Renasant (NASDAQ:RNST) Upgraded to “Overweight” by Piper Sandler

Piper Sandler upgraded shares of Renasant (NASDAQ:RNST) from a neutral rating to an overweight rating in a research report released on Monday morning, MarketBeat Ratings reports. They currently have $40.00 price objective on the financial services provider’s stock, up from their prior price objective of $34.00.

RNST has been the topic of a number of other research reports. StockNews.com raised Renasant from a sell rating to a hold rating in a research note on Saturday, April 27th. Keefe, Bruyette & Woods raised Renasant from a market perform rating to an outperform rating and lifted their price target for the stock from $36.00 to $40.00 in a research note on Friday. Hovde Group cut Renasant from an outperform rating to a market perform rating and lifted their price target for the stock from $36.00 to $38.00 in a research note on Thursday, July 25th. Stephens raised Renasant from an equal weight rating to an overweight rating and lifted their price target for the stock from $34.00 to $41.00 in a research note on Wednesday, July 31st. Finally, Raymond James raised Renasant from a market perform rating to an outperform rating and set a $39.00 target price on the stock in a research note on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $39.50.

Renasant Stock Performance

Shares of NASDAQ RNST traded up $0.28 during midday trading on Monday, reaching $32.52. 1,400,997 shares of the company traded hands, compared to its average volume of 342,763. Renasant has a 52 week low of $22.99 and a 52 week high of $37.40. The stock has a 50-day moving average price of $31.33 and a 200 day moving average price of $30.93. 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 company has a market cap of $1.83 billion, a price-to-earnings ratio of 13.09 and a beta of 1.03.

Renasant (NASDAQ:RNST) last released its earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.03. The firm 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%. Renasant’s revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.83 earnings per share. Sell-side analysts anticipate that Renasant will post 2.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Renasant

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Renasant by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 6,416,896 shares of the financial services provider’s stock valued at $216,121,000 after buying an additional 16,417 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Renasant by 0.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,913,033 shares of the financial services provider’s stock valued at $131,793,000 after buying an additional 34,897 shares during the last quarter. Westwood Holdings Group Inc. lifted its holdings in shares of Renasant by 13.0% during the 1st 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 during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Renasant by 4.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 830,687 shares of the financial services provider’s stock worth $27,978,000 after purchasing an additional 38,036 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Renasant by 7.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 755,441 shares of the financial services provider’s stock worth $25,443,000 after purchasing an additional 50,084 shares during the last quarter. 77.31% of the stock is currently owned by institutional investors and hedge funds.

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.