Renasant (NASDAQ:RNST) Upgraded by Stephens to Overweight

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

RNST has been the topic of a number of other reports. 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, July 25th. Piper Sandler reaffirmed a neutral rating and set a $33.00 price objective on shares of Renasant in a report on Wednesday, July 3rd. Truist Financial boosted their target price on Renasant from $32.00 to $38.00 and gave the company a hold rating 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 price target on the stock in a research note on Wednesday. Finally, Hovde Group cut shares of Renasant from an outperform rating to a market perform rating and upped their target price for the company from $36.00 to $38.00 in a report on Thursday, July 25th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Renasant presently has an average rating of Hold and a consensus target price of $38.17.

Renasant Stock Up 0.7 %

Shares of NASDAQ RNST opened at $33.36 on Wednesday. The business has a 50-day moving average of $31.33 and a two-hundred day moving average of $30.93. The company has a market capitalization of $1.88 billion, a price-to-earnings ratio of 13.56 and a beta of 1.03. Renasant has a 1 year low of $22.99 and a 1 year high of $37.40. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.93 and a quick ratio of 0.92.

Renasant (NASDAQ:RNST) last posted its earnings results on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.03. The firm had revenue of $163.79 million during the quarter, compared to analysts’ expectations of $166.05 million. Renasant had a return on equity of 6.98% and a net margin of 15.04%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.83 earnings per share. On average, analysts forecast that Renasant will post 2.69 earnings per share for the current fiscal year.

Institutional Trading of Renasant

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Empowered Funds LLC lifted its position in shares of Renasant by 22.2% during the 1st quarter. Empowered Funds LLC now owns 168,469 shares of the financial services provider’s stock valued at $5,276,000 after acquiring an additional 30,630 shares during the period. BNP Paribas Financial Markets grew its holdings in Renasant by 74.7% in the first quarter. BNP Paribas Financial Markets now owns 41,701 shares of the financial services provider’s stock valued at $1,306,000 after purchasing an additional 17,836 shares during the last quarter. Edgestream Partners L.P. purchased a new position in shares of Renasant in the first quarter valued at $4,124,000. Frontier Capital Management Co. LLC raised its stake in shares of Renasant by 6.5% during the 4th quarter. Frontier Capital Management Co. LLC now owns 744,338 shares of the financial services provider’s stock worth $25,069,000 after buying an additional 45,461 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Renasant by 4.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 830,687 shares of the financial services provider’s stock worth $27,978,000 after buying an additional 38,036 shares in the last quarter. Institutional investors and hedge funds 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.