Renasant Co. (NASDAQ:RNST – Get Rating) was the target of a significant growth in short interest during the month of July. As of July 15th, there was short interest totalling 1,480,000 shares, a growth of 19.4% from the June 30th total of 1,240,000 shares. Currently, 2.7% of the shares of the company are sold short. Based on an average trading volume of 251,300 shares, the short-interest ratio is currently 5.9 days.
Wall Street Analysts Forecast Growth
Several equities analysts have recently commented on RNST shares. Truist Financial upped their price target on shares of Renasant from $31.00 to $35.00 and gave the stock a “hold” rating in a research report on Monday. Hovde Group upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and set a $34.00 target price for the company in a research report on Tuesday, June 21st. Finally, Piper Sandler decreased their target price on shares of Renasant to $32.50 in a research report on Monday, July 4th.
Renasant Stock Performance
Shares of RNST opened at $32.74 on Wednesday. Renasant has a 52-week low of $27.61 and a 52-week high of $40.79. The company has a quick ratio of 0.82, a current ratio of 0.84 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $1.83 billion, a PE ratio of 12.22 and a beta of 1.13. The firm has a 50-day moving average price of $30.09 and a 200 day moving average price of $32.69.
Institutional Investors Weigh In On Renasant
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Maryland State Retirement & Pension System lifted its holdings in Renasant by 2.0% in the 2nd quarter. Maryland State Retirement & Pension System now owns 22,803 shares of the financial services provider’s stock valued at $657,000 after acquiring an additional 445 shares during the last quarter. SG Americas Securities LLC lifted its holdings in Renasant by 99.3% in the 2nd quarter. SG Americas Securities LLC now owns 11,667 shares of the financial services provider’s stock valued at $336,000 after acquiring an additional 5,813 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Renasant by 22.3% in the 2nd quarter. Russell Investments Group Ltd. now owns 26,726 shares of the financial services provider’s stock valued at $768,000 after acquiring an additional 4,876 shares during the last quarter. Versor Investments LP acquired a new stake in Renasant in the 2nd quarter valued at about $477,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in Renasant in the 2nd quarter valued at about $469,000. 78.65% of the stock is owned by institutional investors and hedge funds.
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. It operates through three segments: Community Banks, Insurance, and Wealth Management. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and equipment leasing services, as well as safe deposit and night depository facilities.