles Schwab Investment Management Inc. boosted its position in shares of Renasant by 21.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 734,744 shares of the financial services provider’s stock worth $23,879,000 after buying an additional 131,821 shares during the period. Finally, Franklin Resources Inc. grew its stake in shares of Renasant by 122.0% in the third quarter. Franklin Resources Inc. now owns 27,669 shares of the financial services provider’s stock valued at $910,000 after buying an additional 15,203 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.