Renasant (NASDAQ:RNST - Free Report) had its price target trimmed by Raymond James from $44.00 to $40.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an outperform rating on the financial services provider's stock.
RNST has been the topic of several other research reports. Piper Sandler increased their target price on Renasant from $41.00 to $44.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. Keefe, Bruyette & Woods restated an "outperform" rating and set a $46.00 target price (up previously from $45.00) on shares of Renasant in a research note on Thursday, January 30th. Stephens raised their price objective on shares of Renasant from $44.00 to $47.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. Finally, StockNews.com cut shares of Renasant from a "hold" rating to a "sell" rating in a report on Friday, January 31st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, Renasant has a consensus rating of "Hold" and an average target price of $42.17.
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Renasant Stock Down 2.5 %
NASDAQ:RNST traded down $0.73 during mid-day trading on Wednesday, hitting $28.64. The stock had a trading volume of 1,822,128 shares, compared to its average volume of 558,841. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. Renasant has a twelve month low of $16.12 and a twelve month high of $39.63. The company has a market capitalization of $1.82 billion, a PE ratio of 8.76 and a beta of 0.93. The stock has a 50-day simple moving average of $36.04 and a two-hundred day simple moving average of $35.49.
Renasant Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a dividend of $0.22 per share. The ex-dividend date was Monday, March 17th. This represents a $0.88 annualized dividend and a dividend yield of 3.07%. Renasant's dividend payout ratio (DPR) is 26.91%.
Insider Buying and Selling at Renasant
In related news, CAO Kelly Hutcheson sold 1,310 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $36.72, for a total transaction of $48,103.20. Following the completion of the sale, the chief accounting officer now directly owns 17,586 shares of the company's stock, valued at $645,757.92. This trade represents a 6.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.81% of the stock is owned by company insiders.
Institutional Trading of Renasant
Hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC raised its stake in shares of Renasant by 3,597.4% during the 1st quarter. GAMMA Investing LLC now owns 33,794 shares of the financial services provider's stock worth $1,147,000 after buying an additional 32,880 shares in the last quarter. Wellington Management Group LLP purchased a new stake in shares of Renasant during the 4th quarter worth $17,088,000. Mascagni Wealth Management Inc. acquired a new position in shares of Renasant during the 4th quarter worth $44,000. Smith Shellnut Wilson LLC ADV acquired a new stake in shares of Renasant in the fourth quarter valued at about $201,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Renasant by 17.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 166,033 shares of the financial services provider's stock worth $5,936,000 after buying an additional 24,897 shares in the last quarter. Institutional investors and hedge funds own 77.31% of the company's stock.
Renasant Company Profile
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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.
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