Truist Financial Lowers Renasant (NASDAQ:RNST) Price Target to $37.00

Renasant (NASDAQ:RNST) had its target price lowered by Truist Financial from $38.00 to $37.00 in a report issued on Friday morning, Benzinga reports. The brokerage currently has a hold rating on the financial services provider’s stock.

A number of other equities research analysts have also recently issued reports on RNST. Hovde Group upgraded shares of Renasant from a market perform rating to an outperform rating and increased their target price for the stock from $38.00 to $39.00 in a research report on Monday, August 5th. Keefe, Bruyette & Woods upgraded shares of Renasant from a market perform rating to an outperform rating and increased their target price for the stock from $36.00 to $40.00 in a research report on Friday, August 2nd. Raymond James upgraded shares of Renasant from a market perform rating to an outperform rating and set a $39.00 target price for the company in a research report on Wednesday, July 31st. Piper Sandler upgraded shares of Renasant from a neutral rating to an overweight rating and raised their price objective for the company from $34.00 to $40.00 in a research report on Monday, August 5th. Finally, Stephens upgraded shares of Renasant from an equal weight rating to an overweight rating and raised their price objective for the company from $34.00 to $41.00 in a research report on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $39.33.

Renasant Trading Down 3.5 %

Shares of RNST stock opened at $33.40 on Friday. Renasant has a 52-week low of $22.99 and a 52-week high of $37.40. The stock has a market cap of $2.16 billion, a price-to-earnings ratio of 13.58 and a beta of 1.02. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.92 and a current ratio of 0.93. The firm has a fifty day moving average of $33.78 and a 200-day moving average of $31.28.

Renasant (NASDAQ:RNST) last announced its quarterly earnings data 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 net margin of 15.04% and a return on equity of 6.98%. The company had revenue of $163.79 million during the quarter, compared to analysts’ expectations of $166.05 million. During the same quarter in the prior year, the company posted $0.83 EPS. The business’s revenue was up 11.1% on a year-over-year basis. On average, equities research analysts forecast that Renasant will post 2.58 earnings per share for the current fiscal year.

Renasant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend is Monday, September 16th. Renasant’s dividend payout ratio (DPR) is presently 35.77%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RNST. Charles Schwab Investment Management Inc. boosted its stake in shares of 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 purchasing an additional 50,084 shares during the last quarter. Norges Bank bought a new position in shares of Renasant in the 4th quarter valued at about $13,469,000. Trexquant Investment LP bought a new position in shares of Renasant in the 4th quarter valued at about $487,000. Aigen Investment Management LP bought a new position in shares of Renasant in the 4th quarter valued at about $251,000. Finally, US Bancorp DE boosted its stake in shares of Renasant by 41.0% in the 4th quarter. US Bancorp DE now owns 19,562 shares of the financial services provider’s stock valued at $659,000 after purchasing an additional 5,684 shares during the last quarter. Institutional investors 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.