Renasant (NASDAQ:RNST) Lifted to “Overweight” at Stephens

Stephens upgraded shares of Renasant (NASDAQ:RNST) from an equal weight rating to an overweight rating in a research report report published on Wednesday morning, MarketBeat Ratings reports. They currently have $41.00 price target on the financial services provider’s stock, up from their previous price target of $34.00.

RNST has been the topic of a number of other research reports. Truist Financial increased their price objective on Renasant from $32.00 to $38.00 and gave the stock a hold rating in a report on Thursday, July 25th. Hovde Group lowered 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 research note on Thursday, July 25th. Piper Sandler reaffirmed a neutral rating and issued a $33.00 price objective on shares of Renasant in a research note on Wednesday, July 3rd. Raymond James raised shares of Renasant from a market perform rating to an outperform rating and set a $39.00 target price on the stock in a research report on Wednesday. Finally, Keefe, Bruyette & Woods raised their target price on Renasant from $34.00 to $36.00 and gave the company a market perform rating in a report on Thursday, July 25th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $38.17.

Renasant Stock Up 0.7 %

RNST stock opened at $33.36 on Wednesday. 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 has a 12-month low of $22.99 and a 12-month high of $37.40. The company has a 50 day moving average of $31.33 and a two-hundred day moving average of $30.93. The company has a market cap of $1.88 billion, a price-to-earnings ratio of 13.56 and a beta of 1.03.

Renasant (NASDAQ:RNST) last issued its earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 EPS for the quarter, beating 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 in the previous year, the company posted $0.83 earnings per share. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, equities analysts anticipate that Renasant will post 2.69 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RNST. Hantz Financial Services Inc. acquired a new position in Renasant during the 2nd quarter valued at $29,000. Peregrine Capital Management LLC grew its holdings in shares of Renasant by 10.9% during the 2nd quarter. Peregrine Capital Management LLC now owns 220,615 shares of the financial services provider’s stock worth $6,738,000 after purchasing an additional 21,720 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of Renasant in the second quarter valued at $48,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Renasant by 8.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,180 shares of the financial services provider’s stock worth $403,000 after purchasing an additional 989 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Renasant by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 562,008 shares of the financial services provider’s stock worth $17,164,000 after buying an additional 11,828 shares in the last quarter. Institutional investors and hedge funds own 77.31% of the company’s stock.

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.