Renasant (NASDAQ:RNST) Reaches New 52-Week Low – Here’s What Happened

Renasant Co. (NASDAQ:RNST) reached a new 52-week low during trading on Monday . The company traded as low as $27.89 and last traded at $28.70, with a volume of 340330 shares trading hands. The stock had previously closed at $29.36.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on RNST shares. Stephens increased their target price on shares of Renasant from $44.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Raymond James decreased their price objective on Renasant from $44.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $46.00 target price (up previously from $45.00) on shares of Renasant in a report on Thursday, January 30th. StockNews.com cut Renasant from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Finally, Piper Sandler lifted their price objective 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 issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $42.17.

Renasant Price Performance

The company has a market cap of $1.82 billion, a price-to-earnings ratio of 8.76 and a beta of 0.93. The company has a 50-day simple moving average of $35.87 and a 200-day simple moving average of $35.44. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96.

Renasant Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend was Monday, March 17th. Renasant’s dividend payout ratio is presently 26.91%.

Insiders Place Their Bets

In other Renasant news, CAO Kelly Hutcheson sold 1,310 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $36.72, for a total transaction of $48,103.20. Following the transaction, the chief accounting officer now directly owns 17,586 shares in the company, valued at approximately $645,757.92. This represents a 6.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Renasant

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