Keefe, Bruyette & Woods Upgrades Renasant (NASDAQ:RNST) to Outperform

Keefe, Bruyette & Woods upgraded shares of Renasant (NASDAQ:RNST) from a market perform rating to an outperform rating in a research note released on Friday, Marketbeat.com reports. They currently have $40.00 price target on the financial services provider’s stock, up from their previous price target of $36.00.

A number of other research analysts also recently weighed in on RNST. Hovde Group downgraded Renasant from an outperform rating to a market perform rating and upped their target price for the stock from $36.00 to $38.00 in a report on Thursday, July 25th. Raymond James upgraded Renasant from a market perform rating to an outperform rating and set a $39.00 target price on the stock in a report on Wednesday, July 31st. Piper Sandler reiterated a neutral rating and set a $33.00 target price on shares of Renasant in a report on Wednesday, July 3rd. Truist Financial upped their target price on Renasant from $32.00 to $38.00 and gave the stock a hold rating in a report on Thursday, July 25th. Finally, StockNews.com upgraded Renasant from a sell rating to a hold rating in a report on Saturday, April 27th. 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.com, the stock has an average rating of Moderate Buy and a consensus target price of $39.50.

Renasant Stock Down 3.4 %

Shares of NASDAQ:RNST opened at $32.23 on Friday. Renasant has a 1 year low of $22.99 and a 1 year high of $37.40. The company has a market cap of $1.82 billion, a PE ratio of 13.09 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 moving average is $31.33 and its 200 day moving average is $30.93.

Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share (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 company 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 business earned $0.83 EPS. Renasant’s revenue was up 11.1% compared to the same quarter last year. Sell-side analysts anticipate that Renasant will post 2.69 EPS for the current year.

Hedge Funds Weigh In On Renasant

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Renasant by 0.3% in 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 acquiring an additional 16,417 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Renasant by 0.9% in 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 acquiring an additional 34,897 shares in the last quarter. Westwood Holdings Group Inc. lifted its position in Renasant by 13.0% in 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 acquiring an additional 247,354 shares in the last quarter. Goldman Sachs Group Inc. lifted its position 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 valued at $27,978,000 after acquiring an additional 38,036 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position 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 valued at $25,443,000 after acquiring an additional 50,084 shares in the last quarter. 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.