Raymond James Issues Pessimistic Forecast for Renasant (NASDAQ:RNST) Stock Price

Renasant (NASDAQ:RNST) had its price objective dropped by research analysts at Raymond James from $44.00 to $40.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Raymond James’ price objective would suggest a potential upside of 18.71% from the company’s current price.

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

Renasant Stock Down 1.2 %

Shares of NASDAQ:RNST traded down $0.40 during midday trading on Wednesday, reaching $33.70. 284,279 shares of the company were exchanged, compared to its average volume of 534,043. The firm has a market cap of $2.14 billion, a PE ratio of 10.31 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 has a fifty-two week low of $27.98 and a fifty-two week high of $39.63. The stock has a fifty day simple moving average of $36.35 and a two-hundred day simple moving average of $35.52.

Insider Transactions at Renasant

In other Renasant news, CAO Kelly Hutcheson sold 1,310 shares of Renasant stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $36.72, for a total value of $48,103.20. Following the transaction, the chief accounting officer now owns 17,586 shares in the company, valued at $645,757.92. The trade was a 6.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Renasant

A number of hedge funds have recently made changes to their positions in RNST. Charles Schwab Investment Management Inc. grew its stake in shares of Renasant by 21.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 734,744 shares of the financial services provider’s stock worth $23,879,000 after buying an additional 131,821 shares during the last quarter. Citigroup Inc. increased its stake in shares of Renasant by 59.9% in the third quarter. Citigroup Inc. now owns 128,767 shares of the financial services provider’s stock valued at $4,185,000 after buying an additional 48,234 shares during the period. FMR LLC grew its holdings in Renasant by 1.1% during the 3rd quarter. FMR LLC now owns 97,133 shares of the financial services provider’s stock worth $3,157,000 after acquiring an additional 1,086 shares during the last quarter. BNP Paribas Financial Markets increased its position in Renasant by 24.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 34,151 shares of the financial services provider’s stock valued at $1,110,000 after acquiring an additional 6,670 shares during the period. Finally, Glenmede Trust Co. NA bought a new position in shares of Renasant during the third quarter valued at $288,000. 77.31% of the stock is currently owned by institutional investors and hedge funds.

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.