Keefe, Bruyette & Woods Cuts Renasant (NASDAQ:RNST) Price Target to $43.00

Renasant (NASDAQ:RNST) had its price objective decreased by Keefe, Bruyette & Woods from $45.00 to $43.00 in a report issued on Tuesday morning,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the financial services provider’s stock.

Several other equities analysts have also recently commented on the stock. Piper Sandler raised their target price on shares of Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Hovde Group boosted their target price on Renasant from $34.50 to $35.00 and gave the stock a “market perform” rating in a report on Monday, April 28th. Stephens increased their price target on Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Raymond James raised Renasant from an “outperform” rating to a “strong-buy” rating and set a $40.00 price objective on the stock in a research note on Thursday, April 24th. Finally, StockNews.com cut Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Renasant Stock Performance

RNST stock opened at $33.99 on Tuesday. The stock’s 50 day simple moving average is $32.16 and its 200 day simple moving average is $35.02. Renasant has a 12-month low of $26.97 and a 12-month high of $39.63. The firm has a market cap of $2.16 billion, a P/E ratio of 10.39 and a beta of 0.86. 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 (NASDAQ:RNST) last posted its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.06. Renasant had a net margin of 17.91% and a return on equity of 6.58%. The company had revenue of $170.59 million for the quarter, compared to the consensus estimate of $170.38 million. During the same period last year, the firm posted $0.65 EPS. As a group, equities research analysts predict that Renasant will post 2.68 EPS for the current year.

Renasant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.88 annualized dividend and a dividend yield of 2.59%. Renasant’s dividend payout ratio is currently 27.33%.

Insiders Place Their Bets

In related news, CAO Kelly Hutcheson sold 1,310 shares of the firm’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 transaction, the chief accounting officer now directly owns 17,586 shares of the company’s stock, valued at approximately $645,757.92. This trade represents a 6.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Renasant

Hedge funds have recently modified their holdings of the company. William Blair Investment Management LLC acquired a new position in shares of Renasant in the 4th quarter worth approximately $36,987,000. Jennison Associates LLC lifted 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 valued at $41,963,000 after buying an additional 788,762 shares during the period. Deprince Race & Zollo Inc. boosted its position 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 valued at $45,888,000 after acquiring an additional 500,193 shares during the last quarter. Bank of America Corp DE grew its holdings in Renasant by 376.5% during the 4th quarter. Bank of America Corp DE now owns 605,303 shares of the financial services provider’s stock worth $21,640,000 after acquiring an additional 478,266 shares during the period. Finally, Wellington Management Group LLP bought a new position in shares of Renasant in the 4th quarter worth about $17,088,000. Institutional investors and hedge funds own 77.31% of the company’s stock.

Renasant Company Profile

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.