Renasant (NASDAQ:RNST) Hits New 12-Month Low – Should You Sell?

Renasant Co. (NASDAQ:RNST) hit a new 52-week low 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.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Raymond James cut their price objective on Renasant from $44.00 to $40.00 and set an “outperform” rating on the stock in a report on Wednesday, April 2nd. Stephens lifted their price objective on shares of Renasant from $44.00 to $47.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Piper Sandler increased their target price on shares of Renasant from $41.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. StockNews.com cut shares of Renasant from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $46.00 price objective (up from $45.00) on shares of Renasant in a research note on Thursday, January 30th. One 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’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $42.17.

Renasant Trading Down 2.5 %

The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.96. The firm has a market capitalization of $1.82 billion, a PE ratio of 8.76 and a beta of 0.93. The company’s 50-day moving average price is $35.87 and its 200-day moving average price is $35.44.

Renasant Dividend Announcement

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

Insider Buying and Selling

In related news, CAO Kelly Hutcheson sold 1,310 shares of Renasant stock in a transaction on Friday, February 21st. The shares were sold at an average price of $36.72, for a total transaction of $48,103.20. Following the sale, the chief accounting officer now directly owns 17,586 shares in the company, valued at $645,757.92. This trade represents a 6.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Renasant

Several large investors have recently bought and sold shares of the stock. State Street Corp lifted its holdings 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. increased its position in 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 buying an additional 117,950 shares during the period. Principal Financial Group Inc. lifted its stake in Renasant by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 308,195 shares of the financial services provider’s stock valued at $11,018,000 after buying an additional 8,710 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Renasant by 122.0% in the third quarter. Franklin Resources Inc. now owns 27,669 shares of the financial services provider’s stock valued at $910,000 after acquiring an additional 15,203 shares during the period. Finally, Equitable Trust Co. purchased a new position in shares of Renasant during the fourth quarter worth approximately $248,000. Institutional investors and hedge funds own 77.31% of the company’s stock.

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.