Hovde Group Downgrades Renasant (NASDAQ:RNST) to Market Perform

Hovde Group lowered shares of Renasant (NASDAQ:RNST) from an outperform rating to a market perform rating in a report issued on Thursday, MarketBeat Ratings reports. The brokerage currently has $38.00 target price on the financial services provider’s stock, up from their previous target price of $36.00.

Several other analysts have also recently issued reports on the company. Truist Financial cut their price objective on Renasant from $33.00 to $32.00 and set a hold rating on the stock in a research note on Monday, July 8th. StockNews.com upgraded Renasant from a sell rating to a hold rating in a research report on Saturday, April 27th. Keefe, Bruyette & Woods reiterated a market perform rating and set a $34.00 price target on shares of Renasant in a research report on Wednesday, July 3rd. Finally, Piper Sandler restated a neutral rating and issued a $33.00 target price on shares of Renasant in a research report on Wednesday, July 3rd. Six investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $36.40.

Renasant Trading Up 1.9 %

Shares of RNST opened at $37.09 on Thursday. The company has a market capitalization of $2.09 billion, a P/E ratio of 15.08 and a beta of 1.03. Renasant has a one year low of $22.99 and a one year high of $37.40. 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 stock has a 50-day moving average price of $30.98 and a 200 day moving average price of $30.83.

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 the consensus estimate 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 analysts’ expectations of $166.05 million. During the same quarter in the prior year, the firm posted $0.83 earnings per share. Renasant’s revenue for the quarter was up 11.1% compared to the same quarter last year. Sell-side analysts forecast that Renasant will post 2.71 EPS for the current fiscal year.

Hedge Funds Weigh In On Renasant

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Renasant in the 4th quarter worth $13,469,000. Westwood Holdings Group Inc. grew its holdings in shares of Renasant by 13.0% during the first quarter. Westwood Holdings Group Inc. now owns 2,151,074 shares of the financial services provider’s stock valued at $67,372,000 after buying an additional 247,354 shares in the last quarter. Edgestream Partners L.P. purchased a new position in shares of Renasant during the first quarter valued at $4,124,000. Hsbc Holdings PLC purchased a new position in shares of Renasant during the fourth quarter valued at $3,883,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Renasant by 7.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 755,441 shares of the financial services provider’s stock valued at $25,443,000 after buying an additional 50,084 shares in the last quarter. 77.31% of the stock is owned by institutional investors.

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.