Renasant (NASDAQ:RNST) Hits New 12-Month High – What’s Next?

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on RNST shares. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $46.00 price target (up from $45.00) on shares of Renasant in a report on Thursday, January 30th. StockNews.com lowered Renasant from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Stephens lifted their price objective on 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 report on Thursday, January 30th. Finally, Piper Sandler lifted their price target on Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. One 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $42.83.

Renasant Stock Performance

The firm has a fifty day moving average of $36.53 and a 200-day moving average of $34.92. 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 $2.47 billion, a P/E ratio of 11.89 and a beta of 1.03.

Renasant Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 18th were paid a $0.22 dividend. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $0.88 dividend on an annualized basis and a yield of 2.26%. Renasant’s payout ratio is presently 26.91%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RNST. Victory Capital Management Inc. increased its holdings in Renasant by 0.5% in the fourth quarter. Victory Capital Management Inc. now owns 3,973,413 shares of the financial services provider’s stock valued at $142,050,000 after purchasing an additional 18,047 shares during the last quarter. State Street Corp raised its position in shares of Renasant by 26.5% in the 3rd 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. Allspring Global Investments Holdings LLC boosted its stake in Renasant by 21.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock worth $56,775,000 after acquiring an additional 303,945 shares during the last quarter. Geode Capital Management LLC grew its holdings in Renasant by 12.0% during the third quarter. Geode Capital Management LLC now owns 1,428,038 shares of the financial services provider’s stock valued at $46,420,000 after purchasing an additional 153,086 shares during the period. Finally, Jennison Associates LLC raised 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 purchasing an additional 788,762 shares during the period. Institutional investors and hedge funds own 77.31% of the company’s stock.

About Renasant

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.