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

Renasant (NASDAQ:RNST)‘s stock had its “outperform” rating reiterated by investment analysts at Keefe, Bruyette & Woods in a research note issued to investors on Thursday,Benzinga reports. They presently have a $46.00 price objective on the financial services provider’s stock, up from their prior price objective of $45.00. Keefe, Bruyette & Woods’ price target indicates a potential upside of 17.89% from the stock’s current price.

Several other equities research analysts have also issued reports on the stock. Piper Sandler raised their target price on shares of Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday. Hovde Group downgraded 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 issued a $44.00 target price (up from $40.00) on shares of Renasant in a research note on Thursday. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $41.83.

Renasant Price Performance

RNST stock opened at $39.02 on Thursday. Renasant has a 52 week low of $27.98 and a 52 week high of $39.47. 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 company has a fifty day simple moving average of $36.40 and a two-hundred day simple moving average of $34.76. The firm has a market capitalization of $2.48 billion, a P/E ratio of 12.61 and a beta of 1.03.

Insider Transactions at Renasant

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

Institutional Investors Weigh In On Renasant

Several hedge funds have recently modified their holdings of the stock. State Street Corp lifted its holdings in Renasant by 26.5% in the third quarter. State Street Corp now owns 3,369,915 shares of the financial services provider’s stock valued at $109,522,000 after acquiring an additional 705,344 shares during the period. JPMorgan Chase & Co. increased its position in shares of Renasant by 81.1% in the third quarter. JPMorgan Chase & Co. now owns 263,353 shares of the financial services provider’s stock valued at $8,559,000 after buying an additional 117,950 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of Renasant in the third quarter valued at $2,534,000. Charles Schwab Investment Management Inc. increased 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 valued at $23,879,000 after buying an additional 131,821 shares in the last quarter. Finally, Franklin Resources Inc. increased its position 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. 77.31% of the stock is owned by institutional investors and hedge funds.

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.