Renasant (NASDAQ:RNST) PT Raised to $36.00 at Keefe, Bruyette & Woods

Renasant (NASDAQ:RNST) had its price target raised by Keefe, Bruyette & Woods from $34.00 to $36.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a market perform rating on the financial services provider’s stock.

A number of other analysts have also weighed in on RNST. StockNews.com raised shares of Renasant from a sell rating to a hold rating in a research report on Saturday, April 27th. Truist Financial cut their price objective on Renasant from $33.00 to $32.00 and set a hold rating on the stock in a research report on Monday, July 8th. Piper Sandler reiterated a neutral rating and set a $33.00 target price on shares of Renasant in a research report on Wednesday, July 3rd. Finally, Hovde Group lowered shares of Renasant from an outperform rating to a market perform rating and boosted their target price for the company from $36.00 to $38.00 in a research note on Thursday. Six investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Renasant presently has a consensus rating of Hold and a consensus target price of $36.40.

Renasant Price Performance

Shares of Renasant stock opened at $37.09 on Thursday. The company has a market capitalization of $2.09 billion, a price-to-earnings ratio of 15.08 and a beta of 1.03. The stock’s 50-day simple moving average is $30.98 and its 200-day simple moving average is $30.83. Renasant has a 52 week low of $22.99 and a 52 week high of $37.40. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.18.

Renasant (NASDAQ:RNST) last issued its earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.03. Renasant had a return on equity of 6.98% and a net margin of 15.04%. The firm 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 firm posted $0.83 earnings per share. The business’s revenue was up 11.1% compared to the same quarter last year. As a group, analysts expect that Renasant will post 2.71 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Renasant

A number of institutional investors and hedge funds have recently bought and sold shares of RNST. Empowered Funds LLC increased its stake 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 valued at $5,276,000 after buying an additional 30,630 shares during the period. BNP Paribas Financial Markets grew its holdings in Renasant by 74.7% during the 1st quarter. BNP Paribas Financial Markets now owns 41,701 shares of the financial services provider’s stock worth $1,306,000 after acquiring an additional 17,836 shares in the last quarter. Edgestream Partners L.P. purchased a new position in Renasant during the 1st quarter valued at about $4,124,000. Frontier Capital Management Co. LLC increased its position in Renasant by 6.5% during the 4th quarter. Frontier Capital Management Co. LLC now owns 744,338 shares of the financial services provider’s stock valued at $25,069,000 after purchasing an additional 45,461 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Renasant by 4.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 830,687 shares of the financial services provider’s stock valued at $27,978,000 after purchasing an additional 38,036 shares in the last quarter. 77.31% of the stock is owned by institutional investors.

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.