Renasant (NASDAQ:RNST) Given New $37.00 Price Target at Truist Financial

Renasant (NASDAQ:RNST) had its target price decreased by equities research analysts at Truist Financial from $38.00 to $37.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “hold” rating on the financial services provider’s stock. Truist Financial’s price objective points to a potential upside of 9.37% from the company’s current price.

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

Renasant Stock Performance

Shares of RNST traded down $0.77 during midday trading on Friday, reaching $33.83. 205,431 shares of the stock were exchanged, compared to its average volume of 384,474. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of 13.75 and a beta of 1.02. 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 has a twelve month low of $22.99 and a twelve month high of $37.40. The business’s 50-day moving average price is $33.76 and its 200 day moving average price is $31.27.

Renasant (NASDAQ:RNST) last issued its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.03. The company 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 for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.83 earnings per share. On average, sell-side analysts expect that Renasant will post 2.58 EPS for the current fiscal year.

Hedge Funds Weigh In On Renasant

A number of institutional investors and hedge funds have recently made changes to their positions in RNST. Norges Bank acquired a new position in Renasant during the fourth quarter worth about $13,469,000. Millennium Management LLC boosted its position in Renasant by 189.3% during the second quarter. Millennium Management LLC now owns 419,765 shares of the financial services provider’s stock worth $12,820,000 after purchasing an additional 274,685 shares in the last quarter. Westwood Holdings Group Inc. grew its holdings in Renasant by 13.0% in 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 purchasing an additional 247,354 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. Finally, Hsbc Holdings PLC acquired a new position in shares of Renasant during the 4th quarter worth $3,883,000. 77.31% of the stock is owned by institutional investors and hedge funds.

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.