Stephens Increases Renasant (NASDAQ:RNST) Price Target to $47.00

Renasant (NASDAQ:RNST) had its target price upped by Stephens from $44.00 to $47.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Stephens’ price objective indicates a potential upside of 20.14% from the company’s previous close.

RNST has been the topic of a number of other research reports. Raymond James reaffirmed an “outperform” rating and set a $44.00 target price (up previously from $40.00) on shares of Renasant in a research note on Thursday. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $46.00 price objective (up from $45.00) on shares of Renasant in a research report on Thursday. Piper Sandler increased their target price on Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Hovde Group lowered Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Renasant currently has a consensus rating of “Moderate Buy” and an average price target of $42.83.

Renasant Trading Up 3.4 %

Shares of Renasant stock traded up $1.27 during midday trading on Thursday, reaching $39.12. 93,602 shares of the company’s stock traded hands, compared to its average volume of 512,874. The company has a market cap of $2.49 billion, a PE ratio of 12.74 and a beta of 1.03. The stock has a 50 day moving average of $36.40 and a 200-day moving average of $34.76. Renasant has a 12 month low of $27.98 and a 12 month high of $39.47. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96.

Insiders Place Their Bets

In related news, Director John Creekmore sold 3,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $38.00, for a total transaction of $114,000.00. Following the completion of the sale, the director now 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.82% of the stock is owned by company insiders.

Institutional Investors Weigh In On Renasant

Institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. grew its stake in Renasant by 8.3% during the second quarter. Sei Investments Co. now owns 112,249 shares of the financial services provider’s stock valued at $3,428,000 after acquiring an additional 8,611 shares in the last quarter. AQR Capital Management LLC boosted its stake in Renasant by 24.9% during the second quarter. AQR Capital Management LLC now owns 26,954 shares of the financial services provider’s stock valued at $823,000 after buying an additional 5,376 shares during the last quarter. Millennium Management LLC increased its stake in Renasant by 189.3% in the 2nd quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider’s stock worth $12,820,000 after acquiring an additional 274,685 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Renasant by 41.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider’s stock worth $147,000 after acquiring an additional 1,404 shares in the last quarter. Finally, Quarry LP grew its holdings in shares of Renasant by 698.3% in the second quarter. Quarry LP now owns 934 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 817 shares in the last quarter. 77.31% of the stock is owned by hedge funds and other institutional investors.

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.