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

Renasant (NASDAQ:RNST) was downgraded by Hovde Group from an “outperform” rating to a “market perform” rating in a research note issued to investors on Thursday, Marketbeat reports. They presently have a $38.00 price objective on the financial services provider’s stock, up from their prior price objective of $36.00. Hovde Group’s target price points to a potential upside of 2.45% from the company’s previous close.

Several other equities research analysts have also recently weighed in on RNST. Keefe, Bruyette & Woods restated a “market perform” rating and set a $34.00 target price on shares of Renasant in a report on Wednesday, July 3rd. Piper Sandler reiterated a “neutral” rating and issued a $33.00 price objective on shares of Renasant in a report on Wednesday, July 3rd. Truist Financial dropped their price objective on Renasant from $33.00 to $32.00 and set a “hold” rating for the company in a report on Monday, July 8th. Finally, StockNews.com upgraded Renasant from a “sell” rating to a “hold” rating in a report on Saturday, April 27th. Six research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Renasant presently has an average rating of “Hold” and a consensus price target of $36.40.

Renasant Price Performance

Shares of Renasant stock opened at $37.09 on Thursday. The firm has a market capitalization of $2.09 billion, a PE ratio of 15.08 and a beta of 1.03. Renasant has a 12 month low of $22.99 and a 12 month high of $37.40. The business’s 50-day moving average price is $30.98 and its 200-day moving average price is $30.84. The company has a current ratio of 0.93, a quick ratio of 0.92 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 for the quarter, beating the consensus estimate of $0.66 by $0.03. The company had revenue of $163.79 million during the quarter, compared to analysts’ expectations of $166.05 million. Renasant had a return on equity of 6.98% and a net margin of 15.04%. Renasant’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.83 EPS. Sell-side analysts forecast that Renasant will post 2.62 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its stake in shares of Renasant by 2.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 562,008 shares of the financial services provider’s stock valued at $17,164,000 after purchasing an additional 11,828 shares during the period. Louisiana State Employees Retirement System increased its position 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 valued at $864,000 after buying an additional 500 shares in the last quarter. Triad Wealth Partners LLC bought a new position in Renasant during the 2nd quarter valued at approximately $157,000. Park Place Capital Corp increased its position 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 valued at $2,703,000 after buying an additional 804 shares in the last quarter. Finally, Waverly Advisors LLC increased its position in Renasant by 24.6% during the 1st quarter. Waverly Advisors LLC now owns 34,293 shares of the financial services provider’s stock valued at $1,074,000 after buying an additional 6,771 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.