Renasant (NASDAQ:RNST) Price Target Cut to $37.00

Renasant (NASDAQ:RNST) had its target price lowered by stock analysts at Truist Financial from $38.00 to $37.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “hold” rating on the financial services provider’s stock. Truist Financial’s price objective indicates a potential upside of 10.78% from the company’s current price.

Several other equities research analysts have also recently weighed in on the company. Keefe, Bruyette & Woods upgraded Renasant from a “market perform” rating to an “outperform” rating and upped their price target for the company from $36.00 to $40.00 in a research report on Friday, August 2nd. Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and upped their price target for the company from $34.00 to $40.00 in a research report on Monday, August 5th. Raymond James upgraded Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price target on the stock in a research report on Wednesday, July 31st. Stephens upgraded Renasant from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $34.00 to $41.00 in a research report on Wednesday, July 31st. Finally, Hovde Group upgraded Renasant from a “market perform” rating to an “outperform” rating and upped their price target for the company from $38.00 to $39.00 in a research report on Monday, August 5th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Renasant has an average rating of “Moderate Buy” and an average price target of $39.33.

Renasant Trading Down 3.5 %

Shares of Renasant stock opened at $33.40 on Friday. Renasant has a 52-week low of $22.99 and a 52-week high of $37.40. The stock’s 50-day simple moving average is $33.78 and its 200 day simple moving average is $31.28. The stock has a market capitalization of $2.16 billion, a P/E ratio of 13.58 and a beta of 1.02. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.92 and a current ratio of 0.93.

Renasant (NASDAQ:RNST) last announced its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.03. Renasant had a return on equity of 6.98% and a net margin of 15.04%. The business had revenue of $163.79 million for the quarter, compared to analysts’ expectations of $166.05 million. During the same period in the previous year, the business posted $0.83 EPS. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, research analysts anticipate that Renasant will post 2.58 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Empowered Funds LLC grew its holdings in shares of Renasant by 22.2% during the first quarter. Empowered Funds LLC now owns 168,469 shares of the financial services provider’s stock worth $5,276,000 after purchasing an additional 30,630 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Renasant by 74.7% in the first quarter. BNP Paribas Financial Markets now owns 41,701 shares of the financial services provider’s stock worth $1,306,000 after buying an additional 17,836 shares in the last quarter. Edgestream Partners L.P. purchased a new stake in Renasant in the first quarter worth approximately $4,124,000. Frontier Capital Management Co. LLC boosted its stake in Renasant by 6.5% in the fourth quarter. Frontier Capital Management Co. LLC now owns 744,338 shares of the financial services provider’s stock worth $25,069,000 after buying an additional 45,461 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Renasant by 4.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 830,687 shares of the financial services provider’s stock worth $27,978,000 after buying an additional 38,036 shares in the last quarter. Hedge funds and other institutional investors 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.