Peregrine Capital Management LLC Decreases Stake in Renasant Co. (NASDAQ:RNST)

Peregrine Capital Management LLC trimmed its position in shares of Renasant Co. (NASDAQ:RNST) by 3.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 184,488 shares of the financial services provider’s stock after selling 6,693 shares during the quarter. Peregrine Capital Management LLC’s holdings in Renasant were worth $6,595,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp increased its position in shares of Renasant by 26.5% in the 3rd quarter. State Street Corp now owns 3,369,915 shares of the financial services provider’s stock valued at $109,522,000 after purchasing an additional 705,344 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Renasant by 81.1% during the third quarter. JPMorgan Chase & Co. now owns 263,353 shares of the financial services provider’s stock worth $8,559,000 after purchasing an additional 117,950 shares in the last quarter. Quantbot Technologies LP purchased a new position in Renasant in the third quarter valued at $2,534,000. Charles Schwab Investment Management Inc. raised its stake in Renasant by 21.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 734,744 shares of the financial services provider’s stock valued at $23,879,000 after buying an additional 131,821 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in Renasant by 122.0% during the 3rd quarter. Franklin Resources Inc. now owns 27,669 shares of the financial services provider’s stock worth $910,000 after buying an additional 15,203 shares during the last quarter. Institutional investors and hedge funds own 77.31% of the company’s stock.

Renasant Stock Down 0.6 %

RNST stock opened at $38.24 on Wednesday. Renasant Co. has a 12 month low of $27.98 and a 12 month high of $39.63. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The company has a market cap of $2.43 billion, a price-to-earnings ratio of 11.69 and a beta of 1.03. The company has a fifty day moving average price of $36.69 and a 200 day moving average price of $35.06.

Analysts Set New Price Targets

A number of research analysts have recently commented on RNST shares. StockNews.com downgraded Renasant from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Raymond James reissued an “outperform” rating and set a $44.00 price objective (up previously from $40.00) on shares of Renasant in a report on Thursday, January 30th. Stephens upped their target price on shares of Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $46.00 price target (up from $45.00) on shares of Renasant in a research note on Thursday, January 30th. Finally, Piper Sandler boosted their price target on shares of Renasant from $41.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Renasant presently has a consensus rating of “Hold” and an average target price of $42.83.

Renasant 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.