Renasant (NASDAQ:RNST) Shares Gap Down to $35.95

Renasant Co. (NASDAQ:RNST) shares gapped down before the market opened on Tuesday . The stock had previously closed at $35.95, but opened at $33.60. Renasant shares last traded at $34.07, with a volume of 557,086 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on RNST shares. StockNews.com upgraded shares of Renasant from a “sell” rating to a “hold” rating in a report on Saturday, April 27th. Stephens upgraded shares of Renasant from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $34.00 to $41.00 in a report on Wednesday. Piper Sandler reiterated a “neutral” rating and issued a $33.00 target price on shares of Renasant in a research report on Wednesday, July 3rd. Hovde Group downgraded shares of Renasant from an “outperform” rating to a “market perform” rating and increased their price target for the stock from $36.00 to $38.00 in a report on Thursday, July 25th. Finally, Raymond James upgraded shares of Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price target on the stock in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $37.50.

Renasant Stock Performance

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 firm has a fifty day moving average price of $31.21 and a 200 day moving average price of $30.90. The firm has a market cap of $1.87 billion, a PE ratio of 13.98 and a beta of 1.03.

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

Institutional Trading of Renasant

Several institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC acquired a new position in Renasant in the 4th quarter valued at about $25,000. Hantz Financial Services Inc. acquired a new position in Renasant in the 2nd quarter valued at about $29,000. Atlantic Edge Private Wealth Management LLC acquired a new position in Renasant in the 4th quarter valued at about $37,000. TFO Wealth Partners LLC grew its position in Renasant by 13,710.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,381 shares of the financial services provider’s stock valued at $47,000 after acquiring an additional 1,371 shares in the last quarter. Finally, Innealta Capital LLC acquired a new position in Renasant in the 2nd quarter valued at about $48,000. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

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.