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 research report sent to investors on Wednesday morning,Benzinga reports. Raymond James currently has an outperform rating on the financial services provider’s stock.

A number of other brokerages have also recently issued reports on RNST. Stephens upped their target price on Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. StockNews.com cut Renasant from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Piper Sandler raised their price objective on shares of Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $46.00 target price (up from $45.00) on shares of Renasant in a report on Thursday, January 30th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $42.17.

Renasant Stock Down 4.3 %

Shares of NASDAQ:RNST opened at $29.37 on Wednesday. Renasant has a 52-week low of $27.98 and a 52-week high of $39.63. The company has a market capitalization of $1.87 billion, a PE ratio of 8.98 and a beta of 1.02. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The company has a fifty day moving average of $36.04 and a 200-day moving average of $35.46.

Renasant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.00%. Renasant’s dividend payout ratio (DPR) is 26.91%.

Insider Buying and Selling

In other news, CAO Kelly Hutcheson sold 1,310 shares of the 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 completion of the sale, the chief accounting officer now directly owns 17,586 shares in the company, valued at $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 available through the SEC website. 2.81% of the stock is owned by insiders.

Institutional Trading of Renasant

A number of institutional investors have recently bought and sold shares of RNST. Mascagni Wealth Management Inc. bought a new position in shares of Renasant in the 4th quarter worth about $44,000. Covestor Ltd grew its stake in Renasant by 73.7% during the fourth quarter. Covestor Ltd now owns 1,838 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 780 shares during the period. KBC Group NV increased its holdings in Renasant by 36.7% in the fourth quarter. KBC Group NV now owns 3,358 shares of the financial services provider’s stock worth $120,000 after purchasing an additional 901 shares in the last quarter. Smith Shellnut Wilson LLC ADV acquired a new position in Renasant in the fourth quarter valued at approximately $201,000. Finally, ZWJ Investment Counsel Inc. bought a new position in shares of Renasant during the 4th quarter worth approximately $208,000. Institutional investors 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.