Raymond James Has Lowered Expectations for Renasant (NASDAQ:RNST) Stock Price

Renasant (NASDAQ:RNST) had its target price decreased by Raymond James from $44.00 to $40.00 in a report issued on Wednesday morning,Benzinga reports. Raymond James currently has an outperform rating on the financial services provider’s stock.

Several other research firms have also weighed in on RNST. Piper Sandler lifted their price objective on Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $46.00 target price (up from $45.00) on shares of Renasant in a report on Thursday, January 30th. Stephens increased their price target on Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Finally, StockNews.com lowered shares of Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Renasant has a consensus rating of “Hold” and an average price target of $42.17.

Renasant Trading Down 0.3 %

RNST opened at $33.98 on Wednesday. Renasant has a twelve month low of $27.98 and a twelve month high of $39.63. The company has a fifty day moving average of $36.30 and a 200-day moving average of $35.51. The stock has a market cap of $2.16 billion, a PE ratio of 10.39 and a beta of 1.02. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued 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 2.59%. Renasant’s dividend payout ratio is 26.91%.

Insider Buying and Selling

In other Renasant news, CAO Kelly Hutcheson sold 1,310 shares of the company’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $36.72, for a total transaction of $48,103.20. Following the transaction, the chief accounting officer now owns 17,586 shares in the company, valued at approximately $645,757.92. This represents a 6.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Renasant

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Renasant by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 7,207,451 shares of the financial services provider’s stock valued at $257,666,000 after acquiring an additional 50,934 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of 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 in the last quarter. State Street Corp boosted its position in shares of Renasant by 26.5% during 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 buying an additional 705,344 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Renasant by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 1,437,756 shares of the financial services provider’s stock valued at $51,412,000 after buying an additional 9,718 shares during the last quarter. Finally, Deprince Race & Zollo Inc. grew its holdings in 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 worth $45,888,000 after buying an additional 500,193 shares in the last quarter. 77.31% of the stock is owned by 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.