Hovde Group Issues Positive Forecast for Renasant (NASDAQ:RNST) Stock Price

Renasant (NASDAQ:RNST) had its price target upped by Hovde Group from $41.00 to $44.00 in a research report issued on Friday, MarketBeat.com reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Hovde Group’s price objective would indicate a potential upside of 15.59% from the company’s current price.

Separately, TD Cowen reiterated a “buy” rating on shares of Renasant in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $43.00.

Renasant Trading Down 0.7%

Renasant stock opened at $38.07 on Friday. Renasant has a 1 year low of $26.97 and a 1 year high of $40.40. The firm’s 50 day moving average price is $36.37 and its 200-day moving average price is $36.56. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The stock has a market cap of $3.62 billion, a P/E ratio of 11.64 and a beta of 0.97.

Renasant (NASDAQ:RNST) last announced its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.11. Renasant had a net margin of 17.91% and a return on equity of 6.58%. The company had revenue of $216.11 million for the quarter, compared to the consensus estimate of $275.40 million. During the same period in the previous year, the firm posted $0.73 EPS. On average, equities analysts predict that Renasant will post 2.68 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Royal Bank of Canada boosted its holdings in Renasant by 128.5% during the 1st quarter. Royal Bank of Canada now owns 52,238 shares of the financial services provider’s stock valued at $1,772,000 after acquiring an additional 29,380 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Renasant by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,167 shares of the financial services provider’s stock worth $1,261,000 after purchasing an additional 1,621 shares during the last quarter. Jones Financial Companies Lllp purchased a new position in Renasant in the 1st quarter worth about $67,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Renasant by 13.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 189,105 shares of the financial services provider’s stock valued at $6,416,000 after buying an additional 23,072 shares in the last quarter. Finally, Jane Street Group LLC bought a new stake in Renasant during the 1st quarter valued at about $390,000. Hedge funds and other institutional investors own 77.31% of the company’s stock.

Renasant Company Profile

Renasant Corporation is a financial holding company providing banking and related services through its primary subsidiary, Renasant Bank. With origins dating back to 1904 in Tupelo, Mississippi, the company offers a comprehensive suite of commercial and consumer banking products, including deposit accounts, lending and treasury management services. Renasant serves individuals, small businesses and corporate clients across the southeastern United States.

The company operates more than 110 banking offices across Mississippi, Alabama, Tennessee, Florida and Georgia, supplemented by a network of ATMs and digital platforms.