Renasant (NASDAQ:RNST) Given New $40.00 Price Target at Raymond James

Renasant (NASDAQ:RNST) had its price objective reduced by research analysts at Raymond James from $44.00 to $40.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Raymond James’ price target would indicate a potential upside of 18.71% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Stephens upped their price target 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. Piper Sandler raised their target price on Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $46.00 price target (up from $45.00) on shares of Renasant in a research note on Thursday, January 30th. Finally, StockNews.com downgraded shares of Renasant from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Renasant has a consensus rating of “Hold” and a consensus price target of $42.17.

Renasant Trading Down 1.2 %

Renasant stock traded down $0.40 during mid-day trading on Wednesday, hitting $33.70. 284,279 shares of the stock were exchanged, compared to its average volume of 534,043. The firm’s fifty day simple moving average is $36.35 and its two-hundred day simple moving average is $35.52. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. Renasant has a 12 month low of $27.98 and a 12 month high of $39.63. The stock has a market capitalization of $2.14 billion, a price-to-earnings ratio of 10.31 and a beta of 1.02.

Insider Buying and Selling at Renasant

In other news, CAO Kelly Hutcheson sold 1,310 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were 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. The trade was a 6.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Renasant

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Renasant by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 7,207,451 shares of the financial services provider’s stock valued at $257,666,000 after purchasing an additional 50,934 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Renasant by 0.5% during the 4th quarter. Victory Capital Management Inc. now owns 3,973,413 shares of the financial services provider’s stock worth $142,050,000 after acquiring an additional 18,047 shares during the last quarter. State Street Corp grew its stake 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 worth $109,522,000 after acquiring an additional 705,344 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Renasant by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 1,437,756 shares of the financial services provider’s stock worth $51,412,000 after acquiring an additional 9,718 shares in the last quarter. Finally, Deprince Race & Zollo Inc. lifted its position in shares of Renasant by 63.9% during the fourth quarter. Deprince Race & Zollo Inc. now owns 1,283,577 shares of the financial services provider’s stock valued at $45,888,000 after purchasing an additional 500,193 shares in the last quarter. 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.