Renasant (NASDAQ:RNST) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Renasant (NASDAQ:RNST) released its quarterly earnings data on Tuesday. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.03, Briefing.com reports. Renasant had a return on equity of 7.03% and a net margin of 15.04%. The company had revenue of $163.79 million during the quarter, compared to the consensus estimate of $166.05 million. During the same quarter in the prior year, the firm posted $0.83 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year.

Renasant Stock Down 1.8 %

Shares of RNST traded down $0.63 during trading hours on Thursday, reaching $35.28. The stock had a trading volume of 77,104 shares, compared to its average volume of 239,529. Renasant has a 12 month low of $22.99 and a 12 month high of $37.40. The firm has a 50-day simple moving average of $30.75 and a 200 day simple moving average of $30.77. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of 14.47 and a beta of 1.03.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Keefe, Bruyette & Woods increased their target price on shares of Renasant from $34.00 to $36.00 and gave the company a “market perform” rating in a research report on Thursday. Piper Sandler reissued a “neutral” rating and set a $33.00 target price on shares of Renasant in a research report on Wednesday, July 3rd. StockNews.com raised shares of Renasant from a “sell” rating to a “hold” rating in a research report on Saturday, April 27th. Truist Financial decreased their target price on shares of Renasant from $33.00 to $32.00 and set a “hold” rating for the company in a research report on Monday, July 8th. Finally, Hovde Group downgraded shares of Renasant from an “outperform” rating to a “market perform” rating and increased their target price for the company from $36.00 to $38.00 in a research report on Thursday. Six research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $35.20.

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.