Keefe, Bruyette & Woods Reaffirms “Outperform” Rating for Renasant (NASDAQ:RNST)

Renasant (NASDAQ:RNST)‘s stock had its “outperform” rating reissued by research analysts at Keefe, Bruyette & Woods in a report released on Thursday,Benzinga reports. They currently have a $46.00 target price on the financial services provider’s stock, up from their previous target price of $45.00. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 18.50% from the company’s current price.

A number of other analysts have also commented on RNST. Piper Sandler boosted their price objective on shares of Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday. Raymond James reaffirmed an “outperform” rating and issued a $44.00 target price (up previously from $40.00) on shares of Renasant in a research report on Thursday. Finally, Hovde Group cut Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. One 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $42.83.

Renasant Price Performance

Shares of NASDAQ RNST opened at $38.82 on Thursday. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The firm has a market cap of $2.47 billion, a PE ratio of 11.87 and a beta of 1.03. The company has a fifty day moving average price of $36.46 and a 200 day moving average price of $34.83. Renasant has a 1-year low of $27.98 and a 1-year high of $39.55.

Insiders Place Their Bets

In related news, Director John Creekmore sold 3,000 shares of Renasant stock in a transaction that occurred on 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 directly owns 24,057 shares of the company’s stock, valued at approximately $914,166. This trade represents a 11.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.82% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RNST. Mutual of America Capital Management LLC lifted its holdings in shares of Renasant by 3.2% during the third quarter. Mutual of America Capital Management LLC now owns 9,560 shares of the financial services provider’s stock worth $311,000 after buying an additional 300 shares in the last quarter. Sheets Smith Wealth Management increased its position in Renasant by 3.6% during the fourth quarter. Sheets Smith Wealth Management now owns 12,471 shares of the financial services provider’s stock worth $446,000 after acquiring an additional 438 shares during the period. KBC Group NV raised its stake in Renasant by 32.0% in the 3rd quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock worth $80,000 after purchasing an additional 596 shares in the last quarter. HighTower Advisors LLC boosted its holdings in Renasant by 7.1% in the 3rd quarter. HighTower Advisors LLC now owns 11,126 shares of the financial services provider’s stock valued at $365,000 after purchasing an additional 734 shares during the period. Finally, Quarry LP grew its position in shares of Renasant by 698.3% during the 2nd quarter. Quarry LP now owns 934 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 817 shares in the last quarter. 77.31% of the stock is owned by institutional investors and hedge funds.

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.