Renasant (NASDAQ:RNST) Upgraded at Hovde Group

Hovde Group upgraded shares of Renasant (NASDAQ:RNST) from a market perform rating to an outperform rating in a report published on Monday morning, Marketbeat.com reports. The brokerage currently has $39.00 price target on the financial services provider’s stock, up from their previous price target of $38.00.

Other equities analysts also recently issued research reports about the stock. Truist Financial increased their price target on shares of Renasant from $32.00 to $38.00 and gave the stock a hold rating in a research note on Thursday, July 25th. Stephens raised Renasant from an equal weight rating to an overweight rating and increased their target price for the stock from $34.00 to $41.00 in a research report on Wednesday, July 31st. Keefe, Bruyette & Woods raised Renasant from a market perform rating to an outperform rating and boosted their price target for the company from $36.00 to $40.00 in a research report on Friday, August 2nd. Piper Sandler upgraded Renasant from a neutral rating to an overweight rating and raised their price objective for the stock from $34.00 to $40.00 in a report on Monday. Finally, StockNews.com raised Renasant from a sell rating to a hold rating in a research note on Saturday, April 27th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $39.50.

Renasant Price Performance

Shares of NASDAQ:RNST opened at $32.48 on Monday. The company has a market cap of $1.83 billion, a P/E ratio of 13.20 and a beta of 1.03. The business has a fifty day simple moving average of $31.50 and a 200-day simple moving average of $30.96. Renasant has a 52 week low of $22.99 and a 52 week high of $37.40. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.18.

Renasant (NASDAQ:RNST) last posted its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 EPS 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%. The firm’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.83 EPS. Equities research analysts forecast that Renasant will post 2.69 EPS for the current year.

Institutional Investors Weigh In On Renasant

A number of large investors have recently modified their holdings of RNST. Empowered Funds LLC boosted its holdings in Renasant by 22.2% in the 1st quarter. Empowered Funds LLC now owns 168,469 shares of the financial services provider’s stock worth $5,276,000 after acquiring an additional 30,630 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Renasant by 74.7% during the first quarter. BNP Paribas Financial Markets now owns 41,701 shares of the financial services provider’s stock worth $1,306,000 after purchasing an additional 17,836 shares in the last quarter. Edgestream Partners L.P. purchased a new position in shares of Renasant in the first quarter valued at $4,124,000. Frontier Capital Management Co. LLC grew its holdings in Renasant by 6.5% during the 4th quarter. Frontier Capital Management Co. LLC now owns 744,338 shares of the financial services provider’s stock valued at $25,069,000 after purchasing an additional 45,461 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Renasant by 4.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 830,687 shares of the financial services provider’s stock worth $27,978,000 after buying an additional 38,036 shares during the period. 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.