Renasant (NASDAQ:RNST) Upgraded at Raymond James

Raymond James upgraded shares of Renasant (NASDAQ:RNST) from a market perform rating to an outperform rating in a research note issued to investors on Wednesday morning, MarketBeat.com reports. Raymond James currently has $39.00 price objective on the financial services provider’s stock.

RNST has been the topic of a number of other research reports. Hovde Group downgraded Renasant from an outperform rating to a market perform rating and lifted their price objective for the stock from $36.00 to $38.00 in a research report on Thursday, July 25th. Piper Sandler reiterated a neutral rating and set a $33.00 price objective on shares of Renasant in a research report on Wednesday, July 3rd. Truist Financial lifted their price objective on Renasant from $32.00 to $38.00 and gave the stock a hold rating in a research report on Thursday, July 25th. Keefe, Bruyette & Woods raised their target price on Renasant from $34.00 to $36.00 and gave the stock a market perform rating in a research note on Thursday, July 25th. Finally, StockNews.com raised Renasant from a sell rating to a hold rating in a research note on Saturday, April 27th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Renasant currently has a consensus rating of Hold and an average price target of $38.17.

Renasant Stock Performance

NASDAQ RNST opened at $33.29 on Wednesday. Renasant has a 1-year low of $22.99 and a 1-year high of $37.40. The company has a market cap of $1.88 billion, a PE ratio of 11.62 and a beta of 1.03. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.93 and a quick ratio of 0.92. The stock’s 50 day simple moving average is $31.33 and its 200-day simple moving average is $30.93.

Renasant (NASDAQ:RNST) last announced its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.69 EPS for the quarter, topping 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 firm had revenue of $163.79 million for the quarter, compared to the consensus estimate of $166.05 million. During the same quarter last year, the business posted $0.83 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Renasant will post 2.69 EPS for the current fiscal year.

Institutional Investors Weigh In On Renasant

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RNST. Norges Bank acquired a new stake in shares of Renasant in the fourth quarter valued at $13,469,000. Westwood Holdings Group Inc. grew its stake in shares of Renasant by 13.0% in the first quarter. Westwood Holdings Group Inc. now owns 2,151,074 shares of the financial services provider’s stock valued at $67,372,000 after buying an additional 247,354 shares in the last quarter. Edgestream Partners L.P. acquired a new stake in shares of Renasant in the first quarter valued at $4,124,000. Hsbc Holdings PLC acquired a new stake in shares of Renasant in the fourth quarter valued at $3,883,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Renasant by 7.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 755,441 shares of the financial services provider’s stock valued at $25,443,000 after buying an additional 50,084 shares in the last quarter. Institutional investors and hedge funds 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.