Renasant (NASDAQ:RNST) Stock Rating Upgraded by Hovde Group

Renasant (NASDAQ:RNST) was upgraded by Hovde Group from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. The brokerage presently has a $41.00 price objective on the financial services provider’s stock, up from their prior price objective of $40.00. Hovde Group’s price objective suggests a potential upside of 22.09% from the stock’s previous close.

RNST has been the topic of a number of other research reports. TD Cowen began coverage on Renasant in a research report on Thursday, September 25th. They issued a “buy” rating and a $45.00 target price on the stock. Raymond James Financial reissued a “strong-buy” rating on shares of Renasant in a research report on Wednesday, July 23rd. Finally, Cowen began coverage on Renasant in a research report on Wednesday, September 24th. They issued a “buy” rating on the stock. One research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $43.17.

Renasant Trading Down 1.6%

NASDAQ RNST opened at $33.58 on Thursday. The stock’s 50-day moving average is $36.98 and its 200-day moving average is $35.95. Renasant has a one year low of $26.97 and a one year high of $40.40. The firm has a market cap of $3.19 billion, a P/E ratio of 10.27 and a beta of 0.89. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94.

Renasant (NASDAQ:RNST) last announced its earnings results on Tuesday, October 28th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). Renasant had a net margin of 17.91% and a return on equity of 6.58%. The firm had revenue of $269.55 million during the quarter, compared to analyst estimates of $271.96 million. During the same period in the prior year, the business posted $1.18 EPS. Sell-side analysts anticipate that Renasant will post 2.68 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Sheets Smith Wealth Management increased its position in shares of Renasant by 2.1% during the 2nd quarter. Sheets Smith Wealth Management now owns 13,361 shares of the financial services provider’s stock worth $480,000 after purchasing an additional 280 shares during the last quarter. Corebridge Financial Inc. boosted its stake in shares of Renasant by 0.8% during the 1st quarter. Corebridge Financial Inc. now owns 33,583 shares of the financial services provider’s stock worth $1,139,000 after acquiring an additional 281 shares during the period. Resolute Wealth Strategies LLC boosted its stake in shares of Renasant by 0.4% during the 2nd quarter. Resolute Wealth Strategies LLC now owns 77,499 shares of the financial services provider’s stock worth $2,785,000 after acquiring an additional 318 shares during the period. HighTower Advisors LLC boosted its stake in shares of Renasant by 2.8% during the 1st quarter. HighTower Advisors LLC now owns 11,825 shares of the financial services provider’s stock worth $401,000 after acquiring an additional 322 shares during the period. Finally, CWM LLC boosted its stake in shares of Renasant by 42.7% during the 1st quarter. CWM LLC now owns 1,330 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 398 shares during the period. Institutional investors and hedge funds own 77.31% of the company’s stock.

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.