Renasant (NASDAQ:RNST) Hits New 52-Week High – Time to Buy?

Shares of Renasant Co. (NASDAQ:RNST) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $39.59 and last traded at $39.50, with a volume of 85683 shares changing hands. The stock had previously closed at $39.32.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $46.00 price objective (up from $45.00) on shares of Renasant in a report on Thursday, January 30th. Hovde Group downgraded Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. StockNews.com cut shares of Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Stephens raised their target price on shares of Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Finally, Piper Sandler boosted their target price on shares of Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. One investment 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. According to MarketBeat, Renasant has an average rating of “Hold” and an average price target of $42.83.

Renasant Trading Down 1.3 %

The business’s fifty day simple moving average is $36.53 and its two-hundred day simple moving average is $34.92. 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 stock has a market capitalization of $2.47 billion, a P/E ratio of 11.89 and a beta of 1.03.

Renasant Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Wednesday, December 18th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend was Wednesday, December 18th. Renasant’s dividend payout ratio (DPR) is presently 26.91%.

Hedge Funds Weigh In On Renasant

Several large investors have recently added to or reduced their stakes in RNST. Victory Capital Management Inc. raised its stake in shares of Renasant by 0.5% in the fourth quarter. Victory Capital Management Inc. now owns 3,973,413 shares of the financial services provider’s stock valued at $142,050,000 after purchasing an additional 18,047 shares in the last quarter. State Street Corp lifted its holdings in shares of Renasant by 26.5% during the 3rd quarter. State Street Corp now owns 3,369,915 shares of the financial services provider’s stock worth $109,522,000 after acquiring an additional 705,344 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Renasant by 21.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock valued at $56,775,000 after acquiring an additional 303,945 shares during the period. Geode Capital Management LLC raised its position in Renasant by 12.0% in the third quarter. Geode Capital Management LLC now owns 1,428,038 shares of the financial services provider’s stock worth $46,420,000 after purchasing an additional 153,086 shares in the last quarter. Finally, Jennison Associates LLC lifted its stake in Renasant by 204.9% during the fourth quarter. Jennison Associates LLC now owns 1,173,801 shares of the financial services provider’s stock worth $41,963,000 after purchasing an additional 788,762 shares during the period. 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.