Renasant (NASDAQ:RNST) Sees Strong Trading Volume

Shares of Renasant Co. (NASDAQ:RNST) saw unusually-strong trading volume on Wednesday . Approximately 977,513 shares were traded during trading, an increase of 182% from the previous session’s volume of 346,966 shares.The stock last traded at $32.73 and had previously closed at $32.61.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on RNST. Hovde Group raised shares of Renasant from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $38.00 to $39.00 in a report on Monday. Raymond James raised Renasant from a “market perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a research note on Wednesday, July 31st. StockNews.com raised Renasant from a “sell” rating to a “hold” rating in a research note on Saturday, April 27th. Piper Sandler upgraded Renasant from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $34.00 to $40.00 in a research note on Monday. Finally, Truist Financial lifted their price objective on shares of Renasant from $32.00 to $38.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $39.50.

Renasant Trading Up 0.1 %

The firm has a market cap of $1.84 billion, a P/E ratio of 13.22 and a beta of 1.03. The stock has a 50 day simple moving average of $31.43 and a 200-day simple moving average of $30.95. 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 posted its earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.03. The firm had revenue of $163.79 million during the quarter, compared to analyst estimates of $166.05 million. Renasant had a net margin of 15.04% and a return on equity of 6.98%. Renasant’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period last year, the firm posted $0.83 earnings per share. On average, equities research analysts expect that Renasant Co. will post 2.69 EPS for the current fiscal year.

Institutional Investors Weigh In On Renasant

Large investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC bought a new stake in shares of Renasant in the 4th quarter worth about $25,000. Hantz Financial Services Inc. purchased a new position in shares of Renasant during the second quarter valued at approximately $29,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in shares of Renasant in the fourth quarter worth approximately $37,000. TFO Wealth Partners LLC raised its holdings in shares of Renasant by 13,710.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,381 shares of the financial services provider’s stock worth $47,000 after buying an additional 1,371 shares during the period. Finally, Innealta Capital LLC bought a new stake in shares of Renasant during the 2nd quarter worth approximately $48,000. 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.