Hovde Group Lowers Renasant (NASDAQ:RNST) to Market Perform

Hovde Group cut shares of Renasant (NASDAQ:RNST) from an outperform rating to a market perform rating in a research report released on Thursday morning, Marketbeat reports. Hovde Group currently has $38.00 target price on the financial services provider’s stock, up from their previous target price of $36.00.

RNST has been the topic of several other research reports. StockNews.com raised shares of Renasant from a sell rating to a hold rating in a research note on Saturday, April 27th. Piper Sandler reaffirmed a neutral rating and issued a $33.00 target price on shares of Renasant in a research note on Wednesday, July 3rd. Keefe, Bruyette & Woods reaffirmed a market perform rating and issued a $34.00 target price on shares of Renasant in a research note on Wednesday, July 3rd. Finally, Truist Financial reduced their target price on shares of Renasant from $33.00 to $32.00 and set a hold rating on the stock in a research note on Monday, July 8th. Six analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $36.40.

Renasant Trading Up 1.9 %

RNST opened at $37.09 on Thursday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $2.09 billion, a PE ratio of 13.01 and a beta of 1.03. Renasant has a 1-year low of $22.99 and a 1-year high of $37.40. The firm has a 50-day moving average price of $30.98 and a two-hundred day moving average price of $30.83.

Renasant (NASDAQ:RNST) last posted its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.03. The firm had revenue of $163.79 million during the quarter, compared to analysts’ expectations of $166.05 million. Renasant had a net margin of 15.04% and a return on equity of 6.98%. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.83 EPS. As a group, equities analysts anticipate that Renasant will post 2.71 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its stake in Renasant by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 562,008 shares of the financial services provider’s stock worth $17,164,000 after acquiring an additional 11,828 shares during the last quarter. Louisiana State Employees Retirement System boosted its stake in Renasant by 1.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 28,300 shares of the financial services provider’s stock worth $864,000 after acquiring an additional 500 shares during the last quarter. Triad Wealth Partners LLC bought a new position in Renasant during the 2nd quarter worth approximately $157,000. Park Place Capital Corp boosted its stake in Renasant by 0.9% during the 2nd quarter. Park Place Capital Corp now owns 88,502 shares of the financial services provider’s stock worth $2,703,000 after acquiring an additional 804 shares during the last quarter. Finally, Waverly Advisors LLC boosted its stake in Renasant by 24.6% during the 1st quarter. Waverly Advisors LLC now owns 34,293 shares of the financial services provider’s stock worth $1,074,000 after acquiring an additional 6,771 shares during the last quarter. Institutional investors 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.